Blockchain Technology: What It Is and Why It Matters for Businesses?

<div class="mce-toc">
<h2>Table of Contents</h2>
<ul>
<li><a href="#mcetoc_1hh14tole77j">Blockchain Development Overview and Forecast by 2024</a>
<ul>
<li><a href="#mcetoc_1hh14tole77k">Market size</a></li>
<li><a href="#mcetoc_1hh14tole77l">What is the progression like for the blockchain technology market?</a></li>
</ul>
</li>
<li><a href="#mcetoc_1hh14tole77m">Top Blockchain Solution Trends to Watch in 2024</a>
<ul>
<li><a href="#mcetoc_1hh14tole77n">Central Bank Digital Currencies (CBDCs)</a></li>
<li><a href="#mcetoc_1hh14tole77o">Blockchain-as-a-service (BaaS)</a></li>
<li><a href="#mcetoc_1hh14tole77p">NFTs beyond art</a></li>
<li><a href="#mcetoc_1hh14tole77q">Interoperability and cross-chain solutions</a></li>
<li><a href="#mcetoc_1hh14tole77r">Decentralized Finance (DeFi) Maturation</a></li>
<li><a href="#mcetoc_1hh14tole77s">Blockchain mergers with other technologies</a></li>
<li><a href="#mcetoc_1hh14tole77t">Asset Tokenization</a></li>
</ul>
</li>
<li><a href="#mcetoc_1hh14tole77u">Challenges: Security, privacy, and control of blockchain transactions</a></li>
<li><a href="#mcetoc_1hh14tole77v">Conclusion</a></li>
</ul>
</div>
Imagine a realm where transactions occur instantly, with security and transparency at the forefront. In this world, verifying ownership of digital assets is effortless, and financial services are readily accessible to everyone, eliminating the need for intermediaries. Welcome to the groundbreaking domain of blockchain technology!
<h2 id="mcetoc_1hh14tole77j">Blockchain Development Overview and Forecast by 2024</h2>
<h3 id="mcetoc_1hh14tole77k">Market size</h3>
The global Blockchain Market size was reasonably estimated to be approximately $7.4 billion in 2022 and is poised to generate revenue of over $94.0 billion by the end of 2027, projecting a CAGR of around 66.2% from 2022 to 2027 (MarketandResearch)
In 2021, global spending on blockchain solutions is projected to reach 6.6 billion dollars. Forecasts suggest that spending on blockchain solutions will continue to grow in the coming years, reaching almost 19 billion U.S. dollars by 2024. (Statista 2023)
<h3 id="mcetoc_1hh14tole77l">What is the progression like for the blockchain technology market?</h3>
The evolution of the blockchain technology market has been exceptionally impressive. Over the last decade, blockchain has evolved from a specialized concept into a transformative influence that is restructuring industries worldwide. Its decentralized features, immutability, and heightened security have captivated the interest of businesses and governments alike.
A key factor fueling the growth of the blockchain market is the escalating adoption of cryptocurrencies like Bitcoin and Ethereum. These digital assets have garnered mainstream acceptance, drawing interest from both individual investors and institutional players. At present, the global cryptocurrency market cap has surged beyond $1.16 trillion, underscoring the extensive fascination with assets based on blockchain technology.
Furthermore, the technology's capacity to transform diverse sectors has triggered a notable increase in investment and innovation. Various industries, including healthcare, finance, supply chain, real estate, gaming, and more, have acknowledged the value of blockchain in optimizing processes, bolstering security, and cutting down on expenses.
The increasing embrace of blockchain technology by governments and regulatory authorities adds to its growth. Numerous nations are actively investigating avenues to incorporate blockchain into their infrastructure, resulting in the formulation of supportive policies and initiatives. This validation enhances investor trust and promotes increased exploration and adoption of the technology.
Additionally, progress in scalability and interoperability solutions has addressed some of the initial challenges faced by early blockchain projects. These advancements have laid the groundwork for more intricate and interconnected blockchain ecosystems, facilitating a wider array of applications and use cases.
The rise of decentralized finance (DeFi) has been a significant factor in the expansion of the blockchain market. DeFi platforms provide a decentralized substitute for conventional financial services, allowing individuals to avail themselves of loans, engage in yield farming, and access other financial products without intermediaries.
In general, the worldwide industry for blockchain development services and technology is anticipated to thrive as organizations and governments persist in exploring inventive solutions driven by this revolutionary technology. With each passing day, blockchain is positioned to establish itself as a fundamental cornerstone of the future digital economy.
<img class="responsiveImage" src="https://api.relipa.global/storage/864/News.jpg" alt="" />
<h2 id="mcetoc_1hh14tole77m">Top Blockchain Solution Trends to Watch in 2024</h2>
Read more:&nbsp;<a href="../../blogs/top-5-recommended-blockchain-development-companies" target="_blank" rel="noopener">Top 5 recommended Blockchain development companies in Vietnam! How to have a successful partnership?</a>
From influencing AI to IoT, CBDC to NFT, blockchain is undeniably a swiftly advancing technology! Below, we are highlighting the foremost trends in blockchain technology that will captivate you:
<h3 id="mcetoc_1hh14tole77n">Central Bank Digital Currencies (CBDCs)</h3>
Central Bank Digital Currencies (CBDCs) have caught the attention of central banks globally. In the upcoming year, numerous nations are anticipated to take substantial steps in creating and rolling out their individual CBDCs. This transition signifies a fundamental change in how governments view and leverage digital currencies. Although CBDCs differ from decentralized cryptocurrencies, the move towards digital currencies reflects an increasing acceptance of digital assets. Additionally, the integration of CBDCs has the potential to streamline&hellip;
<h3 id="mcetoc_1hh14tole77o">Blockchain-as-a-service (BaaS)</h3>
Blockchain as a Service (BaaS) is poised to emerge as a significant trend shaping the blockchain industry in 2024. The adoption of BaaS is projected to grow as businesses increasingly seek to harness the advantages of blockchain technology without grappling with its intricacies.
BaaS presents numerous advantages, streamlining the integration of blockchain into business operations. This technology enables enterprises to access the superior features of blockchain without the need to establish their own platform. It simplifies the development of blockchain applications, eliminating the complexities of managing blockchain infrastructure. Additionally, businesses can scale their applications seamlessly with BaaS. The flexibility of BaaS allows enterprises to choose the most suitable blockchain protocol to meet their specific requirements. These platforms also provide development tools, simplifying the creation of decentralized apps, thereby fostering innovation and scalability.
Notably, major players like Amazon have already ventured into offering BaaS, and we anticipate an influx of more companies entering this market.
<h3 id="mcetoc_1hh14tole77p">NFTs beyond art</h3>
Non-fungible tokens (NFTs) experienced significant activity in 2023, particularly in the realm of digital art and collectibles. However, the narrative surrounding NFTs is poised to undergo changes in 2024. Anticipate the broadening of NFT applications into sectors such as real estate, gaming, and intellectual property. As technology advances, NFTs are likely to reshape the verification of ownership and authenticity across various industries, unveiling fresh opportunities for creators and investors alike.
<h3 id="mcetoc_1hh14tole77q">Interoperability and cross-chain solutions</h3>
In 2024, the emphasis in the crypto sphere will be on blockchain interoperability as the industry progresses towards a more interconnected ecosystem. Essential to this evolution will be cross-chain solutions and interoperability protocols, serving as vital components in enabling smooth communication and the transfer of assets between diverse blockchain networks. Initiatives dedicated to bridging the divide among distinct blockchains are expected to gain prominence, encouraging collaboration and innovation within the decentralized landscape.
<h3 id="mcetoc_1hh14tole77r">Decentralized Finance (DeFi) Maturation</h3>
The decentralized finance (DeFi) sector has been a hub of innovation, providing various financial services without reliance on conventional intermediaries. In the upcoming year, the DeFi ecosystem is poised to advance, tackling issues related to user experience, security, scalability, and overall functionality. Enhanced infrastructure and increased interoperability among diverse DeFi platforms will contribute to the development of a more resilient and user-friendly decentralized financial landscape.
<h3 id="mcetoc_1hh14tole77s">Blockchain mergers with other technologies</h3>
In 2024, we could observe a rising trend where blockchain becomes more intertwined with other technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Web3, and the Metaverse.
<ul>
<li>AI-Enabled Blockchain</li>
</ul>
AI has the capability to streamline and automate processes within the blockchain, and in turn, blockchain offers a secure and transparent foundation for AI operations. This ensures the integrity and security of data, a critical factor for AI-driven decision-making in sectors like healthcare, finance, and autonomous vehicles.
By providing a secure and decentralized environment for data storage and sharing, blockchain facilitates the advancement of AI-powered smart contracts and decentralized applications (dApps). This progression enhances the potential of AI by expanding access to more data and facilitating the development of sophisticated machine learning (ML) algorithms.
The integration of AI and machine learning with blockchain is anticipated to result in improved analytics, fraud detection, supply chain optimization, and personalized user experiences. This integration will ultimately elevate the efficiency of digital transactions.
<ul>
<li>Blockchain IoT technology</li>
</ul>
These blockchain-driven IoT systems introduce novel possibilities and broaden the scope of application. Despite advancements, Internet of Things (IoT) technology grapples with security and data assurance challenges. Blockchain steps in to address these concerns by establishing a secure framework for data exchange among IoT devices, mitigating vulnerabilities to cyberattacks, fraud, and unauthorized access.
Through blockchain, a dependable and transparent platform is provided for IoT devices to communicate and transact with each other. This fusion of technologies fuels innovation in various sectors such as smart cities, logistics, agriculture, healthcare, and other areas where IoT devices play pivotal roles in data collection and automation.
<ul>
<li>Web3</li>
</ul>
In 2024, we anticipate a growing synergy between blockchain technology and Web 3.0. Web 3.0, driven by blockchain and decentralized technologies, aims to shift control from centralized internet giants to users and content creators, fostering a more decentralized, secure, and transparent Internet.
This evolving trend underscores the importance of privacy protection, user data ownership, and the elimination of intermediaries. We foresee the rise of blockchain-powered social media platforms, decentralized apps (DApps), and content-sharing platforms as users seek alternatives that empower them and safeguard their digital rights. These platforms enable the publishing and distribution of content while remaining censorship-resistant, decentralized, and protective of user data.
<h3 id="mcetoc_1hh14tole77t">Asset Tokenization</h3>
Asset tokenization in blockchain is the process of digitally representing real-world assets as tokens on a blockchain network. This involves breaking down assets like real estate, artwork, commodities, or intellectual property rights into smaller units and generating tokens that signify ownership or a portion of the asset. These tokens are then tradable and transferable on a blockchain platform.
On a blockchain platform, tokens are typically created using a standardized protocol like ERC-20 or ERC-721 on Ethereum, reflecting ownership or a stake in the underlying asset. This represents a burgeoning trend in blockchain technology for the year 2023, with the potential for continued growth in the years ahead.
<h2 id="mcetoc_1hh14tole77u">Challenges: Security, privacy, and control of blockchain transactions</h2>
Blockchain technology has the potential to revolutionize transactions, but organizations must navigate security, privacy, and control challenges to fully realize its benefits. Transactions are logged in a widely distributed public ledger, presenting a larger attack surface that could be exploited by hackers to access critical and sensitive data. If confidential contract information or payment data is stored in a blockchain-based solution, replicating the file may give hackers more opportunities for unauthorized access. Hackers can compromise the key and gain access to the database in both hub-and-spoke and distributed database models. Privacy concerns in blockchain solutions contribute significantly to the limited adoption of cryptographic solutions.
Read more:&nbsp;<a href="../../blogs/navigating-blockchain-budgets" target="_blank" rel="noopener">Navigating Blockchain Budgets: Tips for Reducing Development Expenses</a>
<h2 id="mcetoc_1hh14tole77v">Conclusion</h2>
The coming years hold the promise of an exciting journey filled with innovation and transformation in the dynamic realm of blockchain technology. The five key trends shaping the future of blockchain are poised to redefine industries, economies, and society itself.
As blockchain charts a course toward a more sustainable, decentralized, and inclusive world, it invites us to embrace its potential and become active participants in the revolution. With each trend unveiling fresh possibilities, the question remains: can we afford to overlook the blockchain future? The moment to take action is now. Join the movement, seize the opportunities, and play a role in shaping the trajectory of the blockchain revolution.
Understanding the fast-paced moving of the blockchain market in particular and the whole technology in general, Relipa has prepared itself with a wide range of new technology, accompanied by the experience of more than 7 years in blockchain development with an enriched portfolio in blockchain projects, to get ready for a new requirement of the next era. Watch out for more in our portfolio right here: <a class="fui-Link ___10kug0w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn" title="https://issuu.com/ivytran123/docs/relipa_case_study_collection_2023_compressed" href="https://issuu.com/ivytran123/docs/relipa_case_study_collection_2023_compressed" target="_blank" rel="noreferrer noopener" aria-label="Link https://issuu.com/ivytran123/docs/relipa_case_study_collection_2023_compressed">https://issuu.com/ivytran123/docs/relipa_case_study_collection_2023_compressed</a>
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Cannot skip.... Top Blockchain Solution Trends to Watch in 2024

Mastering the Top 10 Blockchain Development Languages: Your Guide to Building Secure and Efficient Blockchain Applications

<div class="mce-toc">
<h2>Table of Contents</h2>
<ul>
<li><a href="#mcetoc_1h07ke1mb4s">What is Blockchain Framework?&nbsp;</a></li>
<li><a href="#mcetoc_1h07ke1mb4t">Top 5 Most Popular Blockchain Frameworks&nbsp;&nbsp;</a></li>
<li><a href="#mcetoc_1h07ke1mb4u">How to choose a Blockchain framework&nbsp;&nbsp;</a></li>
<li><a href="#mcetoc_1h07ke1mb4v">Summary&nbsp;&nbsp;</a></li>
</ul>
</div>
Blockchain is now being used in a wide range of areas, including the distribution and management of proprietary currencies, NFTs, and games, as well as financial services, identification, asset management, and traceability. The &ldquo;blockchain frameworks&rdquo; is essential for the development of these blockchain services. By effectively using the framework that matches the development purpose, the speed and accuracy of the blockchain can be greatly increased.&nbsp;
In this blog, we will introduce the top 5 most used blockchain frameworks, explaining the advantages and disadvantages of each, and how to choose the most suitable one for your project.&nbsp;&nbsp;
<h2 id="mcetoc_1h07ke1mb4s" style="text-align: justify;">What is Blockchain Framework?&nbsp;</h2>
A blockchain framework serves as a development base for implementing a blockchain project.&nbsp;
Depending on development purpose and needs, some factors of Blockchain services are variable:&nbsp;
・Confidentiality Level&nbsp;
・Transaction speed&nbsp;
・Local currency issuance&nbsp;
・Presence or absence of smart contract function&nbsp;
・Whether it is a permission type or not&nbsp;
Developing a blockchain from scratch while considering these functions is time-consuming and inefficient. Moreover, blockchain development is not completed just by having knowledge of the development language. Skills to implement specific technologies such as hash functions, public key cryptography, and electronic signatures are also required. Therefore, if you use a blockchain framework that is suitable for your purpose, it is very convenient because it simplifies the development process and guarantees high accuracy.&nbsp;
Read more:&nbsp;<a href="../../blogs/mastering-the-top-10-blockchain-development-languages" target="_blank" rel="noopener">Mastering the Top 10 Blockchain Development Languages: Your Guide to Building Secure and Efficient Blockchain Applications</a>
<h2 id="mcetoc_1h07ke1mb4t" style="text-align: justify;">Top 5 Most Popular Blockchain Frameworks&nbsp;&nbsp;</h2>
Now let's figure out the shortened list of the 5 most preferable blockchain frameworks in 2023.&nbsp;&nbsp;
<h4 style="text-align: justify;">Enterprise Ethereum&nbsp;&nbsp;</h4>
&ldquo;Enterprise Ethereum&rdquo; is a blockchain platform that has been redesigned for enterprises, based on the difficulty of using the &ldquo;Ethereum blockchain&rdquo; such as scalability issues and low confidentiality.&nbsp;
The main features are:&nbsp;
<ul style="text-align: justify;">
<li>High confidentiality&nbsp;&nbsp;</li>
<li>Fast processing speed&nbsp;&nbsp;</li>
<li>No need for gas, low cost&nbsp;</li>
<li>Permission type&nbsp;</li>
<li>Smart contract function available&nbsp;</li>
</ul>
Enterprise Ethereum is the Ethereum blockchain (Public Ethereum) designed on the basis of Ethereum, which has high fees (gas costs) and scalability issues with slow processing speeds, thus making it too difficult for many companies to use effectively. Moreover, since Ethereum is a permissionless type, confidentiality is low and it is not possible to limit users, which is also a factor that makes it difficult for companies to use.&nbsp;&nbsp;
A solution to these problems was developed by Enterprise Ethereum. It has been adopted in various industries such as the digitization of international trade processes, provision of decentralized financial services, and traceability in the manufacturing industry. As a use case, there is a private type in which a single company builds a blockchain, but there are also many consortium types in which related organizations and industry players collaborate with each other.&nbsp;&nbsp;
<h4 style="text-align: justify;"><a href="https://www.hyperledger.org/use/fabric" target="_blank" rel="noopener">Hyperledger Fabric</a>&nbsp;&nbsp;</h4>
<img class="responsiveImage" style="display: block; margin-left: auto; margin-right: auto;" src="https://api.relipa.global/storage/662/Blockchain-Framework-Hyperledger-Fabric.jpg" alt="Blockchain-Framework-Hyperledger-Fabric" />
&ldquo;Hyperledger Fabric&rdquo; is developed by IBM and Digital Asset Holdings, donated to The Linux Foundation&rsquo;s &ldquo;Hyperledger Project&rdquo; and published as open source.&nbsp;
The characteristics are described in the following:&nbsp;
・High confidentiality&nbsp;
・Permission type&nbsp;
・Smart contract function available&nbsp;
・Developed for inter-enterprise blockchain&nbsp;
Use cases are increasing in various fields such as management and sharing of medical data, ownership data of aircraft parts, sharing of repair history and usage history, traceability of food items, real estate and insurance contracts, IoT, etc.&nbsp;
<h4 style="text-align: justify;">Quorum (GoQuorum)&nbsp;&nbsp;</h4>
<img class="responsiveImage" style="display: block; margin-left: auto; margin-right: auto;" src="https://api.relipa.global/storage/663/Blockchain-Framework-Consensys.jpg" alt="Blockchain-Framework-Consensys" />
Quorum is an Ethereum-based and open-source framework developed by JP Morgan. It was later acquired by ConsenSys and renamed &ldquo;GoQuorum&rdquo;.&nbsp;
The characteristics are described in the following:&nbsp;
・High confidentiality&nbsp;
・Permission type&nbsp;
・Fast processing speed&nbsp;
・Smart contract function available&nbsp;(However, the deployed smart contract cannot be updated)&nbsp;
・Developed for inter-enterprise blockchain&nbsp;&nbsp;
Use cases include luxury brand authentication, inter-bank networks, and KYC (know your customer) infrastructure.&nbsp;
<h4 style="text-align: justify;">Corda&nbsp;</h4>
<img class="responsiveImage" style="display: block; margin-left: auto; margin-right: auto;" src="https://api.relipa.global/storage/664/Blockchain-Framework-Corda.jpg" alt="Blockchain-Framework-Corda" />
Corda is an open-source framework developed for use in decentralized financial transactions. It is operated by the &ldquo;R3 Consortium&rdquo;, in which more than 300 companies and public institutions such as Mitsubishi UFJ Financial Group and Mizuho Financial Group participate.&nbsp;
・High confidentiality&nbsp;
・Good at interbank transactions&nbsp;
・Fast processing speed&nbsp;
・Permission type&nbsp;
・Smart contract function available&nbsp;
・No original currency&nbsp;
・Easy data linkage between applications created on the Corda platform&nbsp;
Since the sharing range of transactions can be controlled for each transaction, confidentiality is high, and there are many use cases in the supply chain field in finance, insurance, and the manufacturing industry.&nbsp;&nbsp;
<h4 style="text-align: justify;"><a href="https://ripple.com/" target="_blank" rel="noreferrer noopener">Ripple</a>&nbsp;&nbsp;</h4>
It is a popular blockchain framework with a high profile of its own virtual currency XRP. Its feature is that it was developed as a currency used in a remittance system called Ripple Transaction Protocol (RTXP).&nbsp;
The Ripple Transaction Protocol is a financial system built on a distributed ledger called &ldquo;XRP Ledger&rdquo; which enables smooth currency remittance and the &ldquo;Interledger Protocol (ILP)&rdquo; allows different types of currencies to be exchanged for any value. system. The speedy and safe remittance system is also attracting attention as a means of providing financial services to the increasing number of immigrants around the world.&nbsp;
More than 300 financial institutions in more than 40 countries around the world are already participating in the remittance network &ldquo;RippleNet&rdquo; developed by Ripple Inc.&nbsp;
・Low confidentiality&nbsp;
・Specialized in interbank transactions&nbsp;
・Own currency (XRP) available&nbsp;
・Smart contract function available&nbsp;&nbsp;
・Permissionless type&nbsp;
・Fast transaction speed&nbsp;
・Low fees&nbsp;&nbsp;
<h2 id="mcetoc_1h07ke1mb4u" style="text-align: justify;">How to choose a Blockchain framework&nbsp;&nbsp;</h2>
Let&rsquo;s discuss how to choose a blockchain framework.&nbsp;&nbsp;
<h4 style="text-align: justify;">Fit for purpose&nbsp;</h4>
Each blockchain framework has different characteristics and specialties. Therefore, it is important to choose a framework that suits your development purpose.&nbsp;
<h4 style="text-align: justify;">Easy-to-use license&nbsp;</h4>
Most popular frameworks with many examples are open-source and free to use. However, some of them are provided for a fee for commercial use, so be sure to check them out before using them.&nbsp;&nbsp;
<h4 style="text-align: justify;">Good support&nbsp;</h4>
Frameworks are also very important whether they are well supported. There are many cases where blockchains are built by multiple companies or groups. Moreover, it is often introduced for the purpose of high confidentiality, accuracy of transactions, and speed of transactions. Therefore, problems after the release can be fatal, so be sure to check whether you can receive sufficient support.&nbsp;
<h4 style="text-align: justify;">Update frequency&nbsp;</h4>
Usability improvement is essential for blockchain services. Use the framework that is actively updated to create a system that responds to changing and growing needs.&nbsp;
<h4 style="text-align: justify;">Community popularity and credibility&nbsp;</h4>
The frameworks introduced in this article already have a proven track record, and communities are often formed around major companies in each country. It is recommended that you select a framework that has a similar introduction purpose and many use cases, as it will make it easier to build a highly accurate blockchain system.&nbsp;
Read more:&nbsp;<a href="../../blogs/top-5-recommended-blockchain-development-companies" target="_blank" rel="noopener">Top 5 recommended Blockchain development companies! How to have a successful partnership?&nbsp;</a>
<h2 id="mcetoc_1h07ke1mb4v" style="text-align: justify;">Summary&nbsp;&nbsp;</h2>
The degree of completion of the blockchain framework varies greatly depending on which one is used. Please select one that matches the purpose of your company&rsquo;s introduction and is rich in usability.&nbsp;
<a href="../../contact" target="_blank" rel="noopener">Relipa has developed various blockchain services using the popular frameworks introduced in this article. Our experienced engineers will strongly support blockchain development that suits your purpose and application. Post-release support is also substantial so that you can leave it to us with peace of mind. If you are currently considering building a new blockchain, please feel free to contact us.&nbsp;</a>

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[2023] Top 5 most used blockchain frameworks! Advantages, disadvantages, and tips to choose the best!

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