Blockchain 2024: Digital Identity and Investment Trends and Expectations | Posted by SourceLess | Coins | January 2024
It was announced that 2024 will be a year of rapid change in the blockchain and digital asset space. The U.S. Securities and Exchange Commission (SEC) recently approved a U.S.-listed Bitcoin ETF (Exchange-Traded Fund), opening a new chapter in cryptocurrency investment. This move not only legitimizes Bitcoin from the perspective of traditional investors, but also hints at wider acceptance and integration of blockchain technology. This could potentially attract significant investment into the sector, with Standard Chartered proposing inflows ranging from $50 billion to $100 billion this year, including notable players such as BlackRock and Fidelity. These developments highlight Bitcoin’s growing market capitalization and reflect the changing institutionalization of Bitcoin as an asset class.
Blockchain market expansion
According to CompTIA, the global blockchain market, which was worth about $7.4 billion in 2022, is expected to grow explosively and reach more than $94 billion by 2027. This explosive growth, characterized by a CAGR of 66.2%, highlights the rapid adoption and integration of blockchain. Blockchain technology across various fields. North America, in particular, is currently leading this market expansion.
Expanded Applications of Blockchain
By 2024, blockchain will expand its influence beyond cryptocurrency. Industries such as healthcare, supply chain management, and legal services are adopting blockchain for a variety of applications, from tracking prescription drugs to creating smart contracts. However, this widespread adoption faces challenges such as scalability and security, areas that are critical for continued development.
The growth of digital identity solutions
Parallel to these developments in the investment sphere, the digital identity solutions market is experiencing strong growth. According to MarketsandMarkets™, this market is expected to surge from $34.5 billion in 2023 to $83.2 billion in 2028, driven by the growing need for secure online interactions in an era of rampant cybercrime and identity theft. This growth trajectory is also influenced by the adoption of biometric solutions for improved user experience and customer loyalty. The integration of blockchain technology in this field is expected to result in more secure, transparent, and user-friendly digital identity solutions.
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2024 already appears to signal an important step in the decentralization journey. Bitcoin ETFs herald a new era in cryptocurrency investing, and blockchain’s role in digital identity solutions is gaining momentum. As blockchain technology continues to evolve and expand its applications, platforms like Str.Domains are expected to leverage these developments, leading to mass adoption of blockchain solutions.
Learn more about 2024 digital trends in this SourceLess Labs Foundation article — Web 3.0 will change the digital environment in 2024
References:
Reuters: SEC approves Bitcoin ETF
MarketsandMarkets™: Growing Digital Identity Solutions Market
Emergen Research: Digital Identity Solutions Market Trends