nChain’s Stefan Matthews sees 2024 as the year of real blockchain use case monetization.

Just three months into 2024, the global blockchain space could be in for a rough patch as developers redouble their efforts to demonstrate the usefulness of emerging technologies, which nChain chairman and co-founder Stefan Matthews foresees.

In an interview with CoinGeek Backstage in conjunction with the Digital Pilipinas Festival, Matthews believes 2024 will be the year when blockchain developers will reap the rewards of what they have sowed over the years.

Matthews’ 2024 vision is not far from being realized with the launch of the Teranode upgrade, made possible by the efforts of Dr. Craig Wright, who led the network design and architecture.

The Teranode upgrade boosted the performance of the BSV blockchain to 1.572 million transactions per second, cementing its title as the only blockchain network that can scale virtually infinitely.

While leveraging the right blockchain is important to develop use cases that can achieve nChain’s ambitions to create social impact, Matthews noted that it is equally important to strengthen and build more partnerships with industry leaders and enterprises.

“I thought 2023 was going to be a very special year, and I think it has been a very special year in a lot of strange ways, but I think 2024 is the year of real blockchain use case monetization through partnerships.” He mentioned that this is the area that nChain is focusing on in 2024.

With many projects underway, nChain has a commercial team that allows the company to focus on expanding partnerships with global leaders.

“The commercial team is focused on developing opportunities directly,” said Matthews.

While nChain is working on an ongoing partnership with the Philippine government and Bataan administration, Matthews said their time and effort will also be allocated to building relationships with organizations that have leveraged nChain’s intellectual property (IP) over the past few years. One of them is: UNISOT is the Web3 supply chain sustainability platform as a service.

This expanded collaboration will focus on developing revenue streams for our partners.

“They are using our intellectual property. It’s their job to work with their partners to help build their business,” Matthews explained. “We need to bet and support them in every way possible to help them grow their business.”

“Their business is growing. “The revenue generated through licensing agreements increases for us,” he added.

Matthews said that in addition to expanding and strengthening collaboration, nChain will refocus and re-prioritize its research efforts on long-term blockchain use cases.

“Now I’m challenging the research team to think about what we should aim to have in our product line five years from now, rather than what we want to have in our product today,” said the nChain executive.

Although Matthews guarantees that blockchain will play a significant role in this development,
Artificial intelligence (AI) will also be an important factor in the coming changes, he said, adding that nChain will work with universities on research programs focused on integrating these two technologies.

Watch: Blockchain Social Philippines – Asia is accelerating the blockchain revolution

Are you new to blockchain? To learn more about blockchain technology, check out CoinGeek’s Blockchain for Beginners section, our ultimate resource guide.