Friday, June 14, 2024

Should You Learn Blockchain Development in 2023?

In light of recent global events, developers are quite uncertain about entering the area of blockchain. The foundation of this is increasing instability in the international economy and in particular the crypto industry that comes with future changes to the global economic paradigm. 

On the other hand, forecasts for the growth of the blockchain sector as an industry remain more than optimistic, despite the emerging interferences. As of 2021 the blockchain technology market was valued at $5.59 billion and is expected to grow at a compound annual growth rate (CAGR) of 85.9% from 2022 to 2030 (Grand View Research). 

Despite a slight decrease in interest in blockchain among retail industry players, the world’s largest tech giants still continue to invest in numerous development initiatives. In particular, a notable part of financing comes from institutional investors who will probably be the major monetary source for the development of the blockchain industry in the coming years. 

According to 2022 Institutional Investor Custom Research by Coinbase, the most typical motivation point for financing crypto solutions is related to their differentiated performance. At the same time, institutional investors admit that regulatory clarity has also become an important factor for blockchain-based partnerships. A recent survey by Cointelegraph also uncovered that an impressive 43% of respondents already own digital assets and over 62% of crypto stakeholders had increased their allocations over the past 12 months.  

Therefore, regardless of the current industry recession, learning blockchain development opens up a lot of lucrative possibilities for career growth and development of expertise. It’s been proclaimed as one of the integral growth components and not without reason. 

With this said, let’s now look at the major points which prove that this tech area is actually worth learning. 

Major Arguments for Mastering Blockchain Development

Getting a professional comment from a blockchain expert is another great chance to learn more about the value of development. Lazorenko Andrii, CEO at IdeaSoft company, describes the great growth potential of blockchain development for the upcoming decades. 

“The Blockchain industry still remains in its early stages of evolution: it’s still in the process of crystallization and renewal”, says Lazorenko Andrii. “An extensive number of blockchain ecosystems are constantly emerging in the crypto market, which is clearly seen by the examples of Avalanche, Near, Solana, and recently launched zkSink, Aptos, Sui and others.” 

Additionally, the expert points out a notable impact of regulations on the development of this industry: 

“Regulation policies are a major breakthrough in blockchain development, which are believed to bring in more stability to the industry. We’ve already seen the same thing with a massive transition from CeFi to DeFi solutions. This was comparatively compulsory but surely a necessary process for technology adaptation and installation.”

Particular attention should be paid to the Central Bank Digital Currencies, which have become a decent alternative to the technologies currently used behind the fiat currencies. This has contributed a lot to stimulating the overall industry establishment and its further growth:

“We have also seen an active evolution of CBDC solutions across various countries”, says CEO of the blockchain development company. “Therefore, we can see that the technology is getting more mature and blockchain-based products are becoming more refined and sophisticated.” 

As you can see, there is a lot of evidence that shows the maturing of blockchain development  compared to other solutions. This will in turn benefit its overall development and growth. 

#1 Transition from CeFi to DeFi

Being gradually adopted in the financial and banking industries, blockchain and cryptocurrency technologies have brought in two key solutions:

  • Centralized finance (CeFi) – a model in which customers trust centralized companies like crypto exchange platforms to store their funds and manage services. 
  • Decentralized finance (DeFi) – a model which has no central authorities: instead, it enables peer-to-peer transactions without third-party involvement. 

Unlike centralized finance, DeFi solutions can provide a more secure interaction with various financial transactions, which has greatly stimulated development. What is more, with a massive collapse of the centralized cryptocurrency platforms at the end of 2022, users now prefer having their funds and services under their personal control. They also expect more transparency from exchange platforms. 

#2 CBDC Incorporation

CBDC, or Central Bank Digital Currency is basically the analogue of the traditional fiat monetary unit which is controlled by a central bank and is stored in a digital wallet. It is introduced in different forms, covering retail or wholesale trade, accounts or tokens, and contains a digital ledger which supports technologies such as blockchain. 

This tendency has gained large popularity due to many factors, including:

  • The reduction of cash usage on a global level
  • More control over AML side and circulation toolset for the Governments
  • An increasing number of digital payment options and online banking services
  • The second wave of crypto asset development (mainly, stablecoins) launched by private organizations and players

All these points urge central banks to look for new ways to secure their dominance in national payment systems, while ensuring client access to funds while not hindering innovation and new technologies in the financial and banking sectors. 

Therefore, it’s worth pointing out that blockchain development remains relevant for Pure Web3 and the Blockchain Transition and Adoption segments. Below we’ve provided a list of the most popular blockchain-based fields which have deeply sharpened within the current industry and have excellent development perspectives for the upcoming years.  

Blockchain Transition and Adoption

Crypto as an Alternative Payment Option for Businesses

Currently, we can see solid support for blockchain development from the world’s largest tech giants who now consider crypto a decent alternative to the traditional cash and cashless payment methods. For instance, PayPal, a global online payment platform, has already incorporated basic crypto payment currencies to fulfill their clients’ demands. Since July 2022, users have been able to transfer, send and receive Bitcoin, Ethereum, Bitcoin Cas and Litecoin. 

High Priority for Data Protection

Another global trend that will surely stimulate blockchain cross-industry implementation is consumer data protection. Basically, the need for securing data drives more and more businesses to opt for blockchain and distributed ledger technologies (DLT). This becomes exceptionally important after the adoption of a wide range of regulations, such as the European Union data protection law (GDPR), the UK’s DPA, the US-based California Consumer Privacy Act (CCPA) and many others. 

Worldwide Support of Blockchain Technologies

Along with regulations, more and more countries have started including blockchain in their national digital strategies. 

For instance, the EU Parliament has included cross-border blockchain-based infrastructure development in its goals for 2030. This means these projects can receive more support from European countries. Moreover, this tendency is also growing outside of the EU, such as in the UAE, the US, Canada, the UK and many other countries. 

Pure Web3

Blockchain technology is a key component of Web3 solutions as it facilitates the development of an open and trustless ecosystem. Additionally, its decentralized nature can make user interactions smoother and more flexible, which makes blockchain a must-have for the further evolution of Web3. 

The Rise of the Crypto Gaming Industry

The Crypto gaming industry remains one of the most stable areas with a heavy focus on blockchain implementation. Despite the existing recession in this tech field, blockchain-based gaming has extremely huge potential, both for today and for the coming decades. 

It’s worth noting that, unlike many other industries, crypto gaming has turned out to be less sensitive to the recession, and continues to evolve in its usual path. A vast number of investments and hundreds of new product announcements have only proven this statement. 

Strong Blockchain Involvement in Metaverse Development

Blockchain development remains a key component of the Metaverse world, which makes it an extremely lucrative area for hundreds of developers today. Though this area it’s relatively new, it still features a significant user interest and continues driving considerable investment from various tech giants. Companies like Meta, Microsoft, Amazon, Alphabet and many others admit to seeing a lot of potential in the Metaverse, so they have already made notable financial investment into its development. 

In conclusion, despite the recent instability in the industry, the blockchain industry is projected to grow rapidly, making it a worthwhile investment for those interested in pursuing a career in this field.

Learning blockchain development can open up a lot of lucrative possibilities for career growth and the development of expertise. If you are interested in learning blockchain development, a free course on Rust+Solana development for beginners is available on the IdeaSoft Career Booster for those who want to transition to Web3.


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