2023 was a big year for BSV Blockchain. As excitement around the technology continues to grow, we have expanded our remit – and the global team required to support that – as we accelerate our efforts to foster and grow adoption.
In the dynamic realm of blockchain, where innovation is the heartbeat, we present our 10 bold predictions for 2024. These forecasts, grounded in our deep understanding of the evolving landscape, not only reflect the potential trajectories of the BSV blockchain but also underscore the transformative impact they may have on the global financial ecosystem.
These are several key milestones and projects which we plan to unveil in 2024, but ultimately the goal of the BSV Blockchain is to further professionalise and create value for the ecosystem.
The below summarises our forecasts for this year, but no report can truly capture all of the work of our dedicated teams and community. With this in mind, I would like to extend my thanks to all of the supporters of BSV Blockchain and the work we do. In particular, I would like to give special thanks to Calvin Ayre for his essential support and to our partner companies who continue to grow and build on the BSV blockchain.
Cyrille Albrecht (Managing Director of BSV Blockchain)
1. BSV Blockchain will get bigger and better
After another successful year of operations, BSV Blockchain envisions substantial growth in the coming year. This includes the expansion of standards and features, increased adoption, the ability to handle more transactions, the initiation of new development projects/tools, and enhancements to outreach programs.
A paramount objective for the upcoming year is elevating the BSV Blockchain’s ability to cater for enterprise-grade clients and solutions. This commitment extends to presenting a polished image to the market, at events, product releases, and through our educational platforms.
Additionally, a key focus lies in working with the public sector to develop projects for the public good. BSV Blockchain is dedicated to amplifying its public affairs work to actively engage with legislators and governmental bodies in the EU, US and UK. The aim is to educate and advocate for the establishment of a secure and legal blockchain ecosystem that benefits all stakeholders.
2. Regulation of blockchain is here to stay – and will become a greater focus
Regulation of blockchain technology is here to stay, and those who continue to break existing financial and property laws can expect to face increased scrutiny and punishments.
BSV Blockchain is pro-regulation and believes that the global adoption of blockchain technology requires enterprises and lawmakers to become comfortable with the legal compliance of existing frameworks by all.
To ensure the development of a regulatory environment that both fosters lawful conduct and facilitates innovation, BSV Blockchain regularly engages with leading policymakers to advise on the development of positive policy.
We believe that regulation provides clarity on legal obligations, encouraging compliance, good governance, and accountability. It also fosters innovation and market development by providing a clear legal framework, building trust, and attracting investment.
3. An increased focus on law enforcement and the recovery of digital assets
As regulators and governments increasingly focus on the legal aspects of blockchain technology, there is also expected to be an increased focus on law enforcement and the freezing and recovery of digital assets.
Addressing the challenges presented by blockchain technology, especially in digital asset recovery, involves finding a balance between privacy and regulatory needs. The BSV blockchain’s approach emphasises this balance by offering tools and frameworks that empower law enforcement.
However, it is also much more than this, and digital asset recovery can be seen as the missing link to enforce analogue property laws on digital assets. BSV Blockchain has repeatedly emphasised that there is nothing specific about digital assets that put them outside of the existing regulatory framework – especially property laws. If you lose the keys to your car, and I find them, that doesn’t make you the owner of your car.
4. The release of Teranode will be a game-changer for blockchain scaling
BSV Blockchain’s technical team is currently hard at work on Teranode – Bitcoin node software which has the ultimate goal of unbounded scaling. However, the new software offers so much more than just bigger transaction numbers.
Teranode is the BSV blockchain’s solution to the challenges of vertical scaling by instead spreading the workload across multiple machines and employing SPV (section 8 of the Bitcoin white paper). This horizontal scaling approach enables network capacity to grow with increasing demand, allowing for Bitcoin scaling to be truly unbounded.
5. The global growth of data will see enterprise blockchain adoption explode
In 2024, the exponential growth of global data is set to drive a surge in enterprise blockchain adoption. Faced with the challenges of managing vast volumes of data securely and efficiently, businesses will increasingly turn to blockchain technology.
The BSV blockchain not only ensures data integrity but also streamlines processes, instilling trust in an era where data-driven decision-making is crucial. The explosive adoption of enterprise blockchain in 2024 is driven by the need for scalable and reliable solutions to manage the escalating volumes of data.
As organisations embrace big data analytics, Artificial Intelligence, and the Internet of Things, blockchain emerges as a tamper-proof framework, enhancing data security and facilitating seamless collaboration. This shift is not just a technological upgrade but a strategic imperative for enterprises aiming to thrive in a data-driven global landscape.
6. An increase in the tokenisation of real-world assets
The tokenisation of real-world assets is poised to witness a surge in popularity in the coming year. This transformative trend is driven by the growing recognition of blockchain technology’s potential to revolutionise traditional financial systems.
Far more than just ‘pictures of monkeys’, tokenization involves representing real-world assets, such as real estate, art, or commodities, as digital tokens on a blockchain. This process not only enhances liquidity but also democratises access to investment opportunities, allowing fractional ownership and opening up markets to a broader range of investors.
With the increasing desire for more accessible and efficient financial instruments, coupled with advancements in regulatory frameworks accommodating tokenisation, we anticipate a significant uptick in the adoption of this innovative approach to asset management in the near future.
This can be tied back to token recovery which will enable this tokenisation of everything as it eliminates the fear of losing your coins and losing your ownership.
7. Growing knowledge and a change in sentiment about emerging technologies
The recently published Blockchain Barometer shows that more work still needs to be done to educate users, governments and enterprises about the capabilities of blockchain technology. The survey, which was conducted in partnership with YouGov and included 13,000 consumers across the UK, Spain, Germany, France, Sweden, and the US, uncovered shocking gaps in tech trust and awareness, highlighting the dire need for better education and transparency.
The study found that the majority of the American public still has uncertainties about blockchain and cryptocurrencies, even when compared to relatively more recent technologies including the metaverse and artificial intelligence.
Overall, 53% of respondents in the United States say they do not trust “any” emerging technologies (blockchain, AI, metaverse, IoT, etc.) but this varies with age and there is hope for the future. 68% of Americans aged 55 and over say they do not have any faith in this tech, but this falls to 31% of 18-24 year olds and 35% of 25 to 34 year olds.
BSV Academy’s mission is to provide the necessary education on blockchain technology to augment wide-scale adoption, and the research results highlight the need to continue our commitment to fostering learning and training.
8. Artificial Intelligence and blockchain to work hand-in-hand
Part of the growing distrust in technology can be blamed on the rapid adoption of AI generation and Large Language Models (LLMs). In just a year, these technologies have fundamentally changed the way we work – but also introduced worrying questions about how our personal information is being used and where our knowledge is being sourced from.
By implementing blockchain, the interactions and responses generated by LLMs can be recorded on a tamper-proof ledger. This ensures an immutable history of conversations, making it verifiable and resistant to manipulation.
Additionally, blockchain-based identity verification mechanisms can enhance the authenticity of users and contributors, reducing the risk of malicious activities. Smart contracts within the blockchain can also govern certain aspects of the chat platform, fostering automated and trustless execution of predefined rules.
Ultimately, we predict a future where blockchain and LLMs are directly integrated – which will not only fortify the integrity of the conversational data but also instil confidence in users by providing a transparent and accountable framework for AI interactions.
9. A focus on the sustainability and social impact of blockchain
As energy usage and Environmental, social, and corporate governance (ESG) rules become increasingly important to governments and enterprises, we expect a shift towards environmentally friendly blockchains.
Environmental concerns have understandably sparked debates about the sustainability of PoW-based systems. However, it is essential to recognise indispensable characteristics that only PoW blockchains offer, including integrity of data and a competitive system whereby infrastructure maintainers (i.e. miners) can join any time the race for a new block.
Striking a balance involves exploring and implementing energy-efficient solutions, transitioning towards renewable energy sources, and fostering innovation. It requires a nuanced approach that acknowledges the environmental impact while valuing the resilience and security that blockchain can provide.
BSV Blockchain’s commitment to social value goes beyond the technical aspects, extending to a broader understanding of the impact and benefits that blockchain technology can bring to society. By focusing on PoW, BSV ensures a robust and decentralised network that not only secures financial transactions but also facilitates a wide range of applications.
BSV Blockchain advocates for a blockchain ecosystem that goes beyond mere financial speculation, emphasising the tangible benefits it can bring to communities and industries. It actively explores and develops innovative use cases that promote transparency, security, and efficiency across various sectors. This approach aligns with the broader societal shift towards responsible and sustainable technologies, recognising the potential of blockchain to address real-world challenges and contribute to a more inclusive and equitable future.
10. An increased focus on supply chain and provenance
As technologies such as Artificial Intelligence become more commonplace, it has become increasingly important to verify our data and understand where it comes from. Similarly, across the globe, there is a rising awareness among consumers regarding the origins and sourcing of their food.
This awareness stems from a growing aspiration to make healthier and more mindful dietary choices. Additionally, consumers are now acknowledging the importance of making purchases that align with sustainability and ethical considerations.
Was the Chilean sea bass served to you sourced directly from the South American coast? Is the Rolex watch you’re eyeing truly an authentic Timex? Blockchain technology has the potential to introduce supply chain traceability, providing essential transparency, trust, and efficiency across diverse sectors such as luxury goods, cosmetics, pharmaceuticals, and Halal food production.