Top 7 blockchain technology trends for business in 2024: Key implementation considerations and solutions

In recent years, blockchain technology has gained attention as the foundation for cryptocurrencies, but its applications go beyond cryptocurrencies. In 2024, blockchain technology will evolve even further, revolutionizing many aspects of business. Every industry is using blockchain, from healthcare to finance, supply chain to retail.  

Research shows that one in 20 people worldwide is using blockchain, and the blockchain market is predicted to reach $32.69 billion by 2024. 

Additionally, approximately 90% of businesses have implemented blockchain technology in some form, and 86% of businesses believe that blockchain technology will improve operational efficiency. 

In this article, we will introduce the top 7 blockchain technology trends for business in 2024, which will help improve operational efficiency and create new business models for enterprises, as well as introduce some important considerations and solutions for enterprises to adopt blockchain.

Top 7 Blockchain Technology Trends to Watch in 2024

The rise of Blockchain-as-a-Service (BaaS)

BaaS (Blockchain as a Service) is a cloud-based service that allows companies to build and operate their own blockchain applications. In 2024, BaaS platforms provided by major companies such as Microsoft, Amazon, and IBM will further evolve, making it easier for even small and medium-sized enterprises to adopt blockchain technology. 

According to the report , the global Blockchain-as-a-Service (BaaS) market is expected to achieve a value of $11,519 million by 2026. Between 2020 and 2026, BaaS integration has shown a notable growth rate of 62.2%. 
This robust expansion positions BaaS as a leading trend in blockchain technology in 2024. 

But before we dive too deep into the topic, you’re probably wondering why BaaS is gaining so much attention. 

Indeed, BaaS simplifies blockchain adoption for businesses by providing pre-configured networks and development tools — all you need to do is find a trusted cloud service provider that streamlines blockchain application development and removes the complexity of infrastructure management. 

This trend will reduce the time to market for blockchain solutions. Additionally, adopting this technology trend will provide greater scalability and flexibility in choosing the right blockchain protocol. This strategy will allow businesses to focus on innovation instead of infrastructure. 

Expanding the NFTs ecosystem  

Make no mistake, the growing NFT ecosystem is transforming digital asset ownership. NFTs offer artists and creators of all kinds a new and secure way to tokenize and monetize their assets. 
But how? 

While NFTs themselves are not new, the popularity of blockchain in 2021 has brought NFTs into the spotlight. 

But then suddenly, NFT sales were forecast to fall by 70% by 2023. That left some skeptical of the future of NFTs, but investors remained optimistic about the transformative potential of NFTs. 

In September 2023 alone, $244 million worth of NFTs were traded, demonstrating the resilience and continued interest in NFTs. 

The NFT market is poised for significant growth, with the market size predicted to reach $3.282 billion by 2027. This highlights the lasting impact NFTs will have as a major trend in blockchain technology, reshaping how we own and interact with digital assets. 

Blockchain will play a key role in this trend, ensuring authenticity and provenance without the need for middlemen. For businesses, this paves the way for direct-to-consumer sales, reducing copyright risk and increasing the value of digital assets by maintaining a transparent record of ownership. 

The Evolution of Decentralized Finance (DeFi) 

DeFi (Decentralized Finance) is a new financial model that reshapes the traditional financial system. In 2024, it is expected that more diverse financial services, such as lending, borrowing, savings, and insurance, will be offered on DeFi platforms, making them more accessible to users. This will lead to the democratization of finance, making financial services available to people all over the world. 

Are you struggling to manage your banking operations through traditional procedures? If so, Decentralized Finance (DeFi) stands out as one of the top blockchain tech trends for 2024! 

There is no doubt that DeFi has transformed traditional finance. It provides a decentralized alternative through smart contracts on blockchain platforms, eliminating middlemen in financial transactions. 

The key question is how companies can take advantage of this innovation. 

This trend will help businesses by simplifying financial processes and providing a decentralized means for lending, trading, and raising funds, while ensuring secure and auditable transactions. 

With the continued growth of blockchain, DeFi is earmarked as a popular blockchain tech trend in 2024, introducing new protocols, lending platforms, and decentralized exchanges. 

As DeFi matures, it offers many more potential ways to conduct financial activities. Moreover, it is no exaggeration to say that the future of finance is decentralized, and DeFi is leading the way. 

Blockchain and IoT Integration 

IoT devices generate huge amounts of data, but ensuring the safety and reliability of that data is a challenge. Blockchain technology prevents data tampering and enables reliable data management. This integration will dramatically improve data security and transparency. In 2024, data reliability and efficiency will be greatly improved by managing data collected by IoT devices with blockchain, such as supply chain management, smart cities, and healthcare. 

Blockchain’s impact on the Internet of Things (IoT) is reshaping the industry, with the market value predicted to reach $12,679.5 million by 2030, growing at a compound annual growth rate (CAGR) of 58.2%. This transformative combination enhances security, accelerates digital transactions, and automates insurance policies. 

From the perspective of digital transactions, blockchain not only enhances security but also increases speed and cost efficiency. The combination of blockchain and IoT streamlines business processes and simplifies complex centralized IT infrastructure. 

In the face of growing cyber threats, blockchain offers a strong defense and enables secure and efficient data exchange. 

The integration of these technologies opens up new dimensions of connectivity, automation and economic data exchange, and blockchain’s impact on the IoT represents a key trend for businesses looking to become resilient and innovate. 

Blockchain and AI integration  

The synergy between blockchain and AI is reshaping the dynamics of data exchange. The secure and transparent nature of blockchain facilitates efficient and secure data exchange for AI applications. 

Companies can develop complex machine learning algorithms to improve the sensing capabilities of artificial intelligence. 

This collaboration will ensure data integrity, security and accessibility, and open up new possibilities for AI development within the enterprise. 

One example of this integration is the integration of Web3 and AI, which will open up a new era for the Internet. Web3 refers to a decentralized web that leverages blockchain technology to provide greater privacy and give users control over their data. Meanwhile, AI is a powerful tool in data analysis and automation. The integration of the two will lead to smarter, more efficient applications and services, and will drive innovation in business processes. 

Blockchain in Real Estate 

The blockchain trend in real estate has a variety of applications, ranging from investor and tenant identification to asset and property management. This blockchain innovation allows businesses to improve data accessibility, ensure transparency, and increase efficiency by automating business processes. 

Central Bank Digital Currency (CBDC) 

One of the latest trends in blockchain technology is the adoption of digital currencies by central banks, which means that banks will create digital coins that are similar to fiat currencies. 

According to recent statistics, 130 countries have already expressed interest in CBDCs. Factors influencing this interest include the fact that virtual money is more cost-effective than cash, CBDCs have lower transaction fees, and digital currencies can foster financial inclusion. 

What blockchain technology can Japanese companies use in their businesses? 

Although the spread of blockchain in Japan seems to be slower than in the rest of the world, Japanese companies have already begun to introduce blockchain technology in various fields in 2024. For example, Mitsubishi UFJ Bank is using blockchain technology to improve the efficiency and reduce costs of international remittances. Toyota Industries is also using blockchain to improve the transparency and traceability of its supply chain. It is expected that blockchain will continue to be used in Japan’s manufacturing, distribution, and energy sectors in the future. 

Blockchain technology offers Japanese companies several potential applications across a wide range of sectors. 

• Financial Services : Blockchain can facilitate fast international remittances and micropayments at low cost. For example, Bitcoin can instantly send money to people without bank accounts, potentially offering a faster and cheaper alternative to the traditional SWIFT system. Decentralized finance (De-Fi) applications built on blockchain can automate cryptocurrency transactions at low cost and support services like staking, which generates rewards by increasing the liquidity of cryptocurrencies. However, De-Fi comes with risks such as money laundering and fraud, so caution is advised. There is also the possibility of significant losses and tax issues due to cryptocurrency price fluctuations. 

• Utilizing NFTs (Non-Fungible Tokens): NFTs give unique value to digital assets such as digital art and game items, and can prove ownership. Japanese companies can create new revenue streams and increase engagement with customers by issuing NFTs. For example, gaming companies can sell items that can be used in games as NFTs. 

• Payments and remittances using crypto assets: Bitcoin and other crypto assets are traded on the blockchain. Payments using crypto assets have low fees and enable fast transactions, so they are attracting attention in the fields of international remittances and micropayments. 

• Supply Chain Management: By recording the process of a product from producer to consumer on the blockchain, the supply chain can be made more transparent, which is useful for food safety and authenticity verification of branded goods. 

• Digital Identity (DI): Blockchain can help securely manage personal information and streamline the identity verification process. Managing digital identities on the blockchain gives users control over who has access to their data. 

• Healthcare: By storing patient medical records on the blockchain, data can be managed securely and necessary information can be shared between stakeholders. 

• Energy: By monitoring energy consumption and generation on the blockchain, we can promote energy conservation and decarbonization. Carbon credits can also be traded on the blockchain. 

When introducing blockchain technology, it is necessary to understand not only the advantages but also the disadvantages. In addition, blockchain is a complex technology, so appropriate expertise is required. Furthermore, once data is recorded, it is very difficult to delete or change it, so once incorrect information is recorded, it is difficult to correct it. 

Key considerations and solutions for enterprise blockchain adoption 

The main challenges companies face in adopting blockchain are as follows: 

・Understand the advantages and disadvantages of blockchain: Blockchain has the advantage of being highly transparent and difficult to tamper with. On the other hand, it is also important to understand that it is technically complex and requires specialized knowledge, and that once recorded, data is difficult to delete or change. 
・Select a reliable partner: It is important to select a reliable technology partner that can not only solve the technical challenges of blockchain implementation and operation, but also support customization to meet business needs and future scalability. From the perspective of  security and privacy protection

, it is essential to select a reliable partner. In addition to the above, there are several other points to consider when introducing blockchain. 

Technical considerations:

In addition to validating functionality, technical teams should stress test blockchain technology and the systems that integrate with or coexist with it to be confident in its resilience. They should prepare
for the unexpected by having recovery plans in place in case of failure.

Non-technical considerations:

・Don’t forget to consider the relevant taxes, regulations, laws, etc.
・Many staff involved in daily operations, including front-end staff, may not feel the impact, but back-end staff may need training. It is also important to consider mid- to long-term plans in terms of skills.

Challenges specific to Japanese companies:

・Some blockchains have already reached practical use overseas, not only in business but also in areas such as humanitarian aid, but in Japan, most remain in pilot studies and are slow to become widespread. ・
Considering compliance risks, many companies, especially traditional companies, keep their distance from public blockchains. For this reason, it is thought that the first cases to increase will be those using “private blockchains” managed by companies.

These opportunities and challenges highlight the transformative potential of blockchain technology across a range of industries. But businesses can realize its full potential by carefully assessing their needs, understanding the technology’s limitations, and finding trusted partners. 

At Relipa, we utilize the latest blockchain technology to support your business!

With the latest blockchain technology trends in 2024 penetrating businesses and addressing security and traditional financial methods, it is time to look for a reliable blockchain application development services provider. 

If you are also facing the same challenges, Relipa will be your trusted technology partner. Our strength is in simplifying the adoption of cutting-edge blockchain solutions to help your business stay ahead in this dynamic environment. 

At Relipa, we are constantly monitoring the latest blockchain trends that are rapidly transforming the industry. With our many years of software development experience, we respond to the changing needs of the market and provide optimal solutions to our clients. 

As a trusted technology partner, we provide pre-built networks and cutting-edge development tools to streamline blockchain application development. 

We deliver quality that exceeds industry standards, ensuring a smooth, efficient and future-ready transition to the latest blockchain technologies. 

If you are curious to know what we have achieved, here are some of the  top blockchain services we have provided:

NFT Development 

・Developing NFT marketplace 
, NFT mint (Lazy Mint) 
, NFT staking 
, and RWA tokenization solutions 

Web3 Development 

・Dapp development 
・Smart contract development 
・SocialFi 
・GameFi 
・DAO platform development 
・Layer 2 related solutions 

MPC Wallet Development 

Paradial is an advanced MPC (Multi-Party Computation) wallet development OEM solution that allows you to create a wallet with one click. With Paradial, you don’t need to worry about managing seed phrases or security issues. Paradial also ensures user privacy and security by not storing private keys. 

summary 

The market size of blockchain-based services is predicted to reach 724.76 billion yen in fiscal year 2025. The use of blockchain is expected to start spreading among major companies from fiscal year 2021, and to become widespread among mid-sized companies and local governments in fiscal year 2025. This is expected to lead to an increase in projects moving from the effectiveness verification stage to full-scale operation. 

The application of blockchain technology will bring innovation in more and more fields in the future and become an important tool to enhance corporate competitiveness. With Relipa’s support, you can incorporate blockchain technology into your business and explore new possibilities.