Introduction
Blockchain technology has been around for over a decade, and its potential to revolutionize various industries is becoming more evident. One of the most significant applications of blockchain technology is finance, where it has the potential to bring real-world currency to the blockchain.
In this article, we will explore the predictions, statistics, and instances that support the idea of bringing real-world currency to the blockchain.
Predictions
According to CoinDesk, Bitcoin’s lack of daily utility will begin working against its favor as the rest of Web3 starts demonstrating real-world use cases. This prediction suggests that the blockchain ecosystem will start showing more real-world use cases, which will make Bitcoin’s lack of daily utility less attractive. Additionally, the prediction suggests that the next bull run will begin in Q3 2023, which will incentivize capital flows into more innovative industries like crypto.
Furthermore, Statista predicts that worldwide spending on blockchain solutions will grow from 4.5 billion U.S. dollars in 2020 to an estimated 19 billion U.S. dollars in 2024. This prediction indicates that the adoption of blockchain technology is rising, and more industries are starting to recognize its potential.
Statistics
A study published in ScienceDirect provides a methodology for predicting the future price of Bitcoin that does not rely solely on past data due to seasonality in historical data. This study suggests that the future price of Bitcoin can be predicted using a real-world model that takes into account various factors that affect its price.
Another study published in ScienceDirect aims to improve the prediction accuracy of financial time series data and provide a reference for the research of blockchain virtual currency transactions. This study suggests that the prediction accuracy of blockchain virtual currency transactions can be improved using long short-term memory models and deep belief networks.
Moreover, Insider Intelligence reports that blockchain technology has many potential use cases beyond serving as the fuel behind Bitcoin. The report outlines some of its emerging applications across finance, business, government, and other industries.
Instances
One instance of bringing real-world currency to the blockchain is the emergence of stablecoins. Stablecoins are cryptocurrencies that are pegged to a real-world asset, such as the US dollar. This pegging ensures that the value of the stablecoin remains stable, making it more attractive to investors and traders.
Another instance is the use of blockchain technology in cross-border payments. Blockchain technology can facilitate faster, cheaper, and more secure cross-border payments, making it an attractive alternative to traditional payment methods.
Conclusion
In conclusion, the predictions, statistics, and instances discussed in this article suggest that bringing real-world currency to the blockchain is becoming more feasible. The adoption of blockchain technology is rising, and more industries are starting to recognize its potential. The emergence of stablecoins and the use of blockchain technology in cross-border payments are just a few examples of how real-world currency is being brought to the blockchain. As the blockchain ecosystem continues to mature, we expect to see more innovative use cases emerge.
Written by Agbo Obinnaya.
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