It would be an understatement to call 2022 a turbulent year for the crypto asset and blockchain industry. The spectacular meltdown of FTX capped off what has been arguably the worst year for crypto since it hit mainstream, which included a precipitous decline in token prices, increased volatility of trading patterns, a collapse in NFT valuations and trading volumes, and the failure of multiple centralized crypto firms.
Most of the challenges, crashes, and bankruptcies were not actually brought on by fundamental flaws in blockchain technology or crypto assets, but with people exploiting them. Many forecasts may seem grim in light of the tumultuous year that 2022 had been for the world of crypto and blockchain, but some are still positive.
Although billions of dollars were lost because of these, experts say they serve the bigger purpose of weeding out the bad actors within the industry. In fact, the positive 2023 predictions center on how focus on crypto trading will be transferred to blockchain as a technology, and the world will finally recognize its real value and utility.
According to blockchain experts, the world is expected to see a surge in funding for applications and platforms that will make the most of blockchain’s genuine potential. This is the silver lining to the FTX collapse. It set off a chain reaction of purging dishonesty, fraud and scams from the industry.
In particular, some analysts see the FTX collapse as a chance to get all the attention and scrutiny of regulatory bodies and law enforcement agencies. This will not only serve to expunge bad actors and fraudulent activities in the industry, but it will eventually lead to the proper adoption and integration of blockchain in governments and enterprises.
While this is encouraging for the future of blockchain developers, there is always the risk that overzealous regulators will continue to confuse cryptocurrencies with blockchain technology, hampering progress in its adoption, including potential stakeholder investments. And this is why blockchain education is also important, not only for enthusiasts, but also for policymakers, regulators and law enforcement agents.
As the world starts to recognize that blockchain is the technology that will serve as the foundation for other emerging technologies, such as the metaverse and artificial intelligence (AI), people will also begin to see it as a career they could embark on in the future.
Hence, it is expected for higher educational institutions to begin integrating blockchain courses in their programs. There will be an increasing demand for deeper blockchain education and technical skills training due to the burgeoning growth of the industry that is already creating more blockchain-related jobs.
According to LinkedIn News, jobs postings on the site that had the words “Bitcoin,” “blockchain” and “cryptocurrency” increased by nearly 400% from 2020 to 2021. This shows how there is already a career in blockchain that students and professionals can embark on.
Although the FTX fiasco has only served to give crypto a bad name, enthusiasts and experts are optimistic that this will shift attention towards blockchain as a technology and boost its growth and adoption. The days when crypto trading is seen as the main use for blockchain are numbered.
