Year 2024 in Review: Blockchain Adoption, Trends, Use Cases & Projects

As we wrap up an extraordinary year, it’s worth reflecting on the groundbreaking advancements in technology and innovation driven by the rapid adoption of blockchain technology. In 2024, blockchain witnessed unprecedented growth across industries, revolutionizing everything from supply chain, Government , Digital Identity to Tokenization by enhancing transparency, security, and efficiency.

Key Trends in Blockchain (2024)

        1.      Decentralization on the Rise: Blockchain adoption surged globally, with enterprises and startups embracing its potential to reshape industries and challenge conventional norms.

        2.      Finance Transformation (Tokenization: Tokenization gained mainstream acceptance, and traditional financial institutions adopted blockchain for secure, efficient transactions. Decentralized finance (DeFi), Digital Assets matured into a vital part of the financial ecosystem.

        3.      Government Adoption: Central Governments, state governments are adopting blockchain. NIC/CDAC , DigiYatra , NSDL and various state governments Tamil Nadu, Maharashtra, Orrisa, Bihar , various RFPs floating for Blockchain implementation.

Here TOP use cases are trending in 2024 and successful case studies around these use cases :

• Digital Identity
• CBDC
• Asset Tokenization
• Government digital Public Infrastructure
• Financial Services/FinTech
• Supply Chain Management

Top Blockchain Stories in India

     •           Digiyatra: The Ministry of Civil Aviation launched a blockchain-based digital identity system to enhance passenger travel experiences.

     •           India CBDC: The Reserve Bank of India progressed with its Digital Rupee initiative, representing a significant leap in the financial ecosystem with Retail and wholesale CBDC pilots since December 2022.

     •           National Blockchain  Framework: CDAC and NIC worked on building India’s blockchain backbone, supporting innovation across public services. offering Blockchain as a service for government use cases and set of use cases onboarded by various govt departments.

     •           ONDC Collaboration: ONDC and Dhiway operationalized a distributed ledger for digital commerce.

·       E-governance:  various state governments Tamil Nadu, Maharashtra, Orrisa, Bihar , various RFPs floating for Blockchain implementation.

·       Expanding Blockchain communities: Various Blockchain Layer-1, exchanges,  is looking at India for expanding user base.

·       Academia: Academic institutes are incorporating blockchain related programs in the curriculum. IIT Madras, IIT Kanpur, MIT ADT and many Private engineering and management universities offering blockchain, digital assets courses.

Interesting Blockchain/Emerging tech Projects I am involved :-

• FSV Capital/Labs: Helping Web3 startups raise funds and business growth with our Web3 experience  and community network, at FSV labs working on Tokenization and CBDC Projects.
• LFDT  India: Leading Hyperledger(LFDT) India since 2020 and driving Hyperledger adoption in India.LF Decentralized Trust India Chapter LF Decentralized Trust LF Decentralized Trust Climate Action & Accounting Special Interest Group

https://wiki.hyperledger.org/display/HIRC/Hyperledger+India+Regional+Chapter+Home

• LFDT Climate SIG: Co-chair Hyperledger Climate Action & Accounting Special Interest Group

• Rezoomex: Rezoomex is a Tech Gig Work Platform that values ethics and performance. Smart contracts link pay to task completion, ensuring fairness. Engage with our Co-Pilot for focused, productive work. Join a community where integrity meets innovation. Using Blockchain/Hyperledger and generative AI ..https://rezoomex.com/ Rezoomex
• MOI Technology :  The world's first context-aware, participant-centric, p2p protocol and blockchain network built on ISM technology. https://moi.technology/ MOI Technology Bharadwaj Raghuraman Anantha R Krishnan
• GS1 India :  Supply chain traceability projects with Govt bodies – Ghee traceability, Meat traceability, Verifiable credentials in GS1 .
• Soileum : Layer1 Blockchain in-built Digital Identity using SSI and DID
• EY India : Working with Innovative e-governance projects.
• MIT ADT : Part of B.TECH In Blockchain program
• IITs,IIMs : Blockchain , Digital assets startups  and research initiatives
• Snapper Future Tech : Working on Confidential project in financial services sector.
• Seiyaj : Building critical projects in Saudi Arabia- Tokenization and Supply chain traceability.
• Many other initiatives like Blockchain for Fintech leaders, CBDC Training , consulting on emerging tech in the sector.

• Opportunity to Speak at different Web3/Blockchain conferences, Events and Academia -IITs, IIMs, IBS, NITs, NTPC, IIITs, Entrepreneur India BW Businessworld The Institute of Chartered Accountants of India Web3 Carnival  Bharat Blockchain Yatra LF Decentralized Trust India Chapter & more..

What's next  for  Blockchain  in 2025

•  Tokenization: According to Boston Consulting Group, asset tokenization and blockchain have the potential to save around US$20 billion in global clearing and settlement annually. Additionally, by 2030, it could unlock a market worth US$16 trillion for tokenized illiquid assets.
• CBDC:  Over 134 countries explored or implemented CBDCs, transforming global monetary systems. According to a survey by the Bank for International Settlements (BIS), up to 15 retail central bank digital currencies (CBDCs) could be in circulation by 2030. The survey found that 93% of the world's central banks are experimenting with CBDCs
• Digital identity: Digital identity management is another area where blockchain is gaining traction as a potential solution. Traditional identity management systems are often centralized and vulnerable to data breaches and identity theft. Blockchain-based digital identity systems can provide a decentralized and secure way to manage and verify identities, reducing the risks associated with data breaches and identity fraud. In 2023, we can expect to see increased adoption of blockchain-based digital identity solutions in various sectors, including finance, government, and e-commerce.
• Government: Blockchain is being used by governments to improve the efficiency and transparency of a variety of processes, including voting, land registry, and social welfare payments. The global government blockchain market is expected to grow at a CAGR of 80.4% from 2023 to 2030.

Looking Ahead to 2025

The future of blockchain promises continued momentum, with key areas like tokenization, CBDCs, digital identity, and government use cases taking center stage. As challenges in scalability, interoperability, and regulation are addressed, blockchain will remain a catalyst for innovation, driving global collaboration and empowering industries.

Here’s to a transformative 2025 where blockchain continues to connect industries, reshape economies, and empower individuals worldwide. 🚀🌐 

#BlockchainAdoption #TechTrends #DigitalIdentity #Tokenization #Web3 #CBDC #Innovation