Blockchain development continues to revolutionize industries, with significant advancements expected in 2024. From finance to supply chain management, blockchain’s potential seems limitless. For companies looking to leverage this technology, understanding the blockchain development trends in 2024 is crucial.

In this post, we'll explore key trends shaping the future of blockchain development. Whether you’re hiring blockchain developers or seeking to integrate the technology into your business, these insights will help you stay ahead of the curve.

1. The Rise of Blockchain in Finance
Blockchain’s role in finance has been transformative, but its impact will grow even more in 2024. With the rise of decentralized finance (DeFi), blockchain is enabling faster, more transparent transactions. In fact, the DeFi market grew to over $200 billion in 2022, and it is expected to keep rising.
By eliminating intermediaries, blockchain technology provides unparalleled security and efficiency, making it highly attractive to banks and fintech startups. Blockchain in finance will likely expand beyond cryptocurrencies, encompassing areas like cross-border payments, trade finance, and asset tokenization.

2. Smart Contracts: Automation and Efficiency
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. As industries push towards automation, the adoption of smart contracts will accelerate. By 2024, smart contracts have grown to be one of the most important aspects empowering blockchains.
In sectors like real estate, insurance, and legal, smart contracts will streamline operations by removing the need for intermediaries, reducing costs, and enhancing transparency. Developers specializing in smart contracts will be highly sought after to drive this automation.

3. Decentralized Applications (dApps): Expanding Use Cases
The popularity of decentralized applications (dApps) is growing rapidly, especially in gaming, finance, and social media. By the end of 2023, the number of daily Unique Active Wallets (dUAW) across all dApps has surpassed 2.2 million, according to a report from DappRadar.
Decentralized applications offer users more control over their data while eliminating the need for a central authority. The shift towards decentralization will continue to influence industries, making dApp developers a crucial part of the tech landscape.

4. Enhancing Blockchain Security in 2024
As blockchain usage expands, so do the security challenges. Ensuring the security of decentralized networks and blockchain governance will become a major priority in 2024. Cyberattacks on blockchain platforms have cost the industry over $9 billion.
Blockchain security will evolve with more robust encryption techniques, enhanced consensus mechanisms, and multi-layered security frameworks. Developers with expertise in security will be essential for companies aiming to protect their blockchain networks from emerging threats.

5. Blockchain Interoperability: Bridging Networks
One of the limitations of current blockchain technology is the lack of interoperability, or the ability for different blockchain networks to communicate and exchange data. In 2024, you should expect significant advancements in this area. Interoperability in blockchain will enable seamless data transfers between different platforms, helping businesses leverage multiple blockchain ecosystems.
Solutions like Polkadot and Cosmos are already working on bridging blockchain networks, and these technologies will become more mature in 2024, opening new avenues for innovation.

6. Scalability Solutions: Overcoming Blockchain's Limitations
One of blockchain's biggest challenges has been scalability, especially when it comes to supporting a large volume of transactions. For example, Ethereum can handle about 30 transactions per second, compared to Visa’s 1,700 transactions per second.
In 2024, scalability will be improved through various means, including Layer 2 solutions like Rollups, sharding, and state channels. These solutions will allow blockchain to process more transactions without compromising on speed or security. Hiring developers experienced in scaling solutions will be critical for businesses aiming to adopt blockchain on a larger scale.

7. Blockchain in Supply Chain Management
Supply chains around the world are embracing blockchain to track goods and ensure transparency. By 2024, more industries will adopt blockchain for supply chain management, which improves traceability and prevents fraud.
Blockchain technology allows for real-time tracking of goods, reducing delays and increasing trust between parties. This trend will drive demand for blockchain developers with expertise in supply chain solutions.

8. Trends in Decentralized Finance (DeFi)
DeFi is another rapidly growing area in blockchain development, providing decentralized alternatives to traditional banking. The market for DeFi protocols reached $100 billion in total locked value in 2023, and this figure is set to grow in 2024.
DeFi allows users to borrow, lend, trade, and earn interest on assets without the need for a central authority. For businesses, this opens new opportunities in the financial sector. DeFi trends such as automated market-making, decentralized exchanges, and liquidity pools will shape blockchain development.

Conclusion
The future of blockchain development in 2024 promises exciting advancements in finance, smart contracts, security, and more. As businesses increasingly rely on blockchain for various applications, developers with the right skills will be in high demand. To stay competitive, businesses should focus on hiring blockchain developers skilled in the latest technologies and knowledgeable in the ongoing trends.
Considering an addition to your blockchain team? Let us help you! We at Inspius focus on matching businesses with top remote developers from Vietnam, especially blockchain developers. Find out how we can aid your hiring process and assist you in creating your dream development team.