Why 2023 will be a bumper year for blockchain

With each new year comes the feeling of change - how can 2023 be more successful than 2022? It’s equally true for businesses as for people. Business leaders should resolve to make 2023 the year that they embrace blockchain, if they haven’t already. For businesses in the gaming and luxury goods sectors, it could underpin radical new ways of providing better customer experience, and make this the most successful year yet. 

Power to the player

2023 will be the year that players demand power over the games they play. Gaming has never been more social – Twitch alone has over one million daily unique streamers. But where a community gathers, it expects a voice, and gamers have become used to sharing their ideas, frustrations, and hopes for games, hoping studios will take notice.

In 2023, these communities could find their voice in decentralised autonomous organisations (DAOs). Whether they’ve logged a high number of playing hours or simply want to be involved in steering the game’s development,  DAOs offer players who are stakeholders of particular games the chance to participate in their governance. Players can acquire or earn a governance token within a game, which can then be used to vote on both game development and community matters. Supported by a transparent blockchain, every participant can have access to the same, real-time record of events, ensuring that results are provably fair. 

Gaming studios and developers who can get this right in coming years will not only create a more engaged and loyal user base which is more invested in the future of the game, but will also have a direct line to community feedback. With this feedback, they can optimise games and even release new ones which are directly based on player needs and desires. As gamers grow frustrated with development delays over hotly anticipated titles, bringing them into the fold by integrating a DAO with gameplay could be the best way for studios to bring players onto their side in 2023 and beyond.

It’s easy being (provably) green

In November last year, online searches for ‘greenwashing’ reached an all-time high. More recently, a new term has come to the fore: greenhushing. Businesses who are afraid of scrutiny of their sustainability efforts would rather keep quiet about them than invite investigation. But whether you’re greenwashing or greenhushing, you’re under the microscope. Gen Z will do their due diligence on your brand, with 43% of Gen-Z fashion consumers actively seek out companies with a solid sustainability reputation.

To that end, in 2023, expect a sharp uptick in the use of Digital Product Passports. They’re like an online authenticity certificate, but with the immutability and transparency that comes with blockchain support. From proof-of-origin to tracking the materials used to create luxury goods, they help customers to feel reassured about the provenance of their products, as well as protecting retailers from counterfeiting.

Luxury brands who are genuinely going green can verify their efforts with blockchain. They will be able to avoid the faux pas of discovering ethical compromises in their supply chain, and instead issue customers with an ownable ‘passport’ that increases resale value, reassures the eco-conscious, and provides a low-cost method of increasing revenue. Digital Product Passports aren’t just a luxury fashion trend – they’re an integral part of the future of luxury commerce.

2023 will be a bumper year for blockchain adoption. As it becomes more mainstream, and people recognise the value of decentralisation - especially as it applies beyond cryptocurrencies - the possibilities are truly endless. The savvy business leader needs only one resolution this year for success - back blockchain, build novel solutions, and have a prosperous new year.