Global Interest in Blockchain Technology Drops by 63% in 3 Years, Focus Shifts Towards AI
Over the past decade, blockchain technology has emerged as a promising disruptor, offering decentralized solutions across various industries. However, recent data suggests a significant decline in global interest in blockchain and a noticeable pivot towards artificial intelligence (AI) research and development.
According to Stocklytics.com, global interest in blockchain technology has plummeted by 63% over the past three years. This decline marks a notable shift in technological enthusiasm, signaling a waning excitement surrounding blockchain’s potential applications.
Stocklytics Financial analyst Edith Reads commented on the data:
While blockchain initially captured widespread attention due to its potential to revolutionize sectors such as finance, supply chain management, and healthcare, the actual implementation and scalability of blockchain solutions have proven to be more challenging than anticipated.
Moreover, the hype surrounding blockchain often overshadowed its practical limitations. Many early adopters needed help integrating blockchain into existing infrastructures, grappling with speed, scalability, and regulatory compliance issues. As a result, some projects failed to deliver their promised benefits, leading to disillusionment among investors and businesses.
Interest in AI
Interest in artificial technology (AI) has gathered a lot of steam across the investment market throughout 2023, diverting attention away from blockchain. The global AI market was worth $196.63 billion in 2023. That’s an increase of around $60 billion since 2022.
AI’s rapid advancements in machine learning, natural language processing, and computer vision have captured the imagination of industries seeking transformative solutions. From autonomous vehicles to personalized healthcare, AI applications continue to expand, offering tangible value and real-world impact.
Bitcoin Halving
Crypto investors have been bracing for the halving event, expected in April, which will cut the amount of Bitcoin rewarded to miners by half. Some strategists have used halving to justify six-figure price forecasts, pointing to the token making new all-time highs in the 12 months following the prior three halving events.
The upcoming BTC halving event and growing institutional interest in cryptocurrencies and blockchain technology could spark renewed excitement and investment in blockchain. Institutions and investors seeking exposure to digital assets may view the halving event as a catalyst for price appreciation, prompting increased capital allocation to blockchain-related projects and initiatives.
While the landscape may have shifted towards AI and other emerging technologies, the underlying potential of blockchain to revolutionize industries and reshape the digital economy remains undeniable.
Stocklytics
Graphics: Adobe Photoshop, Olivier Le Moal
