Cryptowinter 2023: A turning point for blockchain technology in 2024?

The shift in focus: from coins to real technology

Due to my recently published article on Suno.ai and my involvement in a new company in the blockchain startup sector, I would like to write something on this topic today. Even if this blog post tends to reflect my personal opinion, it is based on well-founded observations and experience in this sector.

In my observation of the crypto winter, which is characterized by falling prices and waning interest, I see 2024 as a possible turning point year. But for me, the real significance lies not in the mere market recovery, but in the way we view and use blockchain technology. I am firmly convinced that the focus will shift away from cryptocurrencies and NFTs towards blockchain as a fundamental technology.

For me, “blockchain as technology” is a concept that goes far beyond traditional use. The aim is to develop applications and apps that benefit from the transparency possibilities of the blockchain. This technology enables start-ups not only to develop completely new applications, but also to accelerate their processes. The use of ready-made frameworks and DeFi options offers an agile and innovative platform for development.

This development towards a stronger focus on blockchain as a technology is particularly exciting. It gives start-ups the opportunity to detach themselves from the volatile aspects of the crypto market and instead develop robust, future-oriented solutions. By using blockchain, they can not only open up new markets, but also revolutionize existing business models. In this context, blockchain technology is becoming a catalyst for innovation and progress that goes far beyond the financial sector.

New opportunities, new responsibilities

This development towards blockchain as a technology represents an enormous opportunity for start-ups. They can now increase transparency, efficiency and security in their business models. But it is important to understand that this also means a review of the underlying contracts. As someone who works both as a lawyer and a management consultant, I see a critical point here: implementing blockchain technology requires not only technical know-how, but also a deep understanding of the legal framework.

The practical applications of blockchain technology are diverse and revolutionary. From improving business processes to creating new, decentralized business models – the possibilities are almost limitless. But with these new opportunities come new responsibilities. The legal review and safeguarding of these innovative approaches is essential.

In my opinion, the future of blockchain lies in its practical application, far beyond the trading of digital assets. It is crucial for start-ups and innovators to recognize this change and take full advantage of the resulting opportunities. However, they should always keep an eye on the legal aspects and ensure that their innovations are based on a solid legal foundation. Blockchain technology offers a unique opportunity to fundamentally change the way we do business and interact – but only if we use it responsibly and in accordance with the legal framework.

Interestingly, the focus on blockchain as a technology does not necessarily require the topic of blockchain to be included in PR communication in particular. This is a great way to utilize blockchain without scaring off people who are rather annoyed by NFTs and coins. Startups can take advantage of blockchain technology to improve their processes and develop innovative solutions without having to deal with the often polarizing aspects of the crypto market. This approach allows the technology to be used in a way that is both practical and acceptable to a wider audience, opening up new avenues for the adoption and application of blockchain across different industries.