As we look towards 2023, the digital economy is set to continue its rapid growth and evolution. The central banks, technology providers, and traditional finance companies that drive economic growth will increasingly turn to digital assets and the digital asset ecosystem to support and enhance their operations. We’ve seen the digital assets ecosystem grow from just an idea to a functioning form of wealth creation in a few years, now that’s amazing!
With this sort of growth rate and digital activity, we can safely say that there’s a lot in store for us in the future. But to understand that, let’s take a look at what the digital economy will look like in 2023.
Massive Changes in Real Estate
In the real estate market, we can expect to see more and more properties being bought and sold using digital assets, as the industry adapts to the changing business environment. Goldman Sachs, along with other financial institutions, is already heavily invested in the digital asset market and we can expect to see more acquisitions activity in this space as companies seek to position themselves for future growth.
Customer Expectations Will Be Upgraded
The customer experience will also be heavily influenced by the digital economy, as businesses increasingly rely on technology to deliver seamless and convenient services. The labor market will also be impacted, with more and more jobs requiring expertise in technology and digital business practices. This will have a ripple effect on daily life, as a wide array of industries adopt digital solutions to improve efficiency and reach a wider customer base.
One key aspect of the digital economy to watch in 2023 will be the advances in identity technology. As the use of digital assets and services grows, so too does the need for secure and reliable methods of identification and verification. We can expect to see a proliferation of solutions in this space, ranging from biometric authentication to blockchain-based identity systems.
Banks and Businesses Will Enter a New Era of Payment
In the financial sector, commercial banks and central banks will continue to explore the use of digital currencies, including central bank digital currencies (CBDCs). These digital versions of fiat currencies have the potential to revolutionize the way we make payments and transfer funds, offering faster and more secure transactions.
The growth of the digital economy will also have a significant impact on the blockchain ecosystem. As more businesses adopt blockchain technology to support their operations, we can expect to see the growth of decentralized finance (DeFi) platforms and the proliferation of digital services built on blockchain networks.
Institutional investors, including crypto investors and blue chip funds, will play a key role in shaping the future of the digital economy. As the market matures, we can expect to see increased interest from these players, as well as increased regulation of the crypto asset market.
AI and Digital Businesses Will Have More Involvement
Artificial intelligence (AI) will also continue to be a driving force in the digital economy, with tech companies investing heavily in the development of AI-powered products and services. The consumer technology markets will be heavily influenced by these advances, as customers come to expect the highest levels of convenience and personalization from their digital experiences.
As the digital economy grows and evolves, it will have a broad impact on the business landscape. Business executives will need to stay attuned to the changing needs and expectations of their customers, as well as the wider business environment, in order to make fact-based technology decisions and drive growth.
The Foreseeable Future of Crypto Looks Bright
There’s a lot to expect in the coming year. Artificial intelligence, crypto regulation, digital products, the list goes on. What this tells us is that the digital economy is only getting better with time and will change the way we look at finances in our lifetime. The days of using commercial bank accounts will slowly fade away to allow new economic activity to take over.
The digital economy in 2023 is likely to be characterized by continued rapid growth and innovation, driven by advances in technology and the increasing adoption of digital assets and solutions by businesses and consumers. As the world becomes increasingly connected, the digital economy will play a central role in shaping the economic landscape and the way we live and work.
It won’t be long until we’ll be dealing more with crypto companies instead of banks. The growth potential of the digital economy is high, and it’s best that you make some critical decisions about diving in.
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