Yesterday, David Schwartz, CTO of Ripple Labs, published on Ripple’s X profile some of his predictions on what will be the hottest crypto sectors in 2024, citing artificial intelligence as the top one.
According to what is described, blockchain and AI will be able to converge to explore the maximum potential of this innovative technology, revolutionizing various technological industries.
Among the other sectors that Schwartz predicts to have a strong likelihood of success are: tokenization of real assets, decentralized identity, interoperability, and stablecoin.
Let’s see below all the details.
Summary
Blockchain, crypto and Artificial Intelligence: 2024 will be the turning point year according to Ripple’s CTO
David Schwartz, CTO of Ripple Labs, wanted to end the year for his cryptographic exchange and remittance company by formulating some predictions on the sectors with the most growth potential in 2024.
At the top of the list, Schwartz mentions artificial intelligence, a very popular trend in recent times that is attracting the attention of many investors and companies worldwide.
Since OpenAI by Sam Altman released its own bot ChatGPT, everyone has started incessantly talking about the AI sector and how it could revolutionize our daily lives in a short time.
Already today we see how many activities such as content creation, financial analysis, software development, web design, business accounting, and many others, have been facilitated (if not replaced) by artificial intelligence systems.
Even the crypto world has been revolutionized by chatbots and AI programs that increasingly provide a positive contribution to the cryptographic industry, optimizing work times and achieving increasingly positive results.
According to the prediction of Ripple’s CTO, in 2024 we should witness the true boom of this technology, with artificial intelligence and blockchain converging to revolutionize computer security and financial services.
The executive of Ripple believes that this connection will transform the market trajectory by providing accurate insights and automated crypto trading.
Many intersections between artificial intelligence and blockchain are still bringing awareness to the general public about the growth possibilities that will exist in the future and the earning opportunities that will be offered to those who know how to implement the technology in their businesses.
Last month Cardano, one of the most important layer-1 projects in the crypto sector, merged artificial intelligence and blockchain in its ecosystem through the launch of Girolamo, a generative chatbot enabled for the Internet.
The chatbot Girolamo is designed to handle a wide range of questions, from industry-specific ones to general everyday ones.
Even visionary Elon Musk believes that AI will be a future trend: a few months ago he launched Grok, another chatbot that will compete with the most sophisticated artificial intelligence software in the cryptographic industry.
Among the many things that Grok is able to do, we also see the ability to make more or less accurate price predictions for many cryptocurrencies.
In a few months we will be able to verify if Grok’s price predictions are accurate.
Other sectors with strong growth potential: David Schwartz’s forecasts
David Schwartz didn’t just talk about artificial intelligence in his predictions for 2024: among the most promising trends in the crypto world, we can see many other sectors that have been on everyone’s lips for a few months now.
Going in order, in second place in the RIpple CTO’s ranking we find tokenization of real assets (RWA).
In particular, the tokenized RWAs on the XRP Ledger can revolutionize the current financial landscape by facilitating collateralized loans and interoperability between different banking institutions.
The real estate and commodities industries could also go through a phase of significant development thanks to tokenization, which would provide an extra boost due to the ability to fractionate an asset and sell it in an open, free market without intermediation constraints.
Following, having the same potential as artificial intelligence, we find the niches of decentralized identity and interoperability between blockchain and smart contracts that will definitely change the game in the crypto world.
In detail, according to Schwartz’s words, the Decentralized Identity (DID) will have a strong impact on the privacy of users and on the growth of liquidity employed in the decentralized finance sector.
On the other hand, the connection between different blockchains and the integration between programming languages and smart contracts will lead to the onboarding of new masses of users who will choose crypto-based products precisely for the simplicity with which they will be presented.
Interoperability protocols such as the Cross-Chain Bridge amendment for XRPL will stimulate innovation, promoting new DeFi applications.
This change will promote mainstream adoption, unleashing the full potential of blockchain in all sectors
To conclude the list of predictions by the Ripple executive, let’s look at the sector of stablecoins, which, although not having the same bright and undisturbed future as the artificial intelligence industry, can still play a crucial role in multiple international money exchanges.
With stablecoins, global finance could be reshaped, reducing dependence on the US dollar and creating new opportunities for money exchanges between countries and institutions.
The Middle East, first and foremost, will lead the adoption of this technology in regional transactions, simplifying international operations and unlocking new economic potential.
The only obstacle to face concerns the issue of regulations, which is still unclear and inconsistent when observed from a global perspective.
