The Banking Executive Magazine - January 2023 Issue

Technology Outlook 2023 versification), the benefits come from additional complexity in connecting, securing, and observing a multicloud environment. Networking services should route traffic efficiently and securely while complying with all data sovereignty laws. Storage services should inher- ently comply with data residency regulations. And processing should adhere to relevant data localization standards. Availability will be the key for cloud computing in 2023. Over the last decade, there was a huge spike in businesses moving to the cloud. Year 2023 is the age of the Cloud Revolution that better enables application modernization through rehosting, refactoring, re-platform- ing, and more. Organizations will continue to migrate to the cloud, and there will be more effort to modern- ize the cloud. Cloud adoption will be heavily influ- enced by cost optimization. Cloud migration and repatriation will con- tinue and bring new demand. Cloud cost management will be key in 2023. METAVERSE OUTLOOK 2023 The metaverse is still a mess. Once it matures, the metaverse will have the ability to convey a vision of the fu- ture better than any prior technology. Metaverse technologies will remain just hype, while digital transforma- tion technologies trends higher CRYPTO TECHNOLOGIES OUTLOOK 2023 The challenging economic times have impacted the price of cryp- tocurrencies in 2022. The industry has also seen the spectacular col- lapse of the third-largest crypto ex- change FTX. The entire crypto market lost more than $1.4 trillion ( € 1.3 trillion) in value in 2022 amid multiple crashes, including the Terra Luna saga. Euronews predicts that in 2023 we will witness the growth of multi-chain ecosystems where users do not have to switch between net- works when making transactions through several chains simultane- ously. The promising thing about the growth of these ecosystems is the focus on the technology and the ap- plications it can enable, which is the most interesting part about the crypto industry. Economic conditions will have an impact on the crypto indus- try, which will be constrained by the macro conditions such as high inter- est rates and sluggish global markets growth. Investment activities will be much slower than in the past two years with investors taking a wait- and-see attitude. Their decisions will also be affected by the wider market environment. EDGE COMPUTING OUTLOOK 2023 As edge devices become smarter, and process, manage, and drive in- sights closer to the user, there is growing need for edge-native appli- cation ecosystems. In 2023, we will see growing adoption of application ISSUE 169 JANUARY 2023 the BANKING EXECUTIVE 11