Blockchain is currently one of the most promising technology trends with loads of potential and specific applications. It is basically a distributed and encrypted variant of the database that solves the problems of online transparency and security. Its capabilities are not limited to cryptocurrencies like Bitcoin, but also have many other uses in supply chain management, anti-hackers, logistics and execution of digital smart contracts. That is also the question of blockchain believers, who are wondering what the blockchain application trends in 2022 are. That is also what Tech Town will discuss with you in this article.
Blockchain in the Present
Before we judge new blockchain trends in 2022, let’s take a look at some statistics about the current state of blockchain:
- According to the Semi-Term Blockchain Spending Guide Worldwide Worldwide Semiannual Blockchain Spending Guide released by International Data Corporation in 2019, annual global spending on blockchain solutions will reach nearly $11.7 billion by 2022.
- Businesses are discovering new use cases of blockchain with applications across various sectors, including healthcare, games, and identity management.
- With over 70 million active blockchain wallets right now, we have reason to expect many favorable blockchain predictions in the future.
- Most importantly, the global blockchain market will grow at a CAGR of more than 69% during the forecast period from 2019 to 2025.
As one of the top disruptive technologies in 2021, blockchain will have many potential predictions in 2022. So what trends will this industry develop, we will discuss now.
Hottest blockchain trends in 2022
As said, blockchain is not just a foundation on which to build cryptocurrencies like Bitcoin, in fact its scope is expanding day by day. Blockchain has good reasons to be trusted in a variety of use cases through its unique benefits of secure and transparent data exchange. It is certain that each new year will bring new changes, but we will focus on 2022.
One of the biggest obstacles to a good “blockchain future” is the fact that it is consuming a large amount of energy, leading to an increase in carbon emissions into the environment. Tesla CEO Elon Musk has announced that the company will not accept Bitcoin for payment for Tesla cars in 2021. Therefore, blockchain trends in 2022 will focus on developing a “green” blockchain. , more environmentally friendly. Many new methods such as carbon offsets will be the answer to that problem.
Another approach to eco-friendly blockchain development will focus on blockchain network models that consume less energy. For example, blockchain networks may undergo a change from Proof-of-Work models to Proof-of-Stake models in order to reach consensus. One of the largest blockchain networks Ethereum is most likely to adopt a Proof-of-Stake consensus model by 2022.
Another example of promoting eco-friendly blockchain networks is a centralized hedge fund. focused on Ark Invest technology. Ark Invest’s “green” operating models could boost future blockchain development, by suggesting that increasing demand for energy will improve renewable energy for blockchain operations.
Central Bank Digital Currency
Just a few years ago it was still impractical to adopt blockchain and cryptocurrency solutions, moreover, no country has yet accepted crypto payments as valid. However, the future of blockchain is already open, El Salvador is the first country to accept Bitcoin as legal tender in 2021. Businesses can use Bitcoin to pay their employees, and Bitcoin can be used nationwide to pay for goods and services. It is a certainty that in the future, many other countries will follow El Salvador in 2022.
According to leading experts, blockchain predictions in 2022 are implying the possibility that countries will adopt Bitcoin as legal tender. Increasing transaction fees on remittances abroad or global inflation will be factors driving the adoption of cryptocurrencies for legal tender. A very promising concept is the “national cryptocurrency” that will also mark the development of blockchain in 2022, it involves CBDC (Central Bank Digital Currencies) – which suggests that central banks will create their own currency instead of opting for a decentralized
currency National currency development projects often focus on digital currencies, possibly working in conjunction with other currencies. existing traditional currency. As a result, blockchain trends will likely allow users to conduct financial transactions and manage the custody of their assets. What’s interesting is that here, users won’t have to depend on third-party vendors and central banks to control the circulating supply.
As a result, central banks can maintain the value of national currency tokens in tandem with the country’s traditional currency. One of the notable examples of such a blockchain trend in 2022 is this: Bitcoin is endorsed by the UK government, even if it is not ready to launch in 2022, many other countries already show an active effort in the introduction of blockchain-based national currencies.
Blockchain vaccine production and tracking
In 2021, all time is spent fighting the covid-19 pandemic and recovering from its effects. 2022 will be no different, managing the pandemic will still be a priority. In fact, many new technology trends are also focusing on this, but blockchain will stand out with its potential in the production, distribution, and tracking of vaccines.
The production and sale of fake vaccines is a complex issue for global pandemic management. Against this backdrop, blockchain could serve as an ideal tool for verifying vaccine shipments. Furthermore, it can help monitor vaccine delivery to ensure that vaccine doses are delivered to the desired location. One of the other promising highlights of blockchain in 2022 is verifying vaccine integrity at various points in the supply chain.
IBM is one of the pioneers to take advantage of blockchain trends to manage covid-19 in 2022. The tech giant has successfully developed a coordination system between health authorities and agencies. another agency responsible for distributing the vaccine. This system leverages blockchain to combine data on vaccination rates and effectiveness from platforms/tools used by other relevant health authorities and agencies.
Most importantly, an experimental project on how blockchain identifies product recall scenarios has proven successful. Such applications are useful in identifying batches of vaccines that cause unreasonable side effects. We will see various advancements and innovations in response to the pandemic as a boost of blockchain in vaccination production, distribution, and tracking in 2022.
Non-fungible tokens (NFTs) are a craze in the blockchain scene in 2021. There was an NFT that sold for $69 million in February 2021, and the world was talking. about that. In fact, NFTs are one of the most logical answers to questions about the future of blockchain. The reason is very clear. A piece of NFT art sold at a huge price showed the world the concept of a unique digital token on the blockchain.
The concept of NFTs has created a number of promising use cases in today’s music world. Many famous artists such as Grimes, Kings of Leon and Shawn Mendes have released their tracks as NFTs. Suffice to say, the potential of NFTs is similar to that of blockchain – they go beyond the initial use cases, which is also what is causing the attention. For example, William Grant and Son sold 46-year-old bottles of Glenfiddich whiskey as NFTs to authenticate each bottle.
Another potential use case for NFT is in gaming, which is evident in popular money-making games like Axie Infinity. The game allows players to “cast” their own NFT creatures, called Axies, and take them to competitions. With about 300,000 active players on Axie Infinity, we’ve really seen that NFT is more than just digital art. What’s more, those who lost their jobs due to covid-19 in the Philippines used Axie Infinity to trade NFTs and earn extra income.
The applications of NFT in the field of fashion are also important highlights. Well-known brands like Nike and Dolce & Gabbana have created footwear and clothing items using NFT. In the future, we can expect the growth of new and innovative NFT use cases in the metaverse.
Metaverse – Virtual World Likely to Come True
As we have discussed a lot about the metaverse in 2021, blockchain trends in 2022 will drive the development of this concept. For years, we’ve always thought of living in the virtual world only in science fiction novels. So far, however, the concept of metaverse has become a real phenomenon with many popular platforms having huge user databases. Essentially, the metaverse is a shared virtual world that provides an immersive experience. Users can interact with this virtual world using their digital avatars. These avatars can also interact with each other, creating real-world experiences, landscapes, and objects.
Well-known names in the tech world such as Facebook, Microsoft, Epic Games and many others are showing an active interest in the metaverse. So what does the metaverse have to do with blockchain trends this year? Very relevant. One of the key aspects of the design of the metaverse is “decentralization”, creating transparency and seamless access to the metaverse, blockchain is the only solution available today that can create such a decentralized network. In addition to decentralization, the metaverse also relies on the blockchain’s ability to secure users’ administrative privileges along with verifiable provenance. Most importantly, using a blockchain platform can also connect economies in the metaverse to the crypto economy, and much more.
Experts have assumed that the metaverse is still far from becoming the virtual reality we imagine it to be, but there are plenty of promising applications in the metaverse that will be accepted and facilitated. develop. In 2022, blockchain predictions will focus on technology support for metaverse projects of major tech companies. Specifically, metaverse games like The Sandbox and new blockchain projects are developing in the metaverse in 2022. In addition, one can also consider the larger potential of the metaverse in terms of investment and imaging. into society.
Blockchain is definitely one of the most advanced technologies right now. It provides improved security, increased transparency, immutable data storage, and greater accessibility compared to conventional networks. Blockchain has been instrumental in driving change across many different sectors, but it is only growing.
Therefore, understanding blockchain trends are essential to see the future world. In addition, the expansion of NFT use cases will also be the highlight of 2022.
Tech Town hopes the information provided above will be useful to you.
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