The 5 Biggest Blockchain Trends in 2022
Currently, if you are looking for an exciting tech, it has to be blockchain, an encrypted, distributed database model having the potential to solve multiple problems surrounding online security and trust. Most people consider blockchain to be the technology that generally underpins cryptocurrencies and bitcoin.
However, it has far wider potential. And it encompasses smart digital contracts, supply chain, and logistics security and provenance and protects from security theft. This article will showcase the 5 biggest blockchain trends in the coming 2022.
Expansion of NFT beyond the online art
Since 2021, the Non-Fungible tokens on NFTs have been great news in the scenario of blockchain solutions and services. Artworks like Beeple’s The First 5000 Days have achieved astronomical prices and created many headlines. The digital token’s concept has been positioned by it in the consciousness of the public. Also, it has taken firm control in the world of music, with several artists like Shawn Mendes, Grimes, Kings of Leon releasing music tracks following the NFT format. However, like blockchain generally, the idea’s potential is far beyond the first publicity and grabbed use cases.
Recently, 46-year-old bottles of Glenfiddich whiskey with NFTs were sold by Distillers William Grant and Son. Also, NFT has influenced games like Axie Infinity that allows the players to mint their own NFT creatures for sending into battle. The game currently has 300,000 concurrent players.
Brands like Nike and Dolce & Gabbana have made footwear and clothing coming with their own NFTs. The metaverse concept of Facebook, Nvidia, and Microsoft offers tons of opportunities for facilitating innovative and creative NFT use cases.
Blockchain in vaccine manufacture and tracking
One thing is for sure that tackling the Coronavirus pandemic will be continuously prioritized through the coming 2022. And when it comes to vaccine distribution and tracking, blockchain tech has multiple important use cases.
Counterfeiters are making and selling false vaccines. Blockchain application development services can prove the vaccine shipment’s authenticity. Also, you can trace their distribution to ensure that they are coming to the intended location.
Integrity will stay intact at each point in the supply chain. IBM has already made a system for allowing coordination among various healthcare authorities and agencies involved in the distribution of the vaccine. Blockchain is used for unifying the vaccination efficacy and rates records. Blockchain can also speed up the recognition ability where a product recall is needed.
National cryptos and bitcoin are adopted by more countries
In 2021, El Salvador will be one of the 1st nations to accept bitcoin as legal tender. It means bitcoin will be accepted all over the country for paying for services and goods, and the businesses can use it for paying their employees.
2022 will become the year to have the highest blockchain trends. In 2022, you can expect other countries to follow this. According to the CEO of BitMEX, Alexander Hoptner, at least 5 countries will begin to accept Bitcoin in 2022.
Also, growth is expected in the national cryptocurrencies in 2022. All these projects will involve digital currencies that will be operating beside the existing conventional currencies. China, Tunisia, Ecuador, and Singapore have already endorsed bitcoin, and Russia, Japan, Estonia, and Sweden will be joining soon.
Green blockchain initiatives
Several blockchain development companies have said that tons of energy can be used by the blockchain’s potential, and this makes carbon emissions at a large scale. This was proven after Elon Musk, the CEO of Tesla, decided to stop accepting bitcoin temporarily for the cars that were launched in early 2021.
So, in 2022 we can expect a huge attempt for greenifying blockchain. It can be done in some ways, like carbon offsetting. Also, by switching to low-energy-intensive models of blockchain tech, it is possible. It is typically for the people who rely on PoS algorithms rather than the PoW models for generating consciousness.
Ethereum, the 2nd popular blockchain after Bitcoin, is planning to switch to a PoS model in 2022. According to Cathy Wood, CEO of Ark Invest says that with the increasing energy demand, it will lead to bigger investments for generating renewable energy, which further can be used for operating blockchain, blockchain development services, and other applications.
IoT and blockchain integration
Blockchain is highly compatible with IoT (Internet of Things) because it is perfect for creating records of transactions and interactions between machines. It can solve multiple security-related issues and scalability because of the encrypted, immutable, and automated nature of the databases and ledgers of blockchain. It can also facilitate machine-to-machine transactions.
Via cryptos, the micropayments can be enabled in instances when one network or machine will need to procure service from the other. More initial use cases and pilot projects can be heard in 2022. 5G networks will be exercised in full power for offering enhanced connectivity between all kinds of networked smart appliances and equipment in terms of speed.
According to evangelists, blockchain can be put to use potentially for improving integrity and security in every system that involves several parties that share access to the database. In 2022, investing in blockchain by businesses will hit $11.7 billion.
Undoubtedly, blockchain has become a gold rush for modern enthusiasts, and it will continue to expand in the foreseeable future. So, to get in-depth details about blockchain, you can get in touch with any reckoned blockchain consulting company.