Today Blockchain is credited as the most exciting and fascinating technology across the globe. Blockchain is a safe and well-encrypted database model. The popularity and emergence of new blockchain trends are due to customers’ and clients’ trust and security.
Blockchain as a DLT is evolving as a decentralized database. However, it is so much more than just a form of cryptocurrency. Anything pertaining to the digital world, be it smart contracts, logistics, or supply chains, this technology has shown incredible potential. However, even today people conceptualize Blockchain as Bitcoin and other cryptocurrencies. With Blockchain, users can now have protection from issues like identity theft.
Many are of the view that blockchain technology has the potential to improve the security and integrity of every system. Therefore, Blockchain is helpful, especially in systems consisting of multiple parties that share a common database.
“In a world where we trust our institutions less and less, having technologies that help us conduct business and get things done without needing to depend on central third parties seems ever more important,” said the director of the hyper ledger, Brian Behlendorf. Hyperledger is an umbrella project for open-source blockchains.
What is the current position of Blockchain?
Before we begin reflecting and discussing the latest blockchain trends of 2022, it is better to take an overview of the last year. It is likey the best way to analyze the upcoming trends and solutions-
- In 2019, the International Data Corporation released the World Semiannual Blockchain Spending Guide, which put an estimate of $11.7 billion as the global expenditure on blockchain solutions worldwide in 2022.
- Businesses and enterprises are more aware of blockchain technology now. They are using these resources and learning new uses of blockchain technology. Enterprises are aiming to apply this technology to several sectors, including gaming, healthcare, and identity management.
- As of now, there are 70 million blockchain wallets in use. Therefore with increasing acceptance, it is expected that Blockchain will come up with new solutions in the future.
- One of the significant predictions is that between 2019 and 2025, the blockchain market is expected to see growth at a CAGR of more than 69% globally.
Paul Brody, the Global Innovation Leader, Blockchain Technology at Ernst & Young, says, “Blockchains will do for networks of enterprises and business ecosystems what enterprise resource planning did for the single company.”
Cryptocurrency has seen a lot of ups and downs. Blockchain is one of the most discussed technologies of 2021 and enters 2022 with anticipation and expectations. Let’s dive in to find out what trends are in store!
What are some of the emerging trends and solutions facilitated by blockchain technology?
A ledger or a distributed database that can be shared between several computer networks is blockchain technology.
Blockchain is winning hearts all over the world, given its promising outcomes and impressive range of uses. The recent trends in blockchain technology are something that people are excited about! Being a distributed ledger technology or DLT and an encrypted variant of a database, you can get several valuable solutions by implementing Blockchain. No matter what the problem is, you can apply Blockchain to ensure security and privacy.
Given the benefits of blockchain technology, tech enthusiasts are often eager to know the latest blockchain trends. With every new trend, Blockchain evolves further.
The following are some of the latest top trends of Blockchain in 2022:
1. Eco-friendly Blockchain
Blockchain definitely has a very bright future. However, its success comes with a few disadvantages. To begin with uses a massive amount of energy. Many are of the view that this is a significant setback for Blockchain. The increasing amounts of carbon emissions are not a good look at blockchain technology. To avoid such a mishap, Blockchain is likely to focus on a greener approach in 2022.
In order to reduce energy consumption, Blockchain is looking into carbon offsetting as a remedial measure. Although it is unfortunate that this approach was not taken into account, nevertheless, the solution is finally here!
Carbon offsetting is not only the one thing that Blockchain is looking into. To introduce another eco-friendly solution-based approach that the technology will be investing in is blockchain network models. For example, in 2022, Ethereum, as one of the most extensive blockchain networks could opt for a Proof-of-Stake consensus soon.
2. Central Banks’ Digital Currencies
Even a while ago, just a couple of years maybe, people were not so receptive to blockchain solutions and cryptocurrencies. They seemed too good to be true, and people found it hard to put their faith. Many countries did not even accept cryptocurrencies as a valid form of payment. However, times seem to be changing.
El Salvador was the first country to adopt Bitcoin as a valid payment mode. This change came in 2021. The country permitted businesses to pay their employees via cryptocurrency. After all, Bitcoin is emerging as a legal currency! Even for standard transactions, Bitcoin can be used.
Trustworthy experts and crypto enthusiasts have a lot to say about the blockchain predictions of 2022. One of the foremost predictions is that developing countries can likely adopt Blockchain as a legal currency. This change is to take place given the rise in remittance fees for overseas transactions—another factor to driving the legalization of cryptocurrency as a valid tender is global inflation.
Not to forget about national cryptocurrency- a significant blockchain growth and development area. National cryptocurrency is related to the Central Bank Digital Currencies (CBDC). According to CBDC, central banks must establish their own coins for transactions rather than relying upon decentralized ones.
3. Manufacturing and Tracking Vaccines with Blockchain
The 2021 pandemic and the deadly virus COVID-19 took a toll on the entire world. This year is also not free from the horrors of COVID-19, as it is not wholly eradicated. The focus is entirely on managing the virus and its spread and harm caused to others.
The virus and healthcare are still a top priority. Investing and working to develop something for healthcare is a major approach of many top tech trends. Blockchain solutions and trends of 2022 emphasize how they can be applied in vaccine manufacturing, distributing of the goods and lasting tracking!
One of the most common issues all over the world is the distribution of fake vaccines. Hence, pandemic management was not an easy task to accomplish. To aid in such problems, blockchain technology is the perfect tool for assessing the legitimacy of vaccine shipments.
Moreover, with the help of blockchain technology, it can be ensured whether the shipment has reached the actual location. It helps verify vaccines’ integrity and legitimacy at various points in the supply chain.
4. NFTs – the Next Big Thing
In 2021, NFTs or Non-fungible tokens will be the most significant wonders in blockchain technology. February 2021 witnessed the sale of one NFT for $69 million. Ever since the world has been in awe! NFTs, pose as one of the critical junctions in blockchain technology that play a huge role in deciding its future. The world started to recognize the concept of unique digital tokens on blockchains after NFT art was sold at massive prices.
Furthermore, NFT has made massive contributions to the world industry as well. Famous singers and artists like Shawn Mendes and Kings of Leon have released their tracks as NFTs. Just like Blockchain, NFTs go beyond the primary uses which seem to attract users.
Another reason why NFTs are mentioned amongst the blockchain trends prediction 2022 is gaming. NFTs can be applied to gaming explicitly. Its use is quite evident in famous play to earn mobile games.
5. Rise of the Metaverse
Discussions about metaverse sparked in 2021. This year, Blockchain can boost the metaverse itself. For years now, the possibility of associating with the virtual world has been a mere fiction. But with the metaverse, this fiction can turn into reality. Today many platforms even enjoy a good amount of customer or client base as well.
One can conceptualize the metaverse as the virtual and shared reality that offers immersive experiences. Participants can interact with the metaverse via their avatars. These avatars are capable of interacting among themselves. Such interactions can also give rise to new experiences, objects, and reality.
To Wrap Up
Blockchain is so much more than people are currently aware of. It is not just a mere foundation on which one can build cryptocurrencies. With every passing day, the horizon of Blockchain is broadening with its scope of applications. Moreover, blockchain technology has proved its credibility with exclusive security and data transparency benefits.
Given such valid reasons, it is eligible for getting adopted as a legal and valid payment mode. Every year, we see new changes in blockchain technology with impressive solutions and modifications.
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