Blockchain Trends in 2022

08 Apr

Not just within bitcoins and cryptos, but the potential lies much farther.

Blockchain has won over its place in the market by providing the two key factors - TRUST and SECURITY.

But it didn’t keep its boundaries limited to just a few sectors, instead by encompassing digital smart contracts, supply chain provenance, logistics and also protection against identity theft, it has become the most exciting and talked about tech trend.

The list surely doesn’t end here!

Want to know what exports have to say about blockchain technology? Well they believe that it can be used to improve integrity and security of any system that even involves multiple parties sharing access to a single database. Isn’t that interesting?

Given the current Blockchain growth, here are some of the blockchain trends that we think will be impacting our lives dramatically in the year 2022.

Green Blockchain Initiatives

Did you know that Elon Musk actually stopped accepting payments in bitcoins for the reasons that Blockchain used a lot of energy and also released high levels of carbon emissions?

Owing to this, a great deal of emphasis has been put on to “greenify” the blockchain. The 2nd best Blockchain after bitcoin - Ethereum, is also planning to move to a POS model in 2022.

Another road to a greener blockchain model is by viewing the growing demand for energy as a greater investment for generating renewable energy, which further will be used for other applications including operating Blockchains.

NFT To Expand Beyond Digital Art

NFTs have been part of the blockchain headlines since 2021.

It has not only sold artwork at astronomical prices but has also taken hold of the music world by including artists such as Shawn Mendes, Kings of Leon and all releasing their tracks in NFT format.

Did you know that recently a father-son duo sold 46 years old Glenfiddich whiskey bottles alongside NFTs? And not just this, NFTs in gaming are also starting to take a big leap by allowing players to create their own NFT creatures and send them into battles.

Wanna know another interesting fact?
Legendary brands such as Nike and Dolce & Gabbana have created their clothing and footwear line that comes with their own NFTs.

Blockchain And IoT Integration

Blockchain is highly compatible with the idea of IoT or Internet of Things.

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Since it is great for creating records of transactions and interactions between machines, therefore it can help to solve problems around scalability and security of ledgers and databases as well.

Not just this, but Blockchain can also be used for machine to machine transactions - enabling payments to be made via cryptos.

Blockchain In Vaccine Manufacturing And Tracking

No pause to COVID-19 even in 2022!

Therefore, blockchain technology has developed several important use cases in terms of vaccine tracking and distribution. With the help of Blockchain, the authenticity of the shipments of vaccines can be proven and their distribution can be traced.

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To ensure integrity at every point of the supply chain, IBM has created a system that allows coordination between many agencies of vaccine distribution with the help of blockchain to unify the recording of vaccination information.

This can also help to ensure that the batches of vaccine are stored at the correct temperature, unification of vaccination rates, deficiency of various tools and platforms and many more.

With the Covid most likely to hit again, use cases of Blockchain might spread across manufacture, management and distribution of vaccines in 2022.

Governments Embracing Blockchain Technology

Jumping on the Blockchain bandwagon, some of the governments have decided to recognise the potential of Blockchain in regards to its efficiency and public trust.

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In recent years, some governments have been experimenting with this technology in terms of land registration, healthcare, food supply chain, procurement, education and identity management.

One such example is the Australian government deciding to use Blockchain technology for their local voting.

Blockchain Becoming The Most in-demand Skill

2022 will be the year for blockchain and crypto.

With the rising demand of crypto currencies, the growing dominance of Blockchain in the variety of sectors and its potential growth in all industries - will all contribute to a higher demand for the crypto and Blockchain skills.

Blockchain is at a point where even the large corporations and governments are starting to acknowledge its potential in terms of building more resilient organizations and improving people's lives.

As a result, the Blockchain experts are going to be in high demand to meet companies Blockchain goals.

The technological landscape of Blockchain is constantly evolving, and there is only one thing certain - Blockchain is the FUTURE.

We personally believe that the upcoming technology and community will completely revolutionize how we do or look at things for the coming years. It’s time you start incorporating Blockchain in your business, if you haven’t already.