As people call – the internet’s new wave, blockchain is approaching ahead of schedule. It has become a renowned decentralized ledger offering data security and internet freedom. Moreover, it provides an encrypted database variant that caters to different issues. Simply put, it is one of the most promising technology trends of 2022.
However, most people only associate blockchain with cryptocurrencies like Bitcoin. While it does provide a ledger to trade in crypto, it serves many other purposes. The role of blockchain has extended to supply chain management, logistics, smart contracts, and cybersecurity. Further, blockchain is also used to promote sustainability in business models, helping entrepreneurs foster growth.
In the coming years, blockchain use will extend to other industries such as health and FinTech. Hence, it is time to understand and integrate it into business operations. Let us show you the ropes if you don’t know where to begin. Here we have highlighted six rising blockchain technology trends in 2022.
1. Digital Currencies
A few years ago, it was unrealistic to think of any country accepting cryptocurrency since it has no physical evidence. In 2022, almost every region will accept crypto as a valid payment form. Now, it is making people wonder about the future of blockchain. One thing for sure is that crypto will continue to emerge as an alternative to real currency. Therefore, now is the time to invest in the crypto markets. So, why not purchase a few coins?
Most people stick to bitcoin when trading in crypto, but many other coins also have incredible earning potential. Lately, the SHIB coin has reached new heights, offering massive gains to investors. Hence, you can also look at Shiba Inu price prediction to determine whether investing in this crypto is worth it. All these cryptocurrencies are secured in blockchain and will serve as legal tender. Soon, people can also pay remittances overseas through crypto.
Further, several projects are under development to focus on digital currencies. As a result, the trends in blockchain will enable users to conduct financial transactions while managing their assets.
2. NFT Boom
Non-fungible tokens are one of the biggest arrivals to the blockchain landscape in 2022. These became popular in the music industry since prominent musicians such as Grimes released their tracks as NFTs. Besides this, another prospective usage of NFTs is in the gaming industry. NFTs applications in gaming have introduced play-to-earn games, allowing players to mint their NFT creatures. Simply put, NFTs serve a bigger purpose than digital art on blockchains.
Moreover, NFT is becoming immensely popular in the fashion world. Brands like Dolce & Gabbana have created footwear and clothes using NFTs. And this trend will further continue, followed by streetwear brands. Hence, you can imagine impressive growth in new and innovative NFT cases.
3. The Rise of Metaverse
Have you heard of metaverse? In 2022, blockchain will likely boost the metaverse’s virtual world. It will allow participants to interact with metaverse with the help of digital avatars. In turn, those avatars could help interact with one another, creating in-world user experiences. After all, decentralization is one of the noteworthy design aspects of a metaverse.
Blockchain technology will empower transparency and unified access to the virtual world. In addition, it will keep up with user governance rights for verifiable provenance. Further, blockchain can connect metaverse economies to larger crypto markets. As a result, people can shop in metaverse using their cryptocurrency. Besides this, many promising applications are under development on the blockchain. Soon enough, it will become as efficient as a digital parallel of our real world.
4. Innovations in Supply Chain
The outspread of coronavirus has created stringent logistics requirements. Previously, every region had travel restrictions, and now vaccination certificates have become mandatory. However, vaccines remain limited but to overcome shortages, UK-based hospitals are experimenting with blockchain technology. As vaccine shipments are equipped with temperature sensors, a rise in the minimum threshold creates an entry in the blockchain. Hence, it removes the affected dose from the supply chain and enables vaccine manufacturing, distribution, and tracking.
Moreover, leading logistics companies like FedEx have integrated blockchain into their chain of custody. They are using it to improve traceability and maintain accurate records on the chain. The wide adoption has led to reduced complaints and customer disputes. Likewise, DeBeers has also integrated blockchain to monitor the progress of their diamond mining.
5. Blockchain & IoT
The Internet of Things (IoT) concept isn’t unfamiliar to anyone. People have been using smart devices to improve lifestyles and automate tasks. Surprisingly, the use of blockchain technology to support IoT is likely to bloom in the future. It will foster the exchange of data and information between different devices while ensuring optimal security. The exchange of information will improve speed, improving the device’s efficiency.
Moreover, the collaboration will enable users to make micropayments using virtual money – cryptocurrencies. The transactions will be recorded on a blockchain whenever a digital device purchases services from another machine. Above all, it will promote the widespread use of 5G technology in 2022, fostering innovation in this field. As a result, users can access speedy connectivity and more enhanced scalability.
6. Sustainable Blockchains
Recently, blockchain faced setbacks due to its massive use of energy. Tesla’s owner Elon Musk refused to accept bitcoin as payment for Tesla cars in 2021 due to its negative environmental impact. Therefore, the trends in 2022 focused largely on developing a greener blockchain. Developers have already introduced less energy-intensive blockchain network models to achieve unanimity. Likewise, one of the biggest blockchain networks, Ethereum, will adopt this consensus in 2022.
Another push towards sustainable blockchain is happening through a tech-centric hedge fund. It focuses on producing renewable energy for blockchain operations. In addition, more pioneering approaches such as carbon counterpoising are also emerging to make blockchain eco-friendly. Once developers achieve this goal, blockchain will become more widely accepted across brands and companies.
Even though blockchain technology has become a mainstream phenomenon, not many people know its functionalities. Some entrepreneurs have restricted their role to crypto trading, whereas others fear the decentralized ledger. Truthfully, there is a lot more to the blockchain. It is bringing revolutionary changes in different industries such as healthcare, supply chain, FinTech, etc. Likewise, the emerging trends enable users to enjoy additional features while speeding up the process flows.