5 important blockchain trends for 2022 and beyond – iTMunch
Where there is technology, there is evolution. Where there is development, there are new trends. The latest buzzword in the financial tech (FinTech) industry is blockchain. Blockchain technology has generated heaps of curiosity over the past few years and with regard to good reasons. At present, blockchain technology continues to wriggle its way to gain widespread acceptance across different parts of the particular world.
Whether governments, regulators, and the people embrace blockchain is a different topic altogether. We won’t touch on that today. Today, we are usually exploring some interesting blockchain trends that will have caught our attention in 2022. While a few of these blockchain trends seemed like a distant dream just the couple of years ago, today, they are defining the course of blockchain technology.
The FinTech industry has recognized the need to be more proactive, bold, and embrace new ideas. As we step into a new era associated with technology, blockchain will remain at the center of new developments in the future.
Let’s dive in to see some unmissable blockchain technologies trends of 2022. Will these blockchain trends be relevant beyond 2022? Read more to find out.
Before we begin, let’s understand blockchain technology.
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What is blockchain technology?
Blockchain largely means a transparent, decentralized, immutable, and distributed ledger. The owner’s signature on this digital ledger authenticates activities plus safeguards the transactions against fraud. Data is stored digitally and electronically on the blockchain.
Blockchain promises to improve security and also ensures that nobody can tamper with the database. It makes it easier to track digital assets throughout the particular network plus keep track of digital transactions. Simply put, the transaction records that will have been distributed among various devices within the peer-to-peer network are usually recorded within the electronic ledger.
Blockchain technology styles in 2022
Blockchain trend 1: Push regarding green and environment-friendly blockchain
While some call it a hoax, there is no running away from the fact that climate change is real. Although blockchain technology offers great promise, it is energy intensive. Therefore it has also garnered quite a lot of negative publicity across the particular world from climate change activists.
Until now, almost all popular blockchain applications consume a significant amount of energy, especially those that will rely on Proof of Work. Things are gradually changing as the focus on building environment-friendly blockchain has taken middle stage. The particular shift toward a greener blockchain is one of the most important blockchain technology trends associated with 2022.
We are witnessing significant changes here. For instance, the particular crypto space is increasingly becoming environmental-friendly each day. The onset of greener solutions such as carbon offsetting coupled along with the introduction of energy-efficient blockchain network models will be laying the foundations intended for environment-friendly blockchain networks in the future.
The Ethereum merge which is slated to take place in September this year is a perfect example of this trend. The push towards environment-friendly algorithms including the Evidence of stake is the good sort of this pattern. One of the most popular blockchain networks, Ethereum is expected to adopt the Proof of Stake consensus in 2022.
As the Proof associated with Stake system has emerged as a sustainable solution, we are closely tracking this particular blockchain tendency in 2022.
Blockchain trend 2: Blockchain to manufacture and monitor vaccines
Who would have thought that we would see blockchain within healthcare ? The global healthcare sector saw significant advancements over the past two years, driven by the particular COVID-19 pandemic. One of the biggest challenges for many pharmaceutical companies was the safe and reliable manufacturing plus distribution of vaccines to fend off the novel coronavirus.
Blockchain technology is touted to verify the authenticity of future vaccine shipments. It will enable several parties to share and manage a decentralized data source. In addition , blockchain could provide all the tools to supply chain management platforms as it is founded on 2 basic principles to build digital trust:
- Blockchain is usually not owned by an independent entity or an individual. In fact , this offers the standardized protocol for each participant in the supply chain in order to facilitate the seamless sharing of relevant data.
- Since it is immutable, information cannot be deleted, and it promotes high accountability by every participant.
Many predict that blockchain offers all of the ingredients to address a host associated with supply string challenges. These include accurate tracking of items, participant accountability, barriers in stock management, plus dealing with counterfeits.
Due to the importance of the particular storage temperature, vaccine distributors would need to ensure that all storage requirements have been met as well as provide clear evidence they were. This evidence would prove that the vaccinations are usually safe and effective, assuring us that will storage heat data is maintained on an immutable database.
As every vaccine is carefully monitored over the blockchain, every link could keep track associated with the entire process. Additionally , health departments could monitor the particular chain plus intervene as needed to ensure seamless operations.
Blockchain craze 3: The particular increasing popularity of non-fungible tokens (NFTs)
Non-fungible tokens have grown within stature and how. Over the past couple of years, the adoption of NFTs has already been nothing short of impressive. Celebrities, athletes, musicians, and leading organizations worldwide possess hopped onto the NFT bandwagon, and for valid reasons. Since 2021, this offers remained one of the particular most exciting blockchain technologies trends, showing no signs of fading out soon.
Besides, introducing NFTs has been instrumental in the adoption of cryptocurrency. In contrast to bitcoin and other crypto property, NFTs are one-of-a-kind electronic tokens that may confirm the authenticity plus represent digital ownership associated with almost any work of art, document, or object.
Let’s admit it. NFTs invoke excitement and have carved a special place for themselves within the electronic art realm. Despite some hiccups, NFT sales are usually increasing each year, displaying that this blockchain trend is here to stay for some time.
The most noteworthy NFT sale took place in March this year after a digital image called ‘First 5000 days’ created by Beeple was sold for around $69 million. Thereafter, leading celebrities including Snoop Dog, Lindsay Lohan, Shawn Mendes, and Paris Hilton to name a few have got dropped their NFTs.
Besides the art space, sports collectibles, tickets, pharmaceuticals, plus even music have all presented considerable opportunities to get NFT growth. With the rapid development of the metaverse and play-to-earn games , all eyes are on the particular gaming industry.
Here, NFTs can be used pertaining to various purposes, such as providing rewards to players, exclusive in-game characters and skins, plus serving because digital proof of ownership for real estate, other types of property, along with other in-game items or even features.
Blockchain trend 4: Blockchain technology in the metaverse
Early adopters and ardent crypto enthusiasts may know all the noise around the metaverse. When Facebook announced it is rebranding to ‘Meta’, global awareness and curiosity about the metaverse witnessed exponential growth. It is no secret that Mark Zuckerberg is definitely building the metaverse that could become a potential game-changer for social media companies.
That said, Meta’s plans of creating a metaverse are met with staunch resistance through the crypto community. Increasing concerns that a big-tech and centralized version of the metaverse opposes the concepts of the permissionless and open blockchain architectures.
The metaverse, which usually is right now firmly positioned at the particular nexus of VR plus Web 3. 0, has emerged since one associated with the major blockchain technologies trends for the coming years. However, it really is still in its early stages of commercialization.
Blockchain pattern 5: Increasing concentrate on a decentralized autonomous organization (DAO)
A Decentralized Autonomous Organization (DAO) can be created to ensure that everyone offers an equal representation in certain projects. Every DAO uses blockchain technology in order to record and enforce rules, manage finances, as well as other functions. Over the years, several DAO-based suggestions have come plus gone, including the Constitution DAO. Although the Constitution DAO ultimately failed in the quest to purchase the copy from the US Metabolic rate, it is certainly still an effective approach for connecting communities almost all over the world.
The idea of DAO has a lot to offer to any kind of organization without ties in order to non-profits or governments. More immutability and transparency will always end up being helpful, plus blockchain technology is the motor fueling this particular narrative.
Blockchain technology is here, what next?
Now that we have explored a few recent blockchain developments, one thing is clear – blockchain technology is not going anywhere. Advocates of blockchain along with the benefits of the particular distributed ledger are two important factors that will drive the blockchain wave forward within the upcoming years.
These blockchain trends are usually just several examples of what this new-age technology holds inside store for us. It will be safe to that blockchain technology is still in its infancy, and it can take some for it to mature (just like any other technology). The question remains, how will governments, traditional financial institutions, and other tech experts accept blockchain?
According to you, which is the most fascinating blockchain development in 2022? Do a person think we will see the ownership of blockchain technology grow across different industries? We would love in order to hear from you.
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Feature Image Source: Photo by GuerrillaBuzz Crypto PR on Unsplash
Image 1 Source: Picture by Markus Spiske upon Unsplash