Top Blockchain Trends in 2022
Blockchain is the “talk of the town” now so to speak! It has enormous potential apart from being the technology that supports Bitcoin and cryptocurrencies in general, such as digital smart contracts, logistics and supply chain provenance and security, and protection against identity theft.
Blockchain trends in 2022 – take a look:
Green initiatives
Blockchains could use up a lot of energy, which can lead to high levels of carbon emissions. It is one of the reasons why Tesla CEO Elon Musk temporarily decided to stop accepting payments in Bitcoin in 2021. The trend is likely to change in 2022, with a focus on making the blockchain process “greener”. It can be done via carbon offsetting, or by migrating to less energy-intensive models (relying on proof of stake algorithms instead of proof of work to generate consensus). Cathy Wood, CEO of tech-focused hedge fund Ark Invest, hopes that accelerating demand for energy means more investments in renewable energy, which can be eventually used for operating blockchains.
Vaccine manufacture and tracking
Vaccination is integral to combating the Covid-19 pandemic, but unfortunately there are counterfeiters who are creating and selling fake vaccines. With the help of blockchain, the authenticity of vaccine shipments can be proven, and their distribution can be tracked to ensure there are no last mile issues. Integrity can be maintained at every point of the supply chain – it is necessary to ensure batches of vaccines are consistently stored at the correct temperature.
Expansion of NFTs
Non-Fungible Tokens (NFTs) were trending in the blockchain space in 2021. Beeple’s The First 5000 Days came up with the concept of unique digital tokens residing on blockchains. Even artists like Kings of Leon, Shawn Mendes, and Grimes released tracks in NFT format. NFTs are all set to expand in the world of gaming – Axie Infinity lets players mint their own NFT creatures to send into battle. Dolce & Gabbana and Nike have also created merchandize that comes with their own NFTs. Facebook, Microsoft, and Nvidia that are entering the metaverse space will definitely explore innovative ways to utilize NFTs.
Blockchain and IoT
Integrating blockchain and IoT can be of immense help for resolving security and scalability issues, as blockchain ledgers and databases are automated, encrypted, and immutable. It could even be used for machine-to-machine transactions – enabling micropayments to be made via cryptocurrencies when one machine or network needs to procure services from another. The rollout of 5G networks will certainly bring about more innovation in this field.
Acceptability for Bitcoin and national cryptocurrencies
El Salvador was one of the first nations in 2021 to adopt Bitcoin as legal tender, and in 2022, more countries are expected to embrace this trend. Alexander Hoptner, CEO of cryptocurrency exchange BitMEX, has stated that at least 5 developing countries will accept Bitcoin next year. National cryptocurrencies will operate alongside conventional currencies, where users conduct their own transactions and manage custody, without depending on third-party service providers. It is more convenient, and allows the central banks to keep control of the circulating supply as well.
2022 is a year for massive changes in the blockchain space, with spending on blockchain solutions by businesses likely to be $11.7 billion!
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