Wondering what’s there in the pocket of blockchain technology for this year? Here’re the emerging blockchain trends that you’ll see in 2022.
Blockchain is presently one of the most promising technology trends with exciting potential across a wide range of use cases. It is basically a distributed and encrypted variant of a database, which can solve different issues pertaining to online security and trust. While many people associate blockchain with cryptocurrencies like Bitcoin, it has many other uses in supply chain management, safeguards against identity theft, logistics, and implementation of digital smart contracts.
Therefore, many tech enthusiasts wonder about finding the top blockchain trends for the next year to identify how the technology would evolve further. What will be the new use cases of blockchain? Will we notice a massive ripple effect for the blockchain future in 2022 with a new technological advancement? The following discussion tries to find some reliable answers to these questions by reflecting on the top trends in blockchain for 2022.
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Existing Position of Blockchain
The best way to start reflecting on blockchain trends in 2022 would be an overview of the statistics predicted for blockchain.
- According to the Worldwide Semiannual Blockchain Spending Guide released by the International Data Corporation in 2019, the annual global expenditure on blockchain solutions would reach almost $11.7 billion in 2022.
- Enterprises are seeking new use cases of blockchain with applications across diverse sectors, including healthcare, gaming, and identity management.
- With over 70 million blockchain wallets in use right now, it is reasonable to expect many other favorable blockchain predictions for the future.
- Most important of all, the global blockchain market would grow at a CAGR of more than 69% in the forecast period between 2019 and 2025.
As one of the top disruptive technologies in 2021, blockchain technology enters 2022 with a lot of anticipation. How will the blockchain industry fare in 2022? Let us find out!
Read More: Is Blockchain The Future?
Top Blockchain Trends to See in 2022
Blockchain is more than just the foundation on which you build cryptocurrencies such as Bitcoin. As a matter of fact, the scope of blockchain applications is expanding with each passing day. The exclusive benefits of secure and transparent data exchange with blockchain technology present credible reasons for its adoption in different use cases. However, every New Year brings some new changes in the blockchain landscape. Will the year 2022 bring something for blockchain growth or present new challenges? Here are some of the top trends which might make a huge impact in the world of blockchain in 2022.
One of the foremost setbacks for a bright blockchain future refers to the use of massive amounts of energy. As a result, blockchain technology also brings the pitfalls of continuously increasing levels of carbon emissions. Tesla CEO, Elon Musk, announced that the company would not accept Bitcoin as payment for Tesla cars in 2021. Therefore, blockchain trends in 2022 would focus largely on introducing a greener blockchain. Many new innovative approaches such as carbon offsetting are evolving as answers to such problems. However, carbon offsetting is more of a remedial measure for an incident that should not have happened in the first place.
Another favorable method for introducing an eco-friendly blockchain among blockchain trends this year would focus on less energy-intensive blockchain network models. For example, blockchain networks might undergo a shift from the Proof-of-Work models towards Proof-of-Stake models for achieving consensus. One of the biggest blockchain networks, Ethereum, is most likely to adopt a Proof-of-Stake consensus model in 2022.
You can also find another example of the push towards eco-friendly blockchain networks like the tech-centric hedge fund Ark Invest. The greener operating models of blockchains like Ark Invest could drive blockchain growth in the future. How? The models imply that increasing demands for energy can lead to improved investments in generating renewable energy for blockchain operations.
Central Banks Digital Currencies
A few years ago, the adoption of blockchain solutions and cryptocurrencies seemed a bit unrealistic. In addition, it was practically impossible to think of any country accepting cryptocurrencies as a valid form of payment. However, the answer to “what is the future of blockchain?” can present many promising solutions. El Salvador was the first country which adopted Bitcoin as legal tender in 2021. Businesses could use Bitcoin for paying salaries of their employees, and Bitcoin can be used across the country as payment for goods and services. Industry observers have stated that many other countries will also follow in the footsteps of El Salvador in 2022.
According to leading industry experts, blockchain predictions for 2022 imply the possibilities of developing countries adopting Bitcoin as legal tender. The increasing remittance fees for overseas money transfers and global inflation would be the foremost driving factors for adoption of cryptocurrencies as legal tenders. Another promising area for blockchain growth in 2022 would be evident in the concept of national cryptocurrencies. The concept of national cryptocurrencies is basically related to CBDC (Central Bank Digital Currencies) which suggests that central banks would create their own coins rather than choosing decentralized coins.
Projects for developing national currencies generally focus on digital currencies, which can work alongside the existing traditional currencies. Therefore, the trends in blockchain could enable users to carry out financial transactions and manage the custody of their assets. Interestingly, users don’t have to rely on third-party providers, and central banks could also exercise control over the circulating supply.
As a result, the central banks can maintain the value of the national currency token in parallel with the nation’s traditional currency. For example, one of the notable examples of such blockchain trends in 2022 is Bitcoin, which has the endorsement of the UK government. Even if it is not ready for launch in 2022, many other countries have shown active efforts in introducing blockchain-based national currencies.
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Manufacturing and Tracking Vaccines with Blockchain
The year 2021 was all about fighting a global pandemic and recovering from its impact. 2022 is not going to be any different as management of the COVID pandemic would still be a top priority. As a matter of fact, many of the top tech trends for 2022 would focus on tackling the global pandemic. Interestingly, blockchain trends in the year 2022 would emphasize their potential use cases across vaccine manufacturing, distribution, and tracking.
The concerns of manufacturing and selling fake vaccines present a complicated and massive problem for managing a global pandemic. In such cases, blockchain could serve as an ideal instrument for verifying the authenticity of vaccine shipments. Furthermore, blockchain could also help in tracing the distribution of vaccines to ensure that the vaccines reach the desired locations. Another promising highlight of blockchain future in 2022 for manufacturing and distributing COVID vaccines would be the verification of vaccine integrity at different points in the supply chain. For example, blockchain technology can help in ensuring the consistent storage of vaccine batches at the right temperature.
IBM is one of the frontrunners in capitalizing on blockchain trends for COVID management in 2022. The tech giant has successfully developed a system that enables coordination among different agencies and healthcare authorities responsible for vaccine distribution. The system leverages blockchain for combining the documentation of vaccination rates and efficiencies from different platforms and tools used by healthcare authorities and agencies.
Most important of all, a pilot project successfully demonstrated the potential of blockchain for faster identification of product recall scenarios. Such applications can be helpful in identifying a vaccine batch that apparently causes unreasonably high incidences of side effects. Many other innovative advancements evolving as a response to the pandemic would drive blockchain growth in the field of manufacturing, distributing, and tracking vaccinations in 2022.
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NFTs Become the Next Big Thing
Non-fungible tokens or NFTs were one of the biggest arrivals in the blockchain landscape in 2021. One NFT sold for $69 million in February 2021, and the world can’t stop discussing NFTs since then. As a matter of fact, non-fungible tokens are one of the critical highlights in answers to “what is the future of blockchain?” for obvious reasons. NFT art sold at massive prices in auctions introduced the world to the concept of unique digital tokens on blockchains.
Interestingly, the concept of NFTs has discovered some promising use cases in the world of music now. Many renowned artists such as Grimes, Kings of Leon, and Shawn Mendes have released their tracks as NFTs. However, the potential of NFTs, just like blockchain, exceeds far beyond their initial use cases, which grab attention. For example, distillers William Grant and Son sold bottles of 46-year-old Glenfiddich whiskey with NFTs for authenticating the provenance of each bottle.
Another potential use case of NFTs which finds a place among blockchain predictions for 2022 refers to NFTs in gaming. The applications of NFTs in gaming have been explicitly evident in popular play-to-earn games such as Axie Infinity. The NFT games allow players to ‘minting’ their own NFT creatures, known as Axies, and send them into competitions. With around 300,000 active players on Axie Infinity, it truly shows how NFTs can be more than just digital art. You might also want to know that unemployed people during the pandemic in Philippines used Axie Infinity for trading NFTs and earning income for daily expenses.
The applications of NFT in fashion would also be one of the critical highlights in blockchain future applications and use cases. Notable brands such as Nike and Dolce & Gabbana have created footwear and clothing with NFTs. Furthermore, one can also expect formidable growth in new and innovative NFT use cases in the metaverse.
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The Rise of the Metaverse
If 2021 witnessed the rise of discussions about the metaverse, the blockchain trends in 2022 would boost the metaverse itself. For many years, we have been witnessing the possibilities associated with virtual worlds only in science fiction novels. However, the concept of the metaverse has turned into a real phenomenon, with many popular platforms enjoying massive user bases. The metaverse is basically a shared, virtual world that offers immersive experiences. Participants can interact with the metaverse by using their digital avatars. The avatars could help in interacting with each other, creating in-world experiences, objects, and landscapes.
Notable names in the world of techs such as Facebook, Microsoft, Epic Games, and many more are actively showing interest in the metaverse. How is the metaverse relevant to blockchain trends in this year? One of the significant aspects in the design of the metaverse is decentralization, which would enable transparency and seamless access to the metaverse. What could be a better alternative than blockchain for creating such decentralized networks? Apart from decentralization, metaverse also relies on blockchain capabilities for ensuring user governance privileges alongside verifiable provenance. Most important of all, the use of blockchain infrastructure also connects the metaverse economies to the larger crypto economy.
Experts assume that the metaverse is still far from becoming completely functional as a digital parallel of our real world. However, there are many promising applications in the metaverse which are already enjoying favorable levels of adoption. In 2022, blockchain predictions would focus largely on the potential technological support for the metaverse by big tech companies. The adoption of metaverse games such as The Sandbox and newly developing blockchain projects in the metaverse would highlight 2022. In addition, one can also look out for possibilities of metaverse games offering exclusive benefits as social and investment opportunities.
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Blockchain is undoubtedly one of the most advanced digital technologies in the present times. It offers improved security, transparency, immutability of data, and accessibility in comparison to conventional networks. While blockchain has been instrumental in driving many changes across different sectors, it is still evolving.
Therefore, close observation of blockchain trends is essential for navigating the intricacies of the blockchain landscape. The traits of blockchain clearly prove its capabilities for serving as a futuristic technological intervention. At the same time, the trends for blockchain in 2022 showcase how it is changing with each passing year.
The notable trends which might make an impact in 2022 for blockchain include the move towards eco-friendly blockchain networks. In addition, the expanding use cases of NFTs will be the prominent highlights of 2022. Furthermore, the adoption of crypto as legal tender will also mark a prominent highlight for the blockchain landscape in 2022.
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