5 Key Blockchain Trends for 2022 and Beyond – iTMunch | Jewelry Dukan

Where there is technology, there is evolution. Where there is evolution, there are new trends. The latest buzzword in the financial tech (FinTech) industry is blockchain. Blockchain technology has garnered a lot of curiosity over the past few years, and with good reason. At present, blockchain technology continues to squirm to find wide acceptance in different parts of the world.

Whether governments, regulators, and people embrace blockchain is another matter entirely. We won’t go into that today. Today we examine some interesting blockchain trends that caught our attention in 2022. While some of these blockchain trends seemed like a distant dream just a few years ago, they are now charting the course of blockchain technology.

The FinTech industry has recognized the need to be more proactive, bolder and embrace new ideas. As we enter a new technological age, blockchain will continue to be at the center of new developments in the future.

Let’s dive in to see some must-see blockchain technology trends of 2022. Will these blockchain trends be relevant beyond 2022? Read More

Before we begin, let’s understand blockchain technology.

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What is blockchain technology?

Blockchain essentially means a transparent, decentralized, immutable, and distributed ledger. The owner’s signature on this digital ledger authenticates activities and protects transactions from fraud. Data is stored digitally and electronically on the blockchain.

Blockchain promises more security and also ensures that nobody can manipulate the database. It makes it easier to track digital assets across the network and track digital transactions. Simply put, the transaction records that have been distributed to different devices in the peer-to-peer network are recorded in the digital ledger.

Blockchain technology trends in 2022

Blockchain trend 1: Push for a green and eco-friendly blockchain

Protest against climate change

Some call it a hoax, but there is no escaping the fact that climate change is real. Although blockchain technology shows promise, it is energy intensive. As such, it has also received a lot of negative publicity around the world from climate change activists.

So far, almost all popular blockchain applications consume a significant amount of energy, especially those that rely on Proof of Work. Things are gradually changing as the focus on building an eco-friendly blockchain takes center stage. The shift to a greener blockchain is one of the major blockchain technology trends of 2022.

We are witnessing significant changes here. For example, the crypto space is becoming greener by the day. The advent of greener solutions like carbon offsetting coupled with the adoption of energy-efficient blockchain network models lays the foundation for green blockchain networks of the future.

Ethereum merger scheduled for September this year is a perfect example of this trend. The trend towards green algorithms, including Proof of Stake, is a good example of this trend. Ethereum, one of the most popular blockchain networks, is expected to adopt the Proof of Stake consensus in 2022.

As the Proof of Stake system has emerged as a sustainable solution, we are closely following this blockchain trend in 2022.

Blockchain trend 2: Blockchain to manufacture and track vaccines

Who would have thought that we would see each other Blockchain in healthcare? The global healthcare sector has witnessed significant developments over the past two years, driven by the COVID-19 pandemic. One of the biggest challenges for many pharmaceutical companies has been the safe and reliable manufacture and distribution of vaccines to ward off the novel coronavirus.

Blockchain technology is touted to verify the authenticity of future vaccine shipments. It will allow multiple parties to share and manage a decentralized database. Furthermore, the blockchain could provide all the tools for supply chain management platforms as it is based on two basic principles to build digital trust:

  • Blockchain is not owned by any independent entity or individual. In fact, it provides a standardized protocol for each participant in the supply chain to facilitate the seamless exchange of relevant data.
  • Because it is immutable, information cannot be erased, and it encourages a high level of accountability from each participant.

Many are predicting that blockchain has all the ingredients to address a variety of supply chain challenges. These include accurate tracking of items, participant accountability, barriers to inventory management, and dealing with counterfeits.

Because of the importance of storage temperature, vaccine distributors would need to ensure that all storage requirements were met and clearly demonstrate this. This evidence would prove that the vaccines are safe and effective and would assure us that storage temperature data is stored in an immutable database.

Since each vaccine is closely monitored via the blockchain, each link could track the entire process. In addition, health authorities could monitor the chain and intervene if necessary to ensure that everything runs smoothly.

Blockchain Trend 3: The Rising Popularity of Non-Fungible Tokens (NFTs)

NFT

Non-fungible tokens have grown in stature and how. In recent years, the adoption of NFTs has been nothing short of impressive. Celebrities, athletes, musicians and leading organizations around the world have jumped on the NFT bandwagon, and with good reason. As of 2021, this has remained one of the most exciting trends in blockchain technology and shows no signs of fading anytime soon.

Also, the adoption of NFTs was instrumental in the adoption of cryptocurrency. Unlike Bitcoin and other crypto assets, NFTs are unique digital tokens that can certify authenticity and represent digital ownership of almost any work of art, document or object.

Let’s admit it. NFTs generate excitement and have earned a special place in the field of digital art. Despite some issues, NFT sales are increasing every year, showing that this blockchain trend is here to stay.

The most notable NFT sale came in March of this year, after a digital image created by Beeple titled “First 5000 Days” sold for around $69 million. After that, leading celebrities like Snoop Dog, Lindsay Lohan, Shawn Mendes, and Paris Hilton, to name a few, dropped their NFTs.

In addition to the art space, sports collectibles, tickets, pharmaceuticals and even music offer significant growth opportunities for NFT. With the rapid development of metaverse and Play to Earn Gamesall eyes are on the gambling industry.

Here, NFTs can be used for various purposes, e.g. B. to provide player rewards, exclusive in-game characters and skins, and as digital proof of ownership of properties, other types of property, and other in-game items or features.

Blockchain Trend 4: Blockchain Technology in the Metaverse

Early adopters and avid crypto enthusiasts may know all the fuss surrounding the Metaverse. When Facebook announced it was changing its name to “Meta,” global awareness and curiosity about the Metaverse experienced exponential growth. It’s no secret that Mark Zuckerberg is building a metaverse that could be a potential game changer for social media companies.

However, Meta’s plans to create a metaverse are met with staunch opposition from the crypto community. Increasing concerns that a big-tech and centralized version of the metaverse contradicts the principles of permissionless and open blockchain architecture.

The metaverse, now firmly positioned at the intersection of VR and Web 3.0, has emerged as one of the most important blockchain technology trends of the coming years. However, it is still in the early stages of commercialization.

Blockchain Trend 5: Increasing Focus on a Decentralized Autonomous Organization (DAO)

A Decentralized Autonomous Organization (DAO) will be created to ensure that everyone has equal representation in specific projects. Each DAO uses blockchain technology to record and enforce rules, manage finances, and perform other functions. Several DAO-based ideas have come and gone over the years, including the Constitution DAO. Although the Constitution DAO ultimately failed in its attempt to purchase a copy of the US Constitution, it is still an effective approach to connecting communities around the world.

The idea of ​​DAO has a lot to offer to any organization with no ties to nonprofits or governments. More immutability and transparency will always help, and blockchain technology is the engine driving this narrative.

Blockchain Technology Is Here, What Next?

Now that we’ve examined some current blockchain trends, one thing is clear – blockchain technology isn’t going anywhere. Blockchain proponents along with the benefits of the distributed ledger are two major factors that will drive the blockchain wave in the years to come.

These blockchain trends are just a few examples of what this new age technology has in store for us. It is certain that blockchain technology is still in its infancy and might take some time to mature (just like any other technology). The question remains how governments, traditional financial institutions, and other technology professionals will embrace blockchain.

What do you think is the most exciting blockchain trend in 2022? Do you think the adoption of blockchain technology will increase in different industries? We’d love to hear from you.

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Feature Image Source: Photo by GuerillaBuzz Crypto PR on Unsplash

Image 1 Source: Photo by Markus Spiske on Unsplash

Image 2 Source: Image of Tumisu from Pixabay

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