Wondering which Blockchain trends 2022 has for this industry? At this point, it’s clear that blockchain is one of the popular tech trends with multiple benefits. Blockchain is a secure decentralized ledger that has the potential to solve numerous issues around virtual trust and safety. Many people understand blockchain as the technology that supports different digital currencies, such as BTC and Eth. However, this technology has multiple uses, and each year has something new in the blockchain world. Professionals in this field anticipate various Blockchain trends 2022, which will continue disrupting different industries. Here, we explore blockchain trends 2022 will offer.
Blockchain trends 2022: what is the current situation?
An excellent way of thinking about 2022 blockchain trends is by evaluating the stats forecasted for the industry.
- As per International Data Corporation (IDC), global spending on decentralized solutions is predicted to be around $19 billion by 2024.
- The blockchain market is predicted to increase from USD 4.9 billion in 2021 to 67.4 billion by 2026. This is at a CAGR of 68.4% during the period under review.
- Currently, there are more than 70 million blockchain wallets, and predictions paint a promising industry.
Blockchain trends in 2021 were disruptive, and 2022 comes with much anticipation. So, without much ado, let’s focus on how the industry will fare in 2022.
Green Blockchain Projects
A significant concern in the blockchain world is the energy the technology generates. The massive amounts of power produced lead to high levels of carbon emissions. In 2021, for example, Tesla’s CEO, Elon Musk, announced that his firm would not approve BTC payments.
Thus, Blockchain trends 2022 will focus on the introduction of greener solutions. Already many proposals are on the table, including those aiming at carbon offsetting. But carbon offsetting has its weaknesses as it focuses on treating a problem rather than preventing it. So, blockchain development trends on this front will focus on innovative technologies.
The current model for achieving consensus is Proof-of-Work (PoW). Unfortunately, the model is associated with high energy production. Thus, a viable proposal is for blockchain projects to shift from PoW toward Proof-of-Stake (PoS) framework. A network that’s likely to embrace the PoS model in 2022 is Ethereum. So Blockchain trends 2022 will see many projects adopting this model.
Another eco-friendly option is the one proposed by Cathy Wood, CEO of technology hedge fund Ark Invest. This puts forward the idea that the increased need for power will spur massive investments into producing renewable energy. The power produced will be used not only for blockchain but also for other uses. This will be one of the top blockchain trends that many stakeholders in the blockchain industry will follow with much interest.
Central Banks Digital Currencies (CBDCs)
One cannot exhaustively discuss the future trends of blockchain technology in 2022 without shedding light on Central Banks’ Digital Currencies. Previously, it was impossible to imagine that nations would approve cryptocurrencies as a valid mode of payment. However, things are changing as many countries explore how to incorporate digital currencies into their payment system. So, one of the Blockchain trends 2022 will be how countries integrate CBDCs into their payment.
Already El Salvador has approved BTC as a legal tender, and many other countries will follow suit in 2022. Multiple reasons are driving governments to consider adopting Bitcoin as a legal tender. The high remittance fee for international money transfers and worldwide inflation is fueling digital currency’s adoption as legal tender.
The concept of national cryptocurrencies will also gain momentum in 2022. The idea is connected to CBDCs, implying that central banks would develop their coins instead of going for the decentralized ones. So, Blockchain trends 2022 are likely to bring a new perspective to the industry is CBDC.
Vaccine manufacturing and Tracking
Covid-19 has posed a significant challenge to many countries in the world. So, finding the best techniques for tackling the pandemic will be a priority for many nations in 2022. One of the blockchain trends in 2022 is how countries apply use cases in vaccine tracking and distribution.
Whenever companies introduce a new product in the market, it’s followed by counterfeits. As companies develop Covid-19 vaccines, it’s essential to prove the drugs’ authenticity. And this is how blockchain comes in handy. The use of blockchain technology implies that the vaccines’ shipment can be verified, and their supply can be tracked. So, blockchain development trends in 2022 is to check how companies can use the technology to track Covid-19 vaccines.
As the vaccines move through various supply chain points, there is a need to ensure their integrity. For instance, there is a need to ensure that batches of drugs are constantly kept at an appropriate temperature. IBM has developed a blockchain system that properly coordinates the various agencies involved in the supply chain.
It’s also worth noting that a pilot project has demonstrated that blockchain technology can be used for prompt identification of vaccine recall scenarios.
So, most Blockchain trends 2022 on vaccines manufacturing and tracking will feature drug handling from the manufacturer to the end-user.
Non-fungible becomes the new rage.
In 2021, NFTs became immensely popular. As the world ushered in 2022, the digital collectibles continued to attract many firms and individuals. So, one of the top blockchain trends to watch in 2022 is the further development of NFTs.
Artists will discover many use cases of NFTs, such as NFT gaming and fashion. On the gaming front, the application of non-fungible tokens is evident in famous play-to-earn games. Gamers in the NFT space mint their characters and send them to competitions. So the future trends of blockchain technology look bright in connection to gaming.
Expansion of the Metaverse
Blockchain trends 2022 are incomplete without a discussion on Metaverse. In 2021, there were more conversations about Metaverse. The concept of Metaverse has been mainly in sci-fi, but things are changing as the idea is becoming a reality. This shared and immersive world is attracting the attention of many users. Notable tech giants like Facebook and Epic Games have embraced the concept. So, Metaverse is among the top blockchain trends to watch in 2022.
Final Thoughts on blockchain trends
Due to its multiple perks, blockchain technology has become a trendy topic. It provides enhanced safety, openness, and data irreversibility. There are multiple Blockchain trends 2022 will offer. Exploring these trends helps one navigate the blockchain world and discover how they can use it to grow their business.
Some of the 2022 blockchain trends to watch include the expansion of use cases of NFTs and the introduction of the Central Banks Digital Currencies. Furthermore, there will be more ideas on creating a greener blockchain and how to use the concept in vaccine manufacturing and tracking.