Blockchain is one of the most exciting technology trends at the moment. Because blockchain is a distributed database model, encrypted and able to provide transparent transactions. It also solves many online trust and security issues. However, its potential applications are much broader, including digital “smart” contracts, logistics and supply chain security and origin and privacy, as well as protection against fraud identity theft.
Blockchain proponents say it can be used to improve security and integrity in any system. Tech companies are starting to realize these benefits and invest in them. Blockchain development in 2022 will accelerate with enterprise blockchain solutions spending forecast to reach 11.7 percent billion dollars.
>>> Read more: Blockchain Integrate With IoT Devices For Enhanced Security
Below, we’ll take a look at the five biggest blockchain trends of 2021 and what they mean next year.
I. Blockchain, Web 3.0 will usher in a new internet era
The market is becoming more and more developed as Web 3.0 evolves in tandem with NFT (GameFi & Defi). We can see a 328% growth of the NFT market in the first quarter of the past year. However, NFT collectibles in 2022 will likely decline, but the technology itself will advance. According to Mate and Orakuru, the main trend will be to fund and support Web 3.0 research and development. Since web 3.0 is highly aggregated, this means that not just a single application but entire clusters of applications work. on common protocols that will drive future use.
NEAR Protocol co-founder Illia Polosukhin is seeing potential in Web3. He said, “NEAR’s goal is to reach 1B users on web3 in the next 5 years.
According to Ivan Fartunov, Ecosystem for Aragon sees the explosive growth in the interoperability of the DAO engine: “Towards the composability of the DAO engine and ensures that teams want to make create something that can seamlessly use multiple products and services regardless of the framework they are using.”
II. Blockchain, NFT opportunity to expand online art platform
Non-Fungible Tokens (NFTs) are one of the key trends in the blockchain landscape in 2021. NFTs also have a strong place in the music world, with artists including Kings of Leon, Shawn Mendes, and Grimes all releasing music tracks.
For instance, Vogue also rolled out two NFT digital covers in its September issue, marking the fashion magazine’s supermarket entry.
The astronomical price achieved by works of art like Beeple’s The First 5000 Days made a lot of headlines, placing the concept of single digital tokens on a solid blockchain in the public consciousness.
Dolce & Gabbana and Nike have both used NFT in the creation of clothing and accompanying footwear. The metaverse concept – championed by Facebook, Microsoft, and Nvidia this year – offers plenty of opportunities for innovative NFT use cases.
After that, CEO of Zerion believes that the NFT trend is a growing trend of its own accord and here to stay. In an interview, he detailed the future plans for the project, “Next year we will release the best social wallet to elevate the UX of DeFi & NFTs on mobile devices. a new level.”
III. Blockchain impact on digital currency
National cryptocurrency – where central banks create their own coins. They can control, rather than use, existing decentralized coins – which is another area where we will see growth in 2022. Central banks around the world are reporting a possible shift to crypto-like national currencies. China, the UK, Singapore, Tunisia, and Ecuador have said they will roll out a digital version of their own currency in the coming years.
2021 sees El Salvador become one of the first countries to adopt Bitcoin as a legal tender. From there, we see that Bitcoin is accepted nationwide to pay for goods and services.
Alexander Hoptner, CEO of crypto exchange BitMEX, predicts that at least 5 developing countries will start accepting Bitcoin next year, due to global inflation and increasing remittance fees from financial “intermediary” organizations used by overseas workers to send money back home.
IV. Finally, blockchain in vaccine production and tracking
As the pandemic continues, vaccines remain a priority – both nationally and internationally – as we head into 2022. We have seen counterfeiters create and attempt to distribute vaccines & certificates vaccines. Blockchain ensures the authenticity of vaccine shipments and their proof and distribution.
In fact, IBM has created a system to enable coordination between various health authorities and agencies involved in vaccine distribution, using blockchain to unify the recording of vaccination rates and effectiveness across sites. different tools and platforms they all use.
Above all, the breakthroughs caused by this unprecedented response to the pandemic will likely continue to create more use cases for blockchain technology in vaccination production, distribution, and administration by 2022.