Five Biggest Blockchain Trends in 2022-23
The Five Biggest Blockchain Trends in 2022 blockchain is one of the most exciting tech trends at the moment. It is a distributed encrypted database model that has the potential to solve many problems around online trust and security.
Many people know it as the technology that underpins bitcoin and cryptocurrencies in general.
However, its potential uses are far broader, encompassing digital smart contracts, logistics and supply chain provenance, ownership verification, and countless others.
By 2022, spending on blockchain solutions by businesses is forecast to hit almost $12 billion.
So here are the biggest blockchain trends for 2022. Blockchains use a lot of energy and therefore create high levels of carbon emissions.
1- Green Blockchain Initiatives
In 2022 we are likely to see a great deal of emphasis on attempts to Greenify blockchains, and we can do this by using more renewable energy.
We’re seeing this with blockchain mining companies in Iceland, For example, that use renewable energy.
Then we have the option of carbon offsetting, which I don’t like because it feels like you’re just patching a wound that shouldn’t have been caused in the first place.
A key part of this will be to move to a less energy-intensive model of blockchain technology, which is proof of stake algorithms rather than proof of work which uses a lot more energy.
2- NFT
Another big trend will be NFTs that we will see expand beyond just the online art world. So nonfungible, tokens or NFTs for sure.
Where is the big news in blockchain in 2021? We’ve seen astronomical prices being paid for artwork such as Beatle’s The First 5000 Days, which created plenty of headlines in 2021.
We have seen this taking off in the music world too, with Kings of Leon, Sean Mendez, and Grinds all releasing tracks in NFT format.
That will go beyond just the art world, and we’ve recently done a video with Distillers, William Grant, and Son that you can see on this channel, which sold bottles of 46-year-old Glenfiddich along NFPs, which are used to prove each bottle’s provenance.
NFTs in gaming are starting to be a big thing. So the monster breeding game Axi Infinity allows players to mint their own NFC creatures to send into battle.
Fashion companies like Dolce and Gabbana, and Nike have both created clothing and footwear that comes with their own NFPs.
3- National Crypto Currency Acceptance
My third trend is that more countries will adopt Bitcoin and national cryptocurrencies.
2021 saw El Salvador become among the first nations to adopt bitcoin as legal tender and driven by global inflation and growing remittance fees from financial middlemen organizations.
We will likely see other countries do the same. National Cryptocurrencies, where central banks create their coins so that they can be in control rather than adopting existing decentralized coins are another area where we see a lot of growth in 2022.
The UK government is working on one called Bitcoin and China. Singapore, Tunisia, and Ecuador have already launched with more including Japan, Russia, Sweden, and Estonia likely to join soon.
4- BLockchain IoT Integration
Another big trend is blockchain and IoT integration. Blockchain is hugely compatible with the idea of the Internet of Things or IoT because it is great for creating records of interactions and transactions between machines.
It can potentially help solve many of the problems around security with scalability due to the automated encrypted and immutable nature of blockchain ledgers and databases.
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
We will also see the rollout of 5G networks, which will give us more smart connected devices. And blockchain will play a required part in all of this.
5- Vaccine Manufacturing
We have blockchain in vaccine manufacturing and tracking.
Tackling the COVID-19 global pandemic will continue to be a priority throughout 2022, and blockchain technology has several important potential use cases in vaccine tracking and distribution.
We already know that criminals are creating and selling fake vaccines, and blockchain means that the authenticity of vaccine shipments can be proven and distribution can be traced.
If you want to learn more about any of these topics, then check out my website and Business Trends and Practice.
