Blockchain, which has transformed into revolutionary technology, is no doubt one of the most leading Tech Trends recently. As blockchain can offer transparent transactions as well as solve many problems with trust and security, it has the potential to disrupt almost all industries, ranging from Retail, Logistics, Manufacturing, Real Estate to Healthcare or Education. According to research, worldwide spending on blockchain technology is expected to reach $11.7 billion in 2022. So, to not get left behind, here are 3 Blockchain Trends that can drive your businesses to boom success in the next year. Let’s learn more!
1. Applying Blockchain In Vaccine Distribution
The COVID-19 pandemic is still on the rise in many countries and poses a threat to the social order as well as economic development. Therefore, tackling it will continue to be a priority in 2022 and a key use case for many of this year’s Tech Trends. And Blockchain Technology is not an exception. It is predicted to be utilized in vaccine tracking and distribution. In the world where counterfeiters are likely to create and sell fake vaccines, applying blockchain would ensure that the authenticity of vaccine shipments can be proven and their deliveries can be tracked. This means that the related parties would keep updated about where the vaccines are now when they reach the patients, etc. Moreover, as any entry into the ledger can only be made if they are validated by the system, it is hard to modify the vaccine information or transportation records, meaning that authenticity and accuracy are always guaranteed.
Besides, it is necessary to ensure the integrity at every stage of the supply chain, for example, to ensure the batches of vaccines are stored at the appropriate temperature. Therefore, IBM built a blockchain-based system connecting the vaccine manufacturers and healthcare institutions, which allows them to unify recording of vaccination rates and efficacy across the various tools and platforms they all have in use. This cutting-edge technology is also able to accelerate the ability to recognize where a product recall might be needed, just in a few seconds. To sum up, it is no exaggeration to say that Blockchain Technology would have a huge potential in the manufacture, distribution, and management of vaccinations in 2022.
2. The Expansion Of NFTs
NFTs (Non-fungible tokens) have gained significant traction in 2021 and NFT Development Services have become hotter than ever before. Its explosive growth is likely a prediction for a more booming time in 2022. With the implementation of NFT Marketplace, users can have a chance to express their ownership to monetize assets, which exist in many forms such as digital music & artworks, games, real estate, collectibles, and especially metaverse. For example, many artists, such as Kings of Leon, Shawn Mendes, and Grimes all release their tracks in NFT format. Such digital archives are considered hard to be taken, copied, or replicated uncontrollably. This method is becoming more popular as for many people, it seems to be time-saving when compared to the traditional methods which make them wait for a long time.
Along with representing the ownership of unique items, NFTs in the gaming industry are also one of the leading Blockchain Trends in 2022. GameFi, a type of game allowing for “play-to-earn”, is starting to take off in a big way. For example, Axie Infinity, a game built on Ethereum where users collect, breed, trade fantasy creatures called Axies and earn tokens, has roughly 300,000 players. Our SotaTek team has also built a DeFi game platform, called Buni Corn, which elevates DeFi and blockchain gaming experience to the next level. It can be said that there is still a huge potential in this sector and in 2022, it is expected that many Gaming Companies, as well as Blockchain Providers, will enter the market. Besides, other more real-world brands will start selling their products such as clothes or food as NFTs in the games.
Related: Integrating Blockchain Technology Into Gaming Industry With NFT Game Development
3. The Adoption Of Bitcoin And National Cryptocurrencies
In some recent years, cryptocurrency has gained more popularity, becoming a new investment for many people. Although many governments have kept skepticism regarding the application of cryptocurrencies, they are starting to recognize the benefits of blockchain-derived currencies. In 2021, El Salvador became the first nation to use Bitcoin as legal tender, meaning it can be accepted across the country to make a purchase, and businesses can utilize this crypto to pay for their employee wages. And the year 2022 is predicted to experience an increasing number of nations following it.
National cryptocurrencies are among Blockchain Trends that tend to be on the rise in 2022. Accompanying the traditional currencies, such digital ones would let citizens conduct their own transactions and manage their custody without having to depend on third-party providers while allowing the central banks to keep control of the circulating supply – keeping the value of the token pegged to the value of the country’s traditional currency. Some nations, such as Ecuador, Tunisia, Senegal, Singapore and China, have already deployed such latest developments in blockchain and others are likely to join soon, too.
4. Final Thoughts About The Blockchain Trends
To sum up, Blockchain is increasingly asserting its positions as the most up-to-date technology nowadays. With its existing popularity and application in various fields, 2022 is seemingly a promising period for this technology to continue developing, transforming, and changing for the better.
With the hope to adopt the latest Blockchain Trends to the business operation, many businesses, brands, and organizations may ask themselves some questions like “What companies are developing Blockchain?” or “How to get started in blockchain development?”. As the Top Blockchain Development Companies in Vietnam, our 550+ dedicated experts can help. We are confident to provide blockchain development services that allow clients to leverage cloud-based solutions to build, host, and use their own blockchain apps, smart contracts, and functions. So, get in touch with us now and make your project come true.