Blockchain is not going away. In fact, more and more businesses are investing in it. This encrypted, distributed database model proved its potential when it comes to security and online trust. Continue reading →
Blockchain is not going away. In fact, more and more businesses are investing in it. This encrypted, distributed database model proved its potential when it comes to security and online trust. As result, 2022 will see a continuation of businesses heavily investing in developing new things. This brings us to the following trends highlighted by Crypto specialists in regards to what next year holds for us.
The big problem blockchains face right now is that they generate carbon emissions at very high levels and tend to use too much energy for some people. This is why Tesla stopped accepting BTC payments at the beginning of 2021. In 2022, it is certain greenifying the blockchain will be a priority.
Several options are being investigated right now. The most popular one will be used by Ethereum, which wants to move to proof-of-stake (POS) instead of proof-of-work as soon as possible. The other interesting option we already know about is using renewable energy.
NFTs (non-fungible tokens) were very popular in 2021. It was primarily used in art but it also saw a degree of popularity in music. Artists like Shawn Mendes released some tracks by using the NFT format.
2022 is when we will surely see NFTs making their way into several other industries. Gaming is the first one that comes to mind but it should be noted that even fashion brands like Nike and Dolce & Gabbana created items with NFTs associated.
2021 was a big year for Bitcoin as we saw the first country to officially list it as legal tender in El Salvador. This means BTC can actually be used to make payments for services and goods. It is even used to pay salaries. With this precedent created, 2022 will surely see other countries doing the same thing.
We should also highlight national cryptocurrencies. Growth in this part of the industry is expected in several countries like Ecuador, Tunisia, Singapore, and China, which already created what is needed for the launch. Countries like Estonia, Sweden, and Japan will join the trend as soon as possible.
Blockchain technology is perfect for IoT since it creates records of transactions and interactions. This might help solve several scalability and security problems linked to encrypted, automated, and immutable transactions. Even micropayments might be done with the use of cryptocurrencies in an automated manner pretty soon.
The current adoption of 5G technology allows for much higher connectivity between appliances and smart equipment. Speed is faster and blockchain transactions can join the fray for extra security and scalability.
The pandemic that started in 2020 will not go away in 2022 and it does look like blockchain technology will step in to give a helping hand. Counterfeiters are already being reported so blockchain could be used to guarantee vaccine shipment authenticity. Also, blockchain has the capability of helping guarantee supply chain integrity.
IBM already created a very interesting system that gives access to coordination between varied and different healthcare authorities and agencies involved in the distribution of vaccines. Blockchain unifies vaccination efficacy and rates statistics, giving access to an extra tool that can be used to make sure people that actually need the vaccine can get it as fast as possible.
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