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TOP ANTICIPATED BLOCKCHAIN TRENDS TO RULE THE MARKET IN 2022

Learn What Blockchain Have in Stores for Different Industries in 2022

A virtual ledger capable of registering and verifying an inundate number of electronic transactions safely and quickly is what a Blockchain is. This ledger technology has greatly impacted the area of application development resultantly expanding it.

“The blockchain is going to change everything more than the Internet has” – Brock Pierce

The first Blockchain use cases came from the financial institutions and cryptocurrencies such as Bitcoin, Litecoin, Ethereum to name a few. According to Statista: “Worldwide spending on blockchain solutions is expected to grow from 4.5 billion U.S. dollars in 2020 to an estimated 19 billion U.S. dollars by 2024”. Industries have shown exceptions in the adoption of Blockchain. Industries like healthcare, food, and energy sector including many others are adopting blockchain technology.

Blockchain Applications in Business – What Lies Ahead?

These industries have shown acceptance towards this change as it shows a promising future for these businesses. But at large, the adoption of blockchain technology to change how these industries traditionally operate and how they will in the future is more of a theoretical concept. The real change is taking place at a rather minuscule level compared to its theoretical potential. Does the question then arise; what are the obstacles that impede change at a global level? This will essentially be the focus of this discussion.

It took more than 40 years for the existing business model to change from traditional to digital but Blockchain technology has penetrated the market faster than anticipated. It wouldn’t take much longer for it to replace the existing models globally with blockchain ones as is obvious from the wide-scale adoption of it.

According to Deloitte, 53% of C-level officers – from CEOs to CFOs – identified blockchain as an integral part of their organizational infrastructure in 2020 and a technology that can remodel their business models to achieve their desired goals with efficacy.

Check this to learn more: THE BEST GUIDE TO DEVELOPING BLOCKCHAIN APPS IN 2021

How Have Blockchain Technology Transformed The Traditional Business Models

Blockchain isn’t restricted to cryptocurrency alone but has expanded to almost all industries. Its advantages are countless for every industry because of the nature of the technology and can really improve the working of numerous industries. The most sort after feature of this emerging technology is the security aspect.

Improved transactional security

Record keeping between multiple people/allies/companies isn’t an easy task. Blockchain can be your friend if you’re dealing with record keeping as it can remove obstacles and make relationships work smoothly. Blockchain technology has made global trade more secure and effective. Global shipping collaborations to improve their operation is a thing now.

Digital relationships management redefined

Distributed ledger technology (DLT) is a digital system for recording the transaction of assets. In a distributed ledger, the transaction details are recorded across multiple places at the same time. It provides you with smart contracts to monitor and save various business assets including important documents of ownership. These contracts simplify digital interactions while controlling the transactions. It also offers automated payments when the participants mutually reach an agreement on the conditions mentioned in the smart contract.

Saving intermediaries costs

Industry relying heavily on intermediaries can save costs by using blockchain technology. For instance, food apps like Foodpanda work as an intermediary between the client and the restaurant. The very same real estate business owners use apps like Airbnb and Booking which establishes a connection between the client and the owners. Blockchain has the capability to change this. By its adoption, companies can host their clients on a private blockchain.

Data protection

Another use for blockchain technology is the traceability of every change/modification made to the data. This ensures that the user can track all the changes and is always updated and no unauthorized person can alter the data. The data can’t be changed, faked, maligned, and erased which is a great step towards data protection.

Blockchain Trends in the Financial Sector

Blockchain has been put to use in the financial sector for quite some time now, so much so, that it was the pioneer industry in employing blockchain technology.

Blockchain can reduce 30% of banks’ infrastructure costs.

Payments across borders 

With blockchain technology, international payments have been made hassle-free and secure. Banks are adopting blockchain technology to get rid of the reliance on third-party apps to keep track of the payments.

On a global scale, blockchain-driven solutions have the potential of reducing the international transactions’ value, worth 27% of the worldwide transaction market in 2017.

Read more on: BLOCKCHAIN TECHNOLOGY IS REVOLUTIONIZING BANK FUND TRANSFERS

Insurance 

Because of smart contracts, Blockchain is able to deliver remarkable insurance services. The DLT based contracts allow clients and insurers to process all the requests with utmost precision and transparency. All the agreements and client’s information gets stored on the distribution ledge which helps in verification and up-gradation of information timely.

Blockchain and 2022 anticipations

Blockchain has already penetrated the financial industry and it is only expected to grow more in the coming years. Digital currency and its transition into a daily life currency has been the center of discussion and garner extreme attention, positive and negative feedback but it will be seen in 2022 that it will expand into a daily life currency. Recently Paypal has shown interest in Bitcoin, which goes on to show the potential and support that digital currency will get in 2022. It will definitely change how financial transactions look at the moment and for the better.

NFTs- The Coming Of Age Digital Art Revolution

NFTs have become a big thing in the crypto world and have grabbed the attention of celebrities, artists, sportspeople, and crypto enthusiasts.

“I believe the second renaissance is here,” says Jack Conte, the chief executive of the online creator funding platform Patreon.

What does NFTs mean? These are non-fungible tokens. A single copy of an original digital asset can be turned into an NFT to sell, purchase and collect. It can’t be replicated and is something that should be kept in mind.

The NFT blockchain trend has tremendously picked up from its 2017 release. But believe it or not, a blockchain can not only host the token representing the deed of ownership. It can actually create the NFT itself. And that is something we will widely see happening in 2022 – blockchain used to create artworks itself. There are already many startups working in this domain.

This is blockchain and non-fungible tokens are positively transforming the digital works and rights perception.

How will Blockchain improve things for creators in 2022?

Blockchain has been phenomenal in changing things around and for the good. In the digital arts industry, it has been nothing short of exemplary and how it has given creators the freedom to create and the protection of ownership of their work. Digital rights protection and the violation have long been a debatable and huge concern for the creator community and with so many people taking up digital and social media as a career, it is all the more important to provide them with digital rights protection.

It has been implemented in many of the developed countries but developing countries are largely still to adopt it. People have found themselves a career in digital and social media and therefore it is rather important to help them make the most out of it especially in the developing world where employment opportunities are always far and few in between. We will see blockchain helping creators in the developing world in 2022 as it has in the developed countries.