What’s next for Blockchain in 2022
Blockchain use for reasons other than bitcoin creation will likely continue through 2022. As with other technologies, adaption and acceptance are likely to exacerbate and improve existing and new issues. We’ve seen blockchain’s expansion in digital art, intelligent contracts, security, logistics, and identity protection, to mention a few areas. In 2022, what can we anticipate from blockchain? Current trends give some guidance.
Corporate expenditure on blockchain technologies is expected to reach $11.7 billion by 2022. This is an increase from the estimated $6.6 billion in 2021. This might open up new options for both investors and enterprises.
The following are the projected patterns that will drive this tremendous expansion and insights into how it may affect our daily lives.
Interesting Blockchain Statistics
Global investment in blockchain will strike $11.7 billion by 2022.
By 2024, the worldwide blockchain industry is expected to generate $20 billion in revenue.
In the 2nd quarter of 2021, more than 70 million registered blockchain wallets were registered.
Blockchain may save banks up to 30% on infrastructure expenditures.
Using blockchain, financial institutions may save up to $12 billion yearly.
By 2025, the total investment in blockchain in the healthcare sector will reach $5.61 billion.
The FBI holds 1.5 percent of all bitcoins in the world.
By 2025, blockchain will have been used in 55% of healthcare applications for commercial deployment.
By the end of 2020, 60% of CIOs planned to integrate blockchain into their infrastructure.
- Blockchain Greening
The quantity of energy needed by blockchain activities is causing growing worry. In a world where ESG investment and compliance are strongly encouraged, increased usage of carbon-emitting energy would seem to be a negative trend. Earlier in 2021, Tesla stopped taking Bitcoin as payment due to the environmental effect of the automobiles they sell. Blockchain is predicted to become more environmentally friendly by 2022.
How can blockchain be made more environmentally friendly? One approach is to create blockchain technology that uses less energy. Proof-of-stake (POS) algorithms use the least amount of energy, whereas proof-of-work (POS) methods consume the most (POW).
Ethereum intends to transition to a POS model in 2022. Cathie Wood, Founder, and CEO of Ark Invest, think it will contribute to the transition to greener energy. The thinking is that rising energy demand will lead to more investments in renewable energy alternatives, which will subsequently be utilized for purposes other than blockchains.
- NFTs Are More Than Just Art
This year, Non-Fungible Tokens (NFTs) received much attention in blockchain news. The excellent “oh wow” was generated by the attention devoted to an outrageous price paid for some digital artwork on this still-new medium. The auction made news and alerted many people to the possibility that unique digital tokens stored on blockchains may lead to various types of asset ownership (not just currencies). Contracts to license sports digital pictures signaled the start of a high-tech expansion of the sports card business.
Blockchain use in the music industry has also risen and is expected to increase rapidly next year. Among the artists that have dabbled with this technique are Kings of Leon and Jacques Greene.
In 2021, Distillers William Grant and Son sold bottles of 46-year-old Glenfiddich whisky for $18,000 apiece, coupled with NFTs required to authenticate each bottle’s provenance.
NFTs in gaming is becoming more popular. Players in the game Axie Infinity may “mint” their own NFT monsters to dispatch into combat. Nike and Dolce & Gabbana sell clothes and footwear with their own NFTs. The metaverse, which has lately become part of the general public’s vocabulary due to Facebook’s and Microsft’s stated engagement, will present prospects for blockchain NFT innovation that was not previously anticipated.
- National Cryptocurrency Acceptance
Countries as big and prominent as the United States are investigating the potential or means of introducing digital money. El Salvador became the first to accept Bitcoin as legal money in the summer of 2021. Bitcoin is now accepted as payment for products and services nationwide, and companies may even use it to pay employees.
National cryptocurrency, in which the central bank develops tokens that it monitors and controls (rather than accepting existing crypto), is an area where blockchain adoption may exceed predictions in 2022. It is anticipated that digital and conventional currencies will coexist and maybe exchange on a 1:1 basis. While the UK Bitcoin is unlikely to start until 2022, other nations such as China, Singapore, and Tunisia have already plunged their toes in the water, with Japan, Russia, Sweden, and Estonia following close after.
- The Internet of Things (IoT)
“If we had computers that understood all there was to know about things—using data they obtained without our help—we could monitor and quantify everything, considerably reducing waste, loss, and expense.” We’d know when items required replacing, repairing, or recalling, as well as if they were new or beyond their prime.” – Kevin Ashton, credited with coining the term “Internet of Things.”
IoT and blockchain are highly compatible. The is because it is excellent for capturing machine interactions and transactions and also due to the nature of blockchain ledgers, it has the potential to solve more issues than it has caused in terms of security, scalability, encryption, and permanence. It might even be used for machine-to-machine transactions, allowing cryptocurrencies to make micropayments when one machine or network requires services from another.
IoT is projected to provide new data that will be utilized to enhance efficiency continuously. The 5G deployment, which is already happening, will help bring these networking developments ahead. It will improve the connection between all innovative, networked machinery and equipment.
- Blockchain in Vaccine Manufacturing and Tracking
In many aspects, blockchain technology has the potential to enhance vaccination safety. It would be very beneficial in distribution and tracking. Pfizer reported incidents of counterfeit Covid 19 injections in April of this year. Pharmaceutical shipments may now be authenticated using blockchain features, and their distribution can be tracked to guarantee they arrive at their intended destinations.
The integrity of drugs may also be monitored throughout the supply chain. For example, to ensure that batches of pharmaceuticals were preserved at the proper temperature throughout distribution. Using blockchain, IBM has already established a mechanism to coordinate across the several agencies and healthcare authorities engaged in vaccination delivery.
For over a century, modern technology has resulted in higher living standards and happier lifestyles. Blockchain capabilities are one of the “front-burner” technologies that will improve our lives during the next decade. As with most new technologies, most potential applications have yet to be imagined (for example, the wheel inventor had not considered its usage in electric cars). This might provide investors with changes similar to those saw throughout the computer revolution from the 1990s to the present. These investing chances are likely to include both life-changing opportunities to create wealth and terrible opportunities to pursue values that have gone ahead of themselves.