17 Expert Panelists Answer: What’s next for Blockchain in 2022 and Beyond?

Expert Panel Editor-In-Chief: Tracy Levine, President of the Board of Directors Blockchain Chamber of Commerce, Forbes Coaches Council

2021 was a pivotal year for awareness of the blockchain ecosystem and its possibilities to bring new solutions to old problems, create new businesses, and empower new income streams.

• In 2021, Gartner reported that blockchain was coming out of the “Trough of Disillusionment.”
• Collins Dictionary selected NFT as the Word of the Year in 2021.
• According to Deloitte’s 2021 Global Blockchain survey, 76% of respondents believe digital assets will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5–10 years.

This year is shaping up to be the year of adoption.

• According to Deloitte, Blockchain and Distributed Ledger Technology have left the “Trough of Disillusionment” hype cycle and are now in an enterprise adoption stage.
• Gartner projects that by 2023, 35% of enterprise blockchain applications will integrate with decentralized applications and services.
• PwC says blockchain has the “potential to add $1.76 trillion to the global economy by 2030.”
• International Data Corp. forecasts spending on blockchain solutions will hit $11.7B in 2022.

Blockchain’s scope and impact will expand even further in 2022 as companies move from awareness to adoption. We asked Subject Matter Experts, Community, and Business Leaders to answer the following question and invite you to share your answers in the comments.

What is the scope of blockchain in 2022 and the future?

1.) Blockchain will bring transparency to ESG Reporting. The scope and impact of blockchain technologies will continue to grow in the future as corporations continue to find and quantify their ESG impact. In 2022 and the future, shareholders and customers will continue to demand more transparency and integrity in ESG reporting. Blockchain technology can move sustainability reporting out of storytelling and into the accountability multiple stakeholders are demanding. Alicia Alfonso, Secretary of the Board of the Blockchain Chamber of Commerce

2.) Blockchain development will focus on CBDC, adopting blockchain for OSINT and cybersecurity. Blockchain technology saw exponential adoption since 2017 in its use cases in crypto assets, NFT, DeFi amongst others. In 2022, the main focus will be on CBDC, adopting blockchain for OSINT and cybersecurity in dark web monitoring, and securing the DeFi markets which saw 75 exploits amounting to $1.7B in 2021. We might also witness an increase in NFT financialization and an increased regulation and stringent Howey test measures to see if these inadvertently violate the securities law mandate. Rajeev Awasthi, SME on MAR, Investigation Manager at Merkle Science

3.) Blockchain technology will help small and medium businesses manage their liquidity, transferring funds faster and more securely through smart contracts. In addition, the technology will reduce fraud and data loss through the use of unique digital signatures like ID, passport, or birth certificate in addition to traditionally used online identity validation methods like passwords and answering security questions. 2021 has seen a 477% increase in venture investments into crypto and blockchain companies, reaching a staggering $26 billion. Blockchain technology provides peace of mind for entrepreneurs, allowing them more time to focus on building a business and less time to be concerned about the speed of getting paid and the potential of identity fraud and theft. Judy Romano, VP and Chief Financial Officer, Sage North America

4.) Blockchain will empower a new democratized, and decentralized network structure. As blockchain grows wider in use and awareness, more people are beginning to harness the incredible power of decentralized economics and communication. This empowering technology changes the control from the old traditional top-down power hierarchy of western culture, towards a new more democratized, and decentralized network structure. This innovation is already changing money, art, real estate, and even the very concept of ownership over the global economy. The future possibilities of how people live, love, work, and play are infinite with humanity’s breakthroughs developing on the blockchain. Kia Mia, Blockchain Chamber of Commerce Orlando Community Director, Founder of Block Co-op

5.) Blockchain has the potential to revolutionize the manufacturing industry. It can help gain greater visibility into supply chains, streamline operations, and track assets with remarkable precision. With features like Machine as a Service, Track-and-Traceability Smart Contracts and Distributed Ledger, blockchain-powered solutions can increase trust, transparency, and business continuity at every step of the manufacturing value chain, from sourcing raw materials to delivering the finished goods. The global spend on blockchain in the manufacturing sector is projected to reach $16 Billion by 2026. Even though the adoption seems slow, with IoT now being mainstream in the manufacturing industry, blockchain may be one of the closest next steps in the technology evolution. Rashmi Verma, Sr. Director — Digital Technology, GE Appliances

6.) Anticipate standards to form around decentralized identity and permissioned DeFi. The scope of blockchain and its impact on DeFi will continue to expand in 2022. Total Value Locked in the decentralized finance ecosystem today stands at $100 billion, slightly off the high in November 2021 of $110 billion. In 2022 we can anticipate standards to form around decentralized identity and permissioned DeFi. This will help to mature these nascent markets and drive adoption from institutional players that require counterparty identity to stay in compliance. Michael Nadeau, Found, The DeFi Report Learn more about the Defi Report

7.) Blockchain will usher in the age of fractional Commercial Real Estate ownership. The scope of blockchain in commercial real estate will continue to gain momentum, exemplified by the surge in real estate technology investments. It is poised to revolutionize every aspect of the business, including ushering in the age of fractional building ownership. Using NFTS and tokenization to facilitate fractional ownership is in the infancy stage but will grow as more individual investors enter the market. Fractional ownership will enable access to wealth-building that was once only available to institutional investors. Michelle Galvani, Executive Managing Director at Wildmor Advisors

8.) Healthcare will utilize blockchain to secure critical patient information. The scope and impact of blockchain in healthcare will continue to grow in 2022 as the industry looks for ways to protect and share critical patient information. Securing patient data and enabling real-time accessibility across multiple locations promises to cut costs, save resources and allow a stronger focus on innovation inpatient care. In addition, blockchain has the power to revolutionize other areas of healthcare by creating transparency and efficiencies through trustless collaboration and reduced complexity. Karyn Mullins, Chief Technologist, Nursing and Allied Group — Jackson Healthcare

9.) Blockchain set to enable ‘open and fair’ new market models. Accelerated by (and thanks to) the global crisis, we will very soon awake in ‘the new normal,’ mainly driven by people and emerging technologies (like blockchain). The establishment will get an upgrade, the least to say. And things will be different, for the better. In between the enabling technologies, blockchain will be ‘the trust machine,’ a key factor for people to gain trust in systems and online agreements. As such, blockchain is set to enable ‘open and fair’ new market models, and it will be one of the most impactful drivers of our new, improved society model. It was a dream before. But now it is happening. Expect us ;-) Tom De Block, Chairman of the AIOTI WG on Distributed Ledger Technologies

10.) Blockchain will streamline marketing campaigns and consumer data collection. Grand View Research reports the market for IoT in the retail industry is expected to be worth about $94 billion by 2025. Despite this size and a CAGR over 20%, blockchain in retail IoT in 2022 is still overcoming adoption barriers such as interoperability issues, low data storage availability on IoT devices, and implementation costs. That being said, overcoming these could unlock significant value for retailers and suppliers by streamlining marketing campaigns and consumer data collection. Michael Young, B2B Sales & Marketing Leader

11.) NFTs demonstrate blockchain’s scope and adaptability. Non-fungible tokens began as a form of digital art that allows the artist’s intellectual property to be tracked and recorded throughout the artefact’s life. Consequently, artists receive royalty payments for each subsequent sale and can even retain the IP if they choose. This technology has been adapted to enable crowd-funding for numerous assets, including space satellites and real estate. The seller can release equity from any property they already own by selling NFTs of the item. Ash Costello, Member of the Expert Panel of the EUBOF

12.) Blockchain is poised to change the fabric of society. The scope of blockchain in the future is extensive. This cutting-edge technology is capable of creating profound change to society as we once knew it. With blockchain infrastructure growing and evolving, the wheels seem set in motion to send shivers of transformation around the world, creating far-reaching ripple effects bursting with new opportunities, inclusivity, and security for modern society. The possibilities of blockchain in the future certainly seem endless. Shelle Fantastic, Founder/CEO, SheFan Pro

13.) Blockchain solutions can reward people for ‘tuning in’ to ads. For marketing, the scope and impact of blockchain technologies will continue to increase in 2022 and the future. Marketers are looking for new ways to capture the audience’s attention. Consumers are tired of companies offering nothing in return for the intrusive and relentless popups and ads in their feeds. Marketers can use blockchain technology solutions that can actually reward people for tuning in and learning about new products and offerings. It is a win for both the marketer and the consumer. Lisa Musich, Director of Product Marketing, Cox Automotive

14.) Blockchain is the infrastructure to enable Web 3 Paradigm Shift, user control, and wealth. First companies created content — and companies made money. (TV, records, newspapers) Then, people created content — and companies made money. (Google, Facebook, Amazon, eBay) Now people create content — and people make money. (NFT, Fractional Ownership, monetization) Dr. Milly (Journo) Perry, The European Blockchain Association (EBA) Read more of Dr. Perry’s 2022 Blockchain Predictions

15.) Blockchain may ease supply chain crises in 2022. Everyone got impacted by a highly constrained supply chain over the last 12 months and the initial forecast for this year is looking gloomy. Blockchain is the long-term solution to solve the Global sourcing problem. Applications touch different areas of the supply chain: easy access to data and customs documentation, shipments tracking, streamlining of the administrative side of managing contracts, and proving the origin of goods. Blockchain adoption in the supply chain will continue well beyond 2022, but as more companies and countries adopt and deploy solutions, we will be better prepared to manage new challenges. Jenya Peterson, PMO North America and Commercial Business partner Performance Minerals Americas

16.) Blockchain will continue to create a ground-floor revolution for change. There’s a ton of potential for blockchain technology — and it’s constantly expanding. Also, the future of blockchain technology looks bright, and already showing promise in almost every industry, it seems like the best is yet to come. I see countries moving towards CBDC. The NFT space will evolve and the metaverse will creep up on us faster than we envisage. DeFi will dominate and who knows, crypto will start getting mainstream as well. All in all, we are at the ground floor of a revolution and it’s not going anywhere! Raj Kapoor, Founder, India Blockchain Alliance

17.) Digital agents will act on the behalf of people — connecting people, places, and things. “Scope” can mean “the length of cable extended when a ship rides at anchor.” As I consider the scope of blockchain in the future, I have to distinguish between centralized and decentralized blockchain implementations. Many have taken their perspectives from the belief that the ship is anchored and that there are loci of control that are institutional and not human-centric. The beauty that I see in the future is that of blockchain implementations that are “unchained” from centralized control and simply acted upon as “things” in the Universal Framework of Things. Digital agents will act on the behalf of people — connecting people, places, and things in the physi/digi omniverse. Programmable NFT’s will allow for a flotilla of unchained crafts to take to the blue oceans of innovation leaving centralized blockchain implementations still at anchor. Linda Goetze, Vice President of the Board of Directors, Co-Founder DFM Data Corp., Inc.