Blockchain Technology Trends In 2022: Beyond The Hype
Think about a world where you don’t have to spend huge dollars as legal fees to get a contract executed; or a world where you no more need a bank to be an intermediate for a transaction.
Imagine a world where every single device with an on/off switch is connected to each other and identifying theft is a thing of the past.
“A world based on trust”.
Sounds funny? Think again.
It was some time back when Blockchain technology trends prop out of the zone where it was operating on what’s and why’s and stepped in the possibilities of how.
Some say its impact on our lives could be as profound as the internet. While currently most among them are associated with cryptocurrency, that is only scratching the surface of its capabilities, and it is only a matter of time before its impact is felt on everything from how doctors track and store our medical records to how our identities are securely and safely verified at airports.
In the simplest of terms, a Blockchain is a decentralized peer-to-peer network that allows two parties to deal directly with each other without the need for a medium. They rely on unique cryptographic codes that provide a fully transparent, chronological order of events that is indisputable and visible to all users registered on the network, while at the same time protecting the identities of those involved. The benefits to this type of network are the potential cost savings they offer by cutting out a middle man, enhancing user trust as well as alleviating time delays caused by waiting for a transaction to be verified.
There is no question that there is still much to be learned about Blockchain. But one thing is clear: Whether you are running a business or you are just a forward-thinking individual, learning more about emerging blockchain technology trends now will better prepare you for the world to come.
While cryptocurrency sky-rocketed, 2018 was great for blockchain, the technology that underpins Bitcoin and many other coins. As blockchain has plenty of cases outside the sheath of cryptocurrency with Oracle, Amazon, IBM and other Billion dollar multi-national companies trying to bet on the disruptive technology.
So, let’s find out what to expect from Blockchain in 2022 and beyond:
1. ICO Alert: STO’s Swapping ISO’s
Security tokens have been the hot potato for crypto space, and it appears they will continue to be scalding. It’s turning more hotter than overstock’s tZERO announced the launch of the new STO (Security Token Offerings) platform.
This blockchain-powered platform will offer any company with the opportunity to raise funds by launching its own STO’s. Before that, the start-up announced the completion of its utility token distribution.
STO’s, are the combination of the best features of the stock market and cryptocurrencies, had risen as a fully regulated alternative to ICO’s, which turned out to be the passing craze of last few years.
2. Tokenization: Transforming The Asset Ownership
The procedure of Asset Tokenization encompasses the use of digital tokens to validate the ownership of real assets. It aligns with the primary purpose of walking it through the buying and selling process of security thus becoming one of the biggest tech giants in harnessing Blockchain technology.
Other tokenization benefits are like — faster transactions, greater liquidity, and wider accessibility have all contributed to attracting a myriad number of players to enter the Blockchain development. These technologies trends surrounding asset tokenization are an add-on to the list.
The launch of the Estonia-based DEX, which recently purchased the shares of the biggest companies across the globe in the form of ERC20 token, validate 2022 is all about tokenization. Moreover, the Ethereum powered startup will authorize investors to engage in the U.S stock exchange without any constraints of their locations or amount to be invested.
While tokenization was already a ubiquitous trend in 2018, going far beyond the stock market, but this is the time when everything will be tokenized — wine, real estate, bread, art, and all you can think of.
3. An Alliance: IoT and Blockchain Coalition
The decentralized market has found several use case of merging IoT and Blockchain technology-based applications. The fact that passing data with utmost security lies at the core of blockchain technology that fits almost naturally with the working of IoT. This drives on connecting devices and transferring information between different platforms a hassle-free approach.
Back in January, the top leading digital security company Gemalto released a report that concludes 23 percent of responders think that blockchain technology can be a good fortune for safeguarding IoT- powered devices. Whereas, 91% of businesses who do not utilize blockchain consider utilizing it in the near future.
Meanwhile, Statista predicts the number of IoT powered devices to reach 30.73 Billion in 2020, but less than half of all businesses can trace whether their device experienced a security breach.
The ease by which Blockchain and Internet-Of-Things mechanism fits have poised the digital landscape to become the new trendsetter by the time we hit 2024.
1. Interoperability: A New Blockchain Network
The vital factor contributing to Blockchain massive adoption lies in scalability, which is one of the greatest benefits of blockchain trend for 2022. And, true scalability can only be achieved when blockchain networks operate or interact with one another without any hassle, which nurtures the idea of blockchain Interoperability in the forefront.
Blockchain interoperability aims to improve information sharing across diversified networks or blockchain systems. These cross-chain services improvise blockchain interoperability and make them a practical choice for day-to-day use.
For instance, opting for blockchain interoperability, you can easily transfer information from EOS to Ethereum blockchain. Witnessing the drift how blockchain trends are moving in the direction of interoperability, soon the time will come when the user will be able to share something from their blockchain hierarchy to others.
2. Blockchain As A Service (BaaS)
Without any doubt, the blockchain is one of the revolutionary technologies of the 20th century. It is considered a game-changing concept, that a lot of startups and enterprises are working on their own blockchain solution. However, it is not always a walk of calk to develop, support and nurture your blockchain solution.
This is where Blockchain as a Service(BaaS) comes in the big picture. BaaS is a cloud-based service that lets customers create their own blockchain-powered products including apps, smart contracts, and use other blockchain features without any assistance for initializing, managing or executing blockchain-based infrastructure.
Few companies including Amazon, Microsoft and others already provide this service. I think that the adoption of the use of BaaS will maximize in the coming years. Simultaneously, it will also enable companies to utilize blockchain technology without worrying about the initial investment.
3. Accelerating AI
Artificial Intelligence (AI) is in the need of information to select the trends from the flooded option of the sea. And blockchain requires energy and power to combine the computer system and the run to run process quickly — merge together for which they both are dependent on each other.
The advantages that AI and blockchain provide together will only be truly persuasive when both technologies learn something from each other and assist each other.
You must be thinking about what technologies I am talking about. Let’s dig a little deeper and understand.
Below are the things listed that Blockchain will be swapping with AI and AI will be taking from the blockchain:
a. How can AI be helpful to Blockchain?
Privacy
Energy Consumption
Scalability
Efficiency
Security
b. How can Blockchain be helpful to AI?
Maximizes effectiveness
Eliminate high-end risk scenarios
Lower market to entry barriers
Raise trust in the machine-to-machine interactions
4. Decentralization: The Key To Decentralize Government
Blockchain holds the key to disperse the government and create a bridge of trust that the citizens have in their policymakers. By clutching all the different information out in open with the sake of dependability and non-money making operations, the critical situation that is currently looming around the nook of the globe can only improvise when the right idea meets the right app development company.
What it holds for government betterment?
Debt-based money instability
Monetary policy
Bailouts hazards
Identify theft
Government Spending
The road ahead :
2022 is another breakout year for blockchain technology. Even as regulatory conclusions remain murky, investors are deploying a behemoth amount of capital to this space. Moreover, teams are attracting talent and building new use cases, and corporates are — once again — approaching the drawing table.
Seeing the domain how it is expanding its wing and how the innovation level is on a constant high, opting the perfect blockchain development services, will let you reap heaps of benefit in the not so far time.
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