How Blockchain will Revolutionize the World in 2022
In recent years, blockchain has continuously emerged as a buzzword and has played a key role in making cryptocurrency conventional. Owing to blockchain technology, the consistent rise and fall of multiple digital currencies have taken hold of everyone’s attention. Everyone from governments to wall street bankers and laymen considers cryptocurrency as the successor of the FinTech world.
Businesses are planning to properly adopt blockchain technology. It is expected that the global spendings on blockchain services will touch the value of $11.7 billion by 2022. Moreover, many studies highlight that incorporating blockchain will assist various industries to secure costs, enhance efficiency and amplify the overall experience.
How Auspicious The Future Of Blockchain Looks Like
Blockchain is a cardinal technology that enables cryptocurrency to become successful. Anyhow, its perks are not just limited to this. The proficiency of blockchain to develop an uninterrupted database has extended ways for plenty of applications.
The technology can surely bring about huge evolutions in many industries including voting, healthcare, banking and finance, transport, and more. However, some businesses have still not adopted blockchain to gain full advantages of it. Let’s have a look at what could be the changes or advancements that blockchain can bring to businesses and how useful it could be:
Non-fungible Tokens (NFTs)
In an ever-changing world, the most relevant use case of blockchain in recent times is a cryptocurrency, and it is here to stay. However, Non-Fungible Tokens (NFTs) are considered as the even more thrilling future of blockchain.
Non-fungible tokens are the radical and advanced way of buying and selling online assets that reflect real-world products. All the NFTs are distinctive and can not be swapped i.e. they can only be purchased, traded, sold, or delivered by the original creator of that particular asset. NFTs could include a whole new collection of digital products from unique artworks to one-of-a-kind accessories and sneakers. They could also be deployed in exchange for items in video games or other online worlds.
It would not be wrong to call 2021 the “year of NFT.” In the time span of just two months, the gross sales worth $400 million have been seen for the top ten collectable items. These include cryptocurrency-powered collectables, making a 400% rise over last month’s figures.
The possibilities of NFTs are ceaseless and these tokens will probably have a long-lasting impact on the future of virtual ownership. Besides that, in the next coming years, NFT will enable customers to buy everything from pieces of art to cars and many more.
The biggest advantage of blockchain technology is its decentralized and secured nature. This makes the transaction extremely difficult for hackers and nefarious parties to interfere with transactions.
Blockchain technology possesses a lot of features like:
- Cryptographic encryption
- Information constancy
- Enhanced transparency
- Improved speed and efficiency
- Instant detectable
Henceforth, blockchain-verified information leads to swift transactions without sacrificing security. Almost the majority of the banks are estimated to adopt blockchain services in the coming years.
We used to deploy passwords and identity questions to prove that we are the genuine person to get access to the particular service. Blockchain has replaced this system with a digital identity that is secure, safe, and convenient to manage.
Despite proving yourself who you are by placing some personal, casual piece of data that could be stolen or guessed, your digital identity can be determined on the basis of a specific set of numbers allotted to each customer on a blockchain network.
The fact that digital identities cannot be hacked or altered without access to your private key, makes it enormously more authentic than the current solution. NIST (National Institute for Standards and Technology) is already experimenting with ways to explore how blockchain can assist in safeguarding digital identities.
Vaccine Manufacturing and Tracking in Blockchain
Throughout the COVID-19 pandemic, the emergence of various coronavirus variants has made it clear that tackling the global pandemic will be the highlight of 2022. Blockchain technology has multiple significant use cases in vaccine tracking and distribution. In a world with a majority of fraudsters who try to create and sell fake vaccines, blockchain confirms not only the vaccine shipments but also traces the distributions that vaccines are arriving at the intended locations.
There is also a need to make sure the integrity is maintained at each level of the supply chain, for instance, ensuring that vaccines are stored at the right temperature as it is crucial for them. IBM has developed a system that permits a lot of different agencies and healthcare professionals involved in the vaccine distribution, deploy blockchain to record vaccination rates and potency across multiple techniques and websites they all have in use.
To Sum it Up:
As we have discussed there is a ton of potential for blockchain technology and it is expanding round the clock. The future is bright for this technology and looking at its services in every industry, it appears like the best is yet to come. As blockchain has its major hand in the financial marketplace, it would be interesting to know what more it will bring in banking services, money transfers, and many others.