A new phase of the Internet called web 3.0 that is based upon blockchain technologies, is advancing ahead of the schedule. It has a large number of supporters across the world with its decentralization capabilities as well as data security and freedom online. It is not surprising that the blockchain market is experiencing an unprecedented expansion: starting at 7 billion dollars in 2022 to it could reach $164 billion by 2029!
While most people think of blockchain as cryptocurrencies but this isn’t the sole situation currently. Different industries are adopting this new technology. Blockchain technology has already been discovered applications in eCommerce, healthcare transportation, supply chain and finance.
Are you looking to profit from blockchain technology? If so, then you’re in the right place. Our Softermii team has created the top 10 most current blockchain trends for 2022. Our guide will guide you through this rapidly growing field and tell the future of blockchain.
This article will also help you in gaining a deeper understanding of the applications of blockchain technology across various sectors. Softermii particularly will discuss its own experiences using the example that we have created for the FinTech Project Extobit. Thanks to our help, the platform has attracted more than 20,000 users within the first week of its launch!
How Is the Blockchain Technology Market Growing?
The global market for blockchain-related solutions has reached $6.6 billion by 2021. The technology is expected to see additional investments in the thousands of millions of dollars. The market for blockchain will have an average annual growth of 56% over the period between 2022 to 2029. Businesses from a variety of industries take part in blockchain technology, with the financial services, banking and insurance industries being the leaders. Entertainment business as well as the health field are the other two major sectors of technology interest.
Top 9 Growing Trends in Blockchain Technology for 2022
Blockchain is not just the basis for cryptocurrency like Bitcoin. Blockchain technology can be utilized to serve other purposes too. Let’s examine the major blockchain technology trends of 2022.
Central Bank Digital Currencies (CBDC)
The blockchain industry is transforming how traditional banks operate. One of the most recent advancements in the field of blockchain technology is the widespread adoption of digital currency by central banks from various nations. This suggests that banks will develop digital coins that are similar to fiat currency.
According to the latest statistics that 87 countries have expressed an interest in CBDC. The following factors have influenced the interest of people: virtual currency is more affordable as compared to cash. CBDCs have less transaction fees and digital currencies are able to aid in financial inclusion.
NFT Boom
Non-fungible tokens, or NFTs, started gaining momentum in 2021. These tokens will be important in the coming years. They’ve developed into a method for artists to make huge amounts of cash at auctions, by offering digital artworks for exchange.
In addition it has been gaining popularity within the fashion and gaming industries. For instance, consider how The Dolce & Gabbana brand set an all-time record of $6 million sales of its exclusive NFT collection comprised of nine items.
Metaverse
Metaverse will be an online world that can give its users unforgettable digital experiences. Of course this virtual world can’t be created without the blockchain technology. So, the more famous the metaverse becomes the more valuable blockchain technology is.
Blockchain-as-a-Service (BaaS)
BaaS is among the most prominent blockchain technology trends in 2022. Businesses like Microsoft as well as Amazon have already started to implement the technology. Blockchain-as-a-service will act as a cloud service where users can create digital products using blockchain fundamentals. Hyperledger Cello is one of these BaaS project. It’s a platform made up of software and tools that allow the creation of digital products that are based on blockchain.
Blockchain to Enhance Social Networking
By 2025, there’ll be 4.4 billion users of social networks worldwide. Blockchain technology on social networks will aid in solving issues that arise from the security of privacy and data management or authenticity of content. This is the reason why blockchain technology is the future of social media.
Blockchain in eCommerce
The industry of eCommerce is actively engaged in blockchain technology. These advancements assist in improving the management of supply chains and also protect the customer’s data. Another emerging trend in blockchain technology for eCommerce is the identification of customers using digital technology.
A blockchain-related use-case within eCommerce includes one of the examples is Fluz app. It’s a platform which allows customers to earn cashback for purchases made at their most frequent shops. Blockchain assists this business in recording the spending on gift cards and the expansion in its network of social media.
Blockchain in Real Estate
Blockchain-related trends in real estate cover a range of applications, from tenant and investor tenant identification to property and asset management. By utilizing this technology, firms can improve data accessibility and increase their transparency improving the efficiency of their work processes by automatizing them.
Forbes asserts it is the reason for future developments in real property transactions. Particularly, this pertains to the automated processing of transactions as well as the usage of smart contracts in real estate. Learn more about the real estate blockchain and its use within our blog post.
Blockchain in FinTech
The financial sector is one of the industries that is most affected through blockchain technology. The most recent developments include that of the tokenization process for assets as well as the introduction of digital currency. Other notable applications are data security as well as making use of smart contracts.
Blockchain is a great chance to change the way we think about the financial system. Transactions will be free of intermediaries due to peer-to-peer networks. The speed of transactions will improve substantially, and blockchain will allow for the full complete transparency of financial transactions.
Blockchain in Healthcare
The protection of data is vital in the field of healthcare. This is that’s why the blockchain is so in demand in this area. But security of medical records isn’t the only blockchain trend that is being utilized in healthcare. Blockchain technology can also help establish supply chains for pharmaceuticals.
It is probable that blockchain technology will be used to verify the credentials of medical experts. This practice hasn’t been widely adopted however it is possible that the U.S. business ProCredEx has already launched services that is based upon R3 Corda. R3 Corda blockchain protocol.
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