Blockchain is a kind of immutable ledger that facilitates the recording and sharing of tangible assets like cars, cash, and house intangible assets such as patents, copyrights, intellectual property, and branding. The immutable ledger can be accessed only by members who are permitted members of the network.
Information is the fundamental base for running a business. If the information obtained is accurate, faster, exclusive, and transparent without the involvement of a third party, your business is sure to prosper. Blockchain is a database that facilities the storage and transfer of data information. Blockchain trends are curious to find out its revolutionary benefits in the future.
Statistics Before Trend!
- Global spending by 2022: $11.78 billion
- Global Revenue by 2024 $208 billion
- Blockchain can lower infrastructure expenses by 30%
- Saving by financial institutions will be $128 billion per year.
- Spending on Healthcare will increase by $5.61 billion
Trends for 2022!
About blockchain trends in 2022, it has been told by Abigail Johnson that besides settling the securities efficiently, blockchain may change the architecture of the internet itself
1: Extended Use of Non-Fungible Tokens (NFTs)
Fungible means they can be interchanged with the same tokens of other instances. 1BTC (Bitcoin) and 0.5BTC are the same types of things. NFTs can never be substituted with additional tickets. So, they are unique to each digital asset. The trend is transferring from tracking assets to personal identification to certification and provenance certification. Ownership of digital assets could be proved more efficiently.
2: Beneficial Use in Vaccine Manufacturing and Tracking
In case of malfunctions or recalls, the business can track vaccines through the entire supply chain; for instance, Norovirus vaccines used by military people carrying the virus? To keep it perfectly effective, It is essential to keep it at a precise temperature throughout its manufacturing, shipping, and storage.
3: Integration of the Internet of Things (I oT)
The integration will be popular because blockchain provides security and transparency for data. Interconnectivity with I oB is becoming popular as they can verify transactions between machines and users. Moreover, it provides privacy of data.
4: Global Adoption of Crypto Currencies and Bitcoin
China, of course, has banned cryptocurrency. But Japan has adopted Bitcoin as a legal payment method. Many other countries are showing a favorable inclination to this new but expanding technology with blockchain benefits, reaching more and more people.
5: Increased Use of Disturbed App (Dapps)
Since Dapps run on decentralized apps, they offer more security and transparency for users. Thus, they can provide better protection compared to those standard ones and have better prospects for future use. Some of these apps are supposed to run on a blockchain network.
6: Use by Governments
Research by Cambridge University shows that governments of different countries have started putting blockchain technology into use. As a result, there will be less corruption in the public domain, and the government will be more trustworthy.
7: Increased Retailers Adoption
Retailers can track their products along the whole supply chain. Hence there is a future potential as it provides more transparency.
8: Enhanced Use By Giant Tech
This is the greatest ever blockchain future trend. Google has started using blockchain to power downloads for Chrome. Facebook is also likely to use.
9: Social Media
Social media platforms have a certain transparency, censorship, and privacy issues. Once these issues are sorted out, blockchain technology can find an established position in social media because people can use better control over their content.
10: Application in Advanced Financial Services
Transparency makes them more secure and cost-effective. The cost so saved could be passed on to consumers.
Potential Industries that will be Reshaped by Blockchain!
1: Banking and Financial Industry
Banks and other financial institutions run a national currency of a country. But Bitcoin was created with the objective of decentralized digital currency. But even banks can invest in blockchain for transferring money with less cost and more transparency. It can boost users’ trust.
2: Automation of Process & Business Management
Blockchain technology automates many aspects of Business Management, such as accounting, Human Resources (HR), legal proceedings, and insurance claims processing. It is most cost-effective because it eliminates the involvement of third-party or intermediaries. For instance, the payouts for insurance claims are set automatically and are paid when the terms are met. Similarly, in legal services, a review of agreement or services is done only by two parties
3: Voting System
Blockchain technology makes it easier to vote from any location in the world. The vote remains anonymous and immutable. People can vote without going to the polling booth. Shareholders can also vote in shareholders’ meetings of the corporate.
4: Supply Chain Management
The technology ensures transparency tracked to material and production. For instance, provenance enables consumers to determine the origin of their food products. Therefore, the product will be trustworthy and reliable.
Insurance companies have most often disputed the actual claim of the loss incurred to property. The insured person claims more, and the insurer agrees to a lesser amount. But, if the insurance companies engage a blockchain technology, they know whether the client is telling the truth or not. This reduces the fraud case and less the cost burden on the insurance companies.
6: Education & Academia
By creating a decentralized database of research and information, you can have so many sources of data instead of just one or two. You can thus benefit from faster sharing of data within disciplines and sectors.
Despite the advantages and benefits, there are many blockchain challenges
Being a new technology, hackers can create the fake transaction. The second challenge is the system of distributed records with no central database. The third challenge is it is yet to mature. Therefore, those who want to use the benefits of this technology must learn more about its INS and OUTs
Every new technology comes with its pros and cons. Blockchain technology is not fully matured but has many prospects. If you adopt it in reality, you can reap the benefit later.