Predictions For The Blockchain Industry In 2022

The notable trends which might make an impact in 2022 for blockchain include the move towards eco-friendly blockchain networks. In addition, the expanding use cases of NFTs will be the prominent highlights of 2022. Furthermore, the adoption of crypto as legal tender will also mark a prominent highlight for the blockchain Digital asset landscape in 2022. Another potential use case of NFTs which finds a place among blockchain predictions for 2022 refers to NFTs in gaming. The applications of NFTs in gaming have been explicitly evident in popular play-to-earn games such as Axie Infinity. The NFT games allow players to ‘minting’ their own NFT creatures, known as Axies, and send them into competitions.

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Plus, we’ll discuss https://www.xcritical.com/ what the future could look like for the blockchain industry. It’s possible to draw an analogy between today’s DLT platforms and the internet of the mid-1990s—and to the change that the internet brought to business processes across industries and ecosystems. Linda Pawczuk is the leader of Deloitte Consulting’s US blockchain group and coleader of Deloitte Consulting’s global blockchain group. The applications of NFT in fashion would also be one of the critical highlights in blockchain future applications and use cases. Notable brands such as Nike and Dolce & Gabbana have created footwear and clothing with NFTs.

• In 2022, the DeFi landscape will likely continue to evolve and introduce novel investment strategies and protocols.
• In 2022 the Blockchain system will track and control the delivery of the medicines to the patients directly from the manufacturer.
• Cryptocurrencies like ETH, SOL, DOT, etc. will help to expand DeFi as they offer enhanced scalability and security to users.
• There was a rise in the mainstream adoption of virtual currencies especially to recover from the economic turbulence caused by the COVID-19 crisis.
• The question will likely be on how China’s digital currency can be integrated with decentralized applications or whether it will never be.
• No wonder we are interested in the current blockchain trends and how they may influence the market.

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It can blockchain industry trends also help track assets and shipments, allowing for more transparency throughout the procurement process, from purchase orders and logistics to invoicing and payments. Blockchain and other distributed ledger technologies are changing the nature of doing business and helping companies reimagine how they manage tangible and digital assets. As a result, the central banks can maintain the value of the national currency token in parallel with the nation’s traditional currency. For example, one of the notable examples of such blockchain trends in 2022 is Bitcoin, which has the endorsement of the UK government. Even if it is not ready for launch in 2022, many other countries have shown active efforts in introducing blockchain-based national currencies. One of the foremost setbacks for a bright blockchain future refers to the use of massive amounts of energy.

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Here are some of the top trends in the blockchain industry you could come across in 2022. The previous year saw tremendous growth in the popularity of cryptocurrencies and blockchain technology. There was a rise in the mainstream adoption of virtual currencies especially to recover from the economic turbulence caused by the COVID-19 crisis. El Salvador became the first country in the world to accept Bitcoin as a legal tender to strengthen the remittances and payments network in the country.

Blockchain supports immutability which means that no outsider can replace, delete, or modify the data stored on the network. There is little doubt that Blockchain businesses have benefited from bubbly markets fueled by the central banks easy money policies, but the crypto and stock market correction of the past few months let some air out of the bubble. The overall market cap for this year’s Blockchain 50 is $6.3 trillion, 35% less than last year’s $9.7 billion market cap. The median market cap of firms this year also stood at $66 billion, compared to $116 billion last year. Fischer says each of these initiatives has been geared toward raising the profile of blockchain within the department and demonstrating that it has use cases beyond cryptocurrency. For one thing, Fischer says he’s not aware of any other mature blockchain payment projects in the federal government, so his team must design and develop supporting processes like access control and security standards.

By merging blockchain transparency with gold’s stability, Apraemio provides a crucial bridge between traditional precious metals and digital assets. Botanika’s storage node device represents a breakthrough in decentralized storage, combining AI hardware and algorithms for efficient, secure data management. The system features AI resource allocation, data sharding, and B-Code compression, delivering cost savings and enhanced performance. Botanika’s CEO Siwon Kim says that by distributing data across a global network, his company tackles cloud storage challenges while competing against centralized and decentralized providers in the evolving landscape of modern data storage solutions. The NBA’s Top Shot platform has transformed the sports memorabilia business, bringing NFTs to the average fan. Powered by Vancouver, British Columbia–based Dapper Labs’ “Flow” blockchain, users can buy, sell and collect “moments,” akin to digital trading cards—such as a LeBron James dunk that recently sold for a record-setting $230,023.

DAOs have given protocols and platforms an opportunity to quickly raise their capital and TVL while including a growing community in decision making. This may lead to a resurgence in Initial Coin Offerings (ICOs) for new and existing protocols. Some examples are L2s such as Boba and DEXs such as Sushiswap and Uniswap and the introduction of BOBA, SUSHI, the UNI tokens. Decentralized Autonomous Organizations (DAOs) are akin to traditional organizations except that the rules governing the organization are written and enforced by a smart contract and all the dealings of the DAO are publicly visible to anyone on the blockchain. DAOs have gained massive traction and hype for raising capital to collectively purchase high-cost goods, such as Football and Golf Clubs, or even one of the 13 original copies of the U.S.

White-hat hackers were actively involved in finding vulnerabilities and publicly reaching out to the teams or hacking the platform and returning the funds. The victim of this hack thereafter reached out to the hacker and offered him a job. More than $23B of NFT trading volume was generated across several platforms, with OpenSea taking on the lead.

However, this may prove to be a double-edged sword for some crypto projects that are already under the spotlight for dubious backing, such as Ripple (XRP) and Tether (USDT). In light of this straightforward guidance, it’s not surprising that Ant Group dedicated 10,000 blockchain developers to help international buyers connect with international banks providing short term trade financing and six million Chinese exporters. Tencent, in turn, is working with ten provinces and major cities like Hainan, Guangdong, and Beijing to use the firm’s blockchain platform to issue electronic bills for healthcare and transportation. Asian firms, which include India’s Tech Mahindra, now comprise 24% of all Blockchain 50 firms, up from 8% four years ago.

However, regulations may also lead to some countries becoming unfavorable for crypto trading, depending on governmental policies we will see some nations turning into crypto-havens, attracting both talent and capital to their dedicated crypto zones. Furthermore, 2022 will bring more gaming developers into blockchain gaming from traditional gaming companies like EA, Activision Blizzard, and more. Having said this, many play-to-earn games highlight ambitious timelines and many games under development will have to face a trade-off between time to market and game quality.

The increasing remittance fees for overseas money transfers and global inflation would be the foremost driving factors for adoption of cryptocurrencies as legal tenders. Another promising area for blockchain growth in 2022 would be evident in the concept of national cryptocurrencies. The concept of national cryptocurrencies is basically related to CBDC (Central Bank Digital Currencies) which suggests that central banks would create their own coins rather than choosing decentralized coins. Blockchain is more than just the foundation on which you build cryptocurrencies such as Bitcoin. As a matter of fact, the scope of blockchain applications is expanding with each passing day. The exclusive benefits of secure and transparent data exchange with blockchain technology present credible reasons for its adoption in different use cases.

According to many commentators, during 2022, we will see a number of other countries follow suit. The move, experts told INN, still limits the availability of the cryptocurrency. Further, President Bukele has vowed to build a “tax-free Bitcoin city” and mine Bitcoin using geothermal energy. Created by Senegalese pop sensation Akon, Akon city is a crypto-powered “smart city” that aims to bring jobs and prosperity to the region.

Q3, 2021 was a highlight with over $10B in trading volume, making up almost half of the total NFT trading volume in 2021. In order to take advantage of the unique features of different chains, such as transaction costs and wait times and to maximize one’s return on investment the ability to transfer funds from one chain to another is paramount. We saw the emergence of multiple L1 chains and L2 solutions in 2021 and the need for interchain liquidity became an obvious bottleneck for wider adoption but this has also provided an important opportunity for development. Deloitte AG is an affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). Please see About Deloitte for a more detailed description of DTTL and its member firms. To provide the most impactful services to our clients, we divide our deep subject matter expertise and innovative solutions into six industries and twenty sectors.

In 2022, we are likely to witness the expansion and diversification of NFTs to new verticals and users. The use of NFTs in e-gaming, promotion of products, and engagement with fans is likely to surge. As the blockchain industry will continue to experiment, we shall see more advanced versions of NFTs entering the market space. The information about the transactions is not stored on one centralized server.