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Blockchain, Featured, Technology

The Top 5 Blockchain Trends for 2022

The present digital age is witness to some of the most exciting innovations in technology. AI, Big Data, Cloud Services, and last but not least, Blockchain technology. The distributed ledger sharing technology initially designed to record transactions in Bitcoin, the world’s cryptocurrency, is finding increasing uses across multiple industry sectors owing to its versatility. Without further ado, let us dive into the 5 upcoming blockchain trends for 2022.

Blockchain Technology

The general consensus still places blockchain as the underlying architecture beneath cryptocurrencies. However, a person versed with modern technology will acknowledge blockchain’s ever-increasing adoption across countless domains including smart contracts, logistics and supply chain management, cybersecurity, digital identity, medicine healthcare, and any place where large-scale documentation is necessary. 

Blockchain’s intrinsic properties are largely responsible for its widespread implementation. The technology presents a novel solution by sharing a ledger containing transaction records across each network node. Adding a transaction requires consensus from all the members. Hence information stored within the blockchain network is immutable, permanent, secure, and transparent. 

5 Upcoming Blockchain Trends for 2022

  • The arrival of 3rd and 4th Generation Blockchain Technology

While Bitcoin transactions surpassed PayPal in 2021 and set sights on MasterCard and Visa, scalability still remained a concern. 3rd generation blockchain networks like Cardano and EOS introduced innovations like sharding to deliver high-speed scalable solutions while reducing costs. This resulted in an improvement in blockchain’s distributed application. 

Meanwhile, 4th generation blockchains are being developed keeping prior challenges in mind. The aim is to improve on the previous setbacks while promoting trust and ease of use. Several 4th gen blockchain platforms are focusing on expedition business network formation, operation, and restructuring. To conclude, there will be a significant development in newer generation blockchain platforms. 

  • BaaS Solutions Will Gain Prominence

Blockchain-as-a-Service solutions will rapidly gain prominence as blockchain’s all-around functionality will lead to an exponential increase in its growth and incorporation. BaaS services will soon be integral to the rising number of businesses built on blockchain applications.

BaaS operated on cloud-based networks and helps clients in building the required blockchain solutions. Clients can develop business blockchain solutions without acquiring the required technical infrastructure, resources, or any operational overhead. With the further rise in global blockchain adoptions, BaaS services will only increase.

Also Read: Why Should SMEs Harness Blockchain-as-a-Service (BaaS) Solutions? 

  • Increased Demand for Blockchain and Crypto Skills

2022 will witness a further demand for people with blockchain or crypto skills. LinkedIn reports suggest that blockchain was one of the most in-demand job skills from 2021 onwards. Organizations are looking for professionals with blockchain expertise and solutions to help them adapt their existing business models to newer innovations.

Since its use encompasses multiple business domains and sectors, personnel skilled in blockchain will continue to remain highly sought after. In addition to worldwide blockchain implementation, a booming crypto industry is also contributing healthily to the global demand for blockchain professionals. 

Also Read: Increasing Crypto Job Opportunities For Engineers Boost The Global Crypto Market

  • Integration with IoT and 5G

2021 witnessed blockchain integrating with other existing technologies like Big Data and AI. The upcoming year shall see this trend continuing, developing newer innovations along the way. In addition, the growing attention of corporate enterprises will also lead to a merger with IoT technology. 

Current development in the 5G network has significantly boosted the demand for IoT -based applications. The IoT market will continue to surge at an accelerated pace throughout 2022. However, the progress might be halted due to the fragmented 5G-IoT ecosystem. 

  • Blockchain Usage in the Metaverse

Blockchain applications will remain integral to the development of the metaverse. The immersive VR experience in the metaverse will also feature AR and crypto tokens. 

One of the main functions of blockchain networks in the Metaverse will be the storage of data. The technology will also lead to the development of brewer social networks. With the help of digital assets like NFTs and cryptocurrencies, the Metaverse will have a defined state of ownership and a functional digital economy. Social networking site Twitter is making crypto-integration plans- featuring BTC tipping for creators. 

Also Read: The Metaverse Story: A Trillion Dollar Crypto Economy

Final Words

Over the years, blockchain has risen significantly to the top with infinite practical usage. Governments are looking forward to incorporating the technology for record-keeping and documentation, while worldwide organizations are finding newer ways of cost-cutting and increasing efficiency through blockchain. Industry-based innovations will keep blockchain trends going strong not only in 2022 but for several upcoming years.

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