Blockchain is one of the most interesting technologies of the present. As you know, it works on the principle of a distributed ledger that maintains an ordered chain of records. Unlike standard databases, it is not possible to change or delete information. This technology has great potential to solve many problems related to Internet security.
In 2020, the global blockchain market was worth about $3.67 billion. Business spending on blockchain solutions is projected to reach $11.7 billion in 2022. According to experts, next year the development of the blockchain will be marked by the following trends:
The advancement of this technology is associated with increased energy consumption and carbon emissions. Therefore, it is likely that in the coming years, significant attention will be paid to attempts to “green” the blockchain. This can be done, in particular, by moving to less energy-intensive models based on the “proof of participation” rather than the “proof of work” algorithm.
NFT goes beyond:
Non-Fungible Tokens (Non-Fungible Tokens) were new to the blockchain in 2021. For example, NFT has been incorporated into the gaming industry: the monster breeding game Axie Infinity allows you to “mint” your own NFT creatures. Nike has created clothing and footwear with its own NFTs. Applications are likely to diversify in 2022.
Expansion of the bitcoin:
The outgoing year will be remembered, among other things, by an attempt to legalize bitcoin at the state level. El Salvador has accepted bitcoin as a means of payment – the government has allowed settlements with virtual currency to pay for goods and services, and pay compensation to employees. Some experts admit that in 2022 a number of other countries will follow this example. Alexander Hoptner, CEO of cryptocurrency exchange BitMEX, predicts that at least five emerging countries will start accepting bitcoin next year.
IoT (Internet of Things):
Blockchain is very compatible with the idea of the internet of things (IoT). The technology can help solve many security and scalability issues.
For example, it can be used for machine-to-machine transactions. Thus, it will be possible to carry out micropayments using cryptocurrencies, when one machine or network needs to purchase services from others. Innovation in this area will be fueled by the gradual rollout of 5G, which means increased communication between all kinds of smart network equipment and appliances.
Obviously, the fight against the Covid-19 pandemic will be a priority during 2022. In 2022, technology will help track and control the delivery of drugs directly from the manufacturer. The technology guarantees the authenticity of medicines as well as the integrity of the supply chain. The pilot project showed how blockchain could potentially speed up the ability to recognize the risk of a product recall – for example, in the case where a batch caused a very high number of side effects.
Greater integration into government bodies:
The distributed ledger becomes very attractive to the authorities. Therefore, it is highly likely that government departments will be interested in the various benefits of blockchain in 2022 and in the coming years.
Currently, each agency has a separate database, so there is a need for a constant exchange of information. The technology will help to effectively manage data, as well as improve security standards.