Your Guide to Blockchain Technology Trends You Should Check Out Before 2022 Ends

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Many people assume that blockchain is simple a cryptocurrencies foundation. However, this innovation is more than that.

One of the significant developments of the 21st century was blockchain technology. It stores information and data in a chain of blocks. Each block links to the other through hash algorithms. It uses cryptographic protocols for enhanced security. It also allows deletion, alternation, or editing of information in blocks.

Besides being associated with cryptocurrencies, blockchain has many other uses in logistics, supply chain management, identity theft protection, and digital smart contract implementation.

Meanwhile, here are the blockchain technology trends in 2022:

Trend #1: Blockchain in FinTech 

Blockchain technology has largely impacted the financial sector in recent years. Asset tokenization and digital currency launching are some of the latest trends. Other prominent application includes the use of smart contracts and data security.

The application of blockchain in FinTech helps revolutionize the conventional financial system. In short, every transaction requires no intermediaries through peer-to-peer networks. There is also a significant increase in the speed of transfers and financial operation transparency.

Trend #2: Blockchain in Real Estate 

Real estate is one of the industries that benefitted from the blockchain trends. These trends include applications in real estate tenant identification, asset, investor, and property management.

This innovation allows companies to ensure transparency and increase data accessibility. Automating work processes results in boosted efficiency.

Many companies claim that blockchain technology can result in future innovations in real estate transactions. Notably, it applies to transaction automation and real estate smart contract use.

Trend #3: Blockchain in Healthcare 

Healthcare values data protection a lot. This makes blockchain technology an excellent addition to the system. Besides medical record security, establishing drug supply chains is another blockchain trend in this industry.

Blockchain technology is also a great help in the educational credential verification of healthcare practitioners. Although this practice is not yet widespread, many US companies have already used the service with the R3 Corda blockchain protocol.

Trend #4: Blockchain in eCommerce

Blockchain technology has been playing a critical role in the eCommerce industry. This innovation helps improve supply chain management while providing better customer data protection. The user’s digital identification is another blockchain trend in this industry.

Different eCommerce apps with the use of blockchain technology were developed. For example, some platforms allow users to receive cash back when buying in their favorite stores. The role of blockchain here is to help companies record the growth of their social networks and gift card spending.

Trend #5: Blockchain-as-a-Service (BaaS)

In 2022, Blockchain-as-a-Service has become one of the most significant trends. Companies like Amazon and Microsoft have already implemented BaaS. This trend serves as a cloud service, allowing users to create digital products with the help of blockchain fundamentals.

For example, Hyperledger Cello, a BaaS project, consists of applications and tools to facilitate digital product creation based on blockchain.

Trend #6: Metaverse 

Unforgettable digital experiences are among the advantages of the metaverse. This virtual world exists because of blockchain technology. If the metaverse becomes more popular, blockchain technology becomes more relevant.

Trend #7: Non-Fungible Token (NFT)

NFTs entered the market in 2021. Since then, many artists have used these tokens to generate large amounts of money during auctions. They provide digital works of art in exchange for NFTs. These tokens are expected to remain relevant in the coming years.

This trend is also found in the fashion and gaming industries. For example, fashion brands like Dolce & Gabbana acquired millions of sales from their NFT collections.

Trend #8: Central Bank Digital Currencies 

Blockchain technology continuously changes the traditional financial system. The adoption of digital currencies by central banks in different countries is one of the latest blockchain technology. This might imply that banks possibly create digital coins that are similar to fiat money.

Currently, there are 87 countries have already expressed interest in Central Bank Digital Currencies. More cost-effective virtual money, lower transaction fees, and financial inclusion are some factors influencing this interest.

Although blockchain technology is primarily associated with cryptocurrencies like Bitcoin and Ethereum, more and more industries have adopted this innovation. Its application is already found in finance, transportation, supply chains, healthcare, eCommerce, etc.

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