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Top 5 Major Trends in Blockchain in 2022

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“We believe that blockchain technology could be an important tool for protecting and preserving humanity and the rights of every human being, a means of communicating the truth, distributing prosperity, and as the network rejects the fraudulent transactions – of rejecting those early cancerous cells from a society that can grow into the unthinkable.”

  • Don Tapscott

When the term Blockchain comes, we typically think of Bitcoin. But bitcoin is just a single application of Blockchain. The quote makes it clear that Blockchain is on its way to revolutionizing the way the digital world works and transactions are going to take place, with negligible possibility of fraud. 

Currently, it is one of the most trending technologies across the world. It is so distributed and encrypted that it can solve many problems related to online trust and security. Apart from cryptocurrencies and Bitcoin, its potential uses encompass logistics and supply chain provenance, ‘smart’ contracts, and most importantly, protection against identity threats. The technology is capable of bringing about significant enhancements in the integrity and security of systems involving shared access to databases by multiple parties. 

As published in an article by Forbes, the spending on Blockchain solutions by businesses is expected to hit USD 11.7 billion. So, many professionals find an interesting career in this dynamic technology which is growing at a very fast pace. Blockchain developers are increasingly in demand. 

Fast Facts:

An article published by Times Of India has a headline,

‘Blockchain is India’s future, and if you’re a developer you can earn Rs 82 lakh a year!’.

Blockchain has become one of the fastest-growing skill sets and the jobs in this domain are growing at a tremendous rate of 2000-6000%. 

Wait!! One more amazing fact is yet to come.

The salary of Blockchain developers is around 50 to 100% higher than conventional developers. Whoa!!

So, why not take an online course to earn a Blockchain Certification and make your career go on a roller-coaster ride. 

Let’s look at what this revolutionary technology is and the top trends in the same. 

What is Blockchain?

A Blockchain is typically a distributed database shared among the different nodes of a computer network. In this database, the Blockchain stores the information electronically. They are commonly known for their important role in cryptocurrencies such as Blockchain. It maintains a decentralized and secure record of transactions. 

The best part of Blockchain is that it guarantees the security and fidelity of records of data and gives rise to trust without requiring a trusted third party. 

The Blockchain stores the information in groups or blocks to hold the information. Blocks have particular storage capacities and when they are full, they are closed and connected to the previously filled blocks. This forms a chain of blocks of data, thus the name Blockchain.

Top Five Trends in Blockchain for 2022

  • Green Blockchain Initiatives

When Tesla CEO Elon Musk stopped accepting Bitcoin for his car payment in 2021, the decision was taken because Blockchains could emit high levels of carbon. This is why in 2022 the focus will be on ‘greenifying’ blockchain. One of the methods of doing this is carbon offsetting. 

Next is to move less-intensive energy models of blockchains. 

Ethereum is the second most common application of Blockchain is planning to move to a POS model this year. The growing energy demand will result in greater investment to generate renewable energy which will be utilized for operating Blockchains and other applications.

  • An increasing number of countries adopt Bitcoin and national cryptocurrencies

Last year, El Salvador became the first country to legalize the use of Bitcoin so that it can be used by companies for paying their employees. It is expected that many other countries will sooner or later take this action. According to the CEO of cryptocurrency exchange Bitmex, Alexander Hoptner, it is expected that at least five countries will adopt the same policies regarding Bitcoin that are driven by global inflation. 

Another area of growth is the national cryptocurrencies where these coins are under the control of the national banks. 

  • NFT is going to expand beyond online art

In 2021, Non-Fungible Tokens made the big news in the blockchain. After some of the promising use cases in the music industry, NFTs are grabbing the attention of people involved in Blockchain. 

Among Blockchain predictions this year, the gaming industry is going to find another potential use case. Some of the popular play-to-earn games including Axie Infinity have been exclusively evident of potential applications of NFT. 

Next is the fashion industry which is expected to be crucially used in the Blockchain domain. 

  • Rising trend of Metaverse

Last year, metaverse was the major part of discussions and this year, Blockchain is expected to fortify the metaverse itself. From sci-fi novels, metaverse has now turned into a reality with a huge user base already enjoying the platform. 

The metaverse is typically a virtual platform that offers immersive experiences allowing you to interact in digital avatars with the metaverse. So you can create in-world landscapes, objects, and other experiences. 

Many big names including Microsoft, Facebook are showing their interest in the metaverse. Decentralization is the most crucial aspect of metaverse that makes it relevant to Blockchain. Also, metaverse depends on blockchain capabilities to ensure user governance privileges in parallel to verifiable provenance. 

In 2022, blockchain is expected to emphasize significantly tech support for the metaverse by established IT companies. 

  • Vaccines manufacture and tracking with Blockchain

Last year as well as this year, we are still facing the horrible scenario created by the pandemic. Managing covid scenarios will be the most crucial task this year as well. Blockchain trends in 2022 will also focus on its potential use cases in the manufacture, distribution, and tracking of vaccines. 

Blockchain can play a major role in the verification of authentic vaccine shipment. Also, it can help in tracking the shipment to desired locations. 

IBM is one of the top companies capitalizing on trends for blockchain for managing the pandemic in 2022. It has developed a system that can coordinate different agencies and healthcare companies that are involved in vaccine distribution. 

Moreover, a pilot project was successful in demonstrating the potential of Blockchain for quick identification of product recall situations. 

Conclusion

Blockchain is clearly one of the most trending technologies which is being adopted in many sectors gradually. With enhanced transparency, security, accessibility, and immutability of data it has to offer many potential use cases across various sectors.

It is great to have a career in technology that is evolving rapidly. The simplest thing to do in order to make a career in this domain is to register yourself in an online training course. With perfectly qualified mentors, it is easy to enter into this growing domain. 

Register Yourself Now!!

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