Industry spending is expected to approach €10 billion by 2022, thanks to growing interest in cryptocurrencies, Smart Contracts and other blockchain-powered technologies. This technology was initially designed to record transactions in Bitcoin, the global cryptocurrency, and is finding increasing use across multiple industry sectors due to its versatility.
The general consensus still places blockchain as the underlying architecture below cryptocurrencies, but it is actually embraced by countless technologies, including smart contracts, logistics and supply chain management, cybersecurity, digital identity, etc.
The online gaming sector has also used the blockchain since they want to promote an environment of total trust and transparency. They prefer crypto casinos with features like provably fair gaming, clear communication with no fine print, and optimized deposits. These decentralized applications produce innovative casino games and provide unique gaming opportunities.
Just think of Bitcoin and other cryptocurrencies as a fancy programmable form of money. Blockchain is, then, the database where all transactions are recorded. Since it has millions of copies stored on many different computers, it is a decentralized database. Therefore, it can be verified by almost anyone, hence its transparency.
Some blockchain trends for 2022
Blockchain use in the Metaverse
Blockchain applications will continue to be an integral part of the development of the metaverse. The immersive virtual reality experience in the metaverse will also feature AR and crypto tokens. One of the main functions of blockchain networks in the Metaverse will be data storage. With the help of digital assets like NFTs and cryptocurrencies, the Metaverse will have a defined ownership status and a functional digital economy.
The third and fourth generation blockchain
While Bitcoin transactions overtook PayPal in 2021 and took aim at MasterCard and Visa, scalability was still a concern. Third-generation blockchain networks such as Cardano and EOS have introduced innovations such as sharding to offer high-speed, scalable solutions while reducing costs. This resulted in an improvement in the distributed application of the blockchain.
BaaS solutions will gain prominence
Blockchain-as-a-Service solutions will quickly gain prominence as the comprehensive functionality of blockchain will lead to an exponential increase in their growth and onboarding. BaaS services will soon be an integral part of the growing number of companies based on blockchain applications.
BaaS operates on cloud-based networks and helps customers build the required blockchain solutions. Customers can develop business blockchain solutions without acquiring the required technical infrastructure, resources, or operational overhead. With the further increase in global blockchain adoptions, BaaS services will only increase.
Increased demand for professionals with blockchain skills
2022 will witness an increased demand for people with blockchain or crypto skills. Reports from LinkedIn suggest that blockchain was one of the most in-demand job skills as of 2021. Organizations are looking for professionals with blockchain and solutions expertise to help them adapt their existing business models to the latest innovations.
Conclusions
The year 2022 is a year when many investors, bankers and developers will look for new opportunities to go beyond traditional means. Blockchain is undoubtedly the technology that gives them the power to change the world. Innovators from the automotive industry to healthcare have seen how blockchain can bring balance to the world using the power of decentralization. Therefore, companies and government authorities will surely invest in blockchain technology in 2022 and pave the way for a massive transformation of this industry.