Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a ‘digital ledger.’
In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which the transactional records are stored based on actual purchases. The fascinating angle is that anybody can see the data, but they can’t corrupt it.
Emerging blockchain technology suggests that global entities will depend on the trend much more in future years.
1. Governance will use blockchain applications
One blockchain technology trend consists of practical
government use. As cryptocurrency saturates markets, governments must prepare
for its inevitable takeover.
Moreover, governments can benefit from a virtual currency. Each governmental agency has a separate database making it difficult to gain information about other databases. Furthermore, governments must comply with regulations frequently. This makes compliance difficult for global entities to achieve.
2. Blockchain will increase in the Retail sector
As a result of increased emphasis on transactions,
blockchain technology trends will impact the supply chain industry. Supply
chains have become incredibly complex in recent years. Authorities face many
challenges locating criminal activity due to the confusion of sending and
receiving payments. Plus, inventory management between supplier, retailer, and
manufacturer can also blur illicit activity. The middlemen in supply chain
management pose great uncertainty to not only the authorities but also the
retailers in charge of merchant services and credit card processing companies.
3. Banking and financial institutions will adopt blockchain
More people are putting their trust in blockchain rather
than the banking system. Banks now implement blockchain as a measure to attract
and maintain their customers’ trust and loyalty. Like retail, fast transactions
and immutable services without human intervention serve as a necessity rather
than a luxury to capitalize on.
4. The crypto space will use stable coins
Cryptocurrencies emerged as a side product of blockchain
technology. Although they are not new, they will continue to saturate many
blockchain technology trends. With stable coins, you can make peer-to-peer
payments. Furthermore, users can use them on smart contracts to conduct
automated payments.
5. Big Tech will enhance using BaaS
Big Tech can implement blockchain into their business.
Moreover, Microsoft and Amazon already invested in emergency blockchain
technology and pushed it as a service. BaaS or blockchain-as-a-service refers
to a type of cloud-based service that enables users to develop their own
digital products with blockchain.
Typically, these products exist as smart contracts or applications that function without any setup requirements in the blockchain infrastructure.
7. Real estate will rely on blockchain
Relying on an inherent system of trust serves as one of the
reasons blockchain technology trends keep growing. Real estate companies
require trustworthy systems, making the blockchain technology ideal for smart
contracts and transparent ledger abilities.
8. Blockchain networks will enhance interoperability
9. Hybrid blockchains
A hybrid blockchain uses the most accurate part of both
public and private blockchain solutions. It works by generating hashed data
blocks from a private network, then storing that data in a public blockchain.
Transactions thus occur very quickly, and their associated costs are much
lower. Moreover, they protect over 50% of attacks as it blocks hackers from
breaking into the network.
10. Streaming services will be more secure with blockchain
11. NFTs will revolutionize digital art
NFTs or non-fungible tokens serve as electronic IDs that
authenticate the existence of a digital asset in real-time. An NFT represents
items such as paintings or music as digital tokens.
The software used to write most cryptocurrencies also encodes these same tokens. They are all unique in that the code’s owner also owns the original art.
Non-Fungible tokens are becoming popular across games, digital asset exchanges, and blockchain platforms. In-game assets can be digitized and exchanged using NFTs.
Looking at all these latest blockchain technology trends, one can guess that the year 2022 will be a significant time for this emerging technology in various industries. The major advantages of blockchain technology include lower transaction costs, protection from cyber-attacks, the option to change the rules, help maintain confidentiality and operate in a closed ecosystem. Hence there’s no denying the fact that the technology of blockchain is likely to impact many different industry verticals differently.
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