In recent years, Blockchain technology made significant strides in its development and widespread adoption. And with the pandemic accelerating remote work, enterprises are showing more interest in digital assets and digitalization.
According to a recent study, more than 70% of executives stated that they expect digital assets to become a robust alternative to fiat currencies in the next 10 years.
Currently, we know that Blockchain is a unique technology that powers various cryptocurrencies like Bitcoin & Ethereum. However, this is not the only application of Blockchain technology. There is more to it than meets the eye.
But, the thing is, most people or organizations don’t realize how blockchain can actually help them.
So, let us see how the future of blockchain technology will revolutionize the world in 2022.
3 Exciting Ways Blockchain will Impact the Future in 2022
1. Blazing-fast Transactions
One of the biggest benefits of blockchain technology is its secured and decentralized nature. This makes it incredibly difficult for nefarious parties or hackers to tamper with transactions. How is this made possible?
Blockchain technology comes with an array of features like:
- Cryptographic encryption (one of the most effective data security techniques)
- Data immutability
- Greater transparency
- Increased efficiency and speed
- Instant traceability
Therefore, blockchain-verified data leads to faster transactions without any compromise in security.According to a leading study, almost 66% of banks are expected to adopt blockchain solutions in production in the next few years.
One of the best predictions of the future of blockchain in finance is that it will bring an opportunity to process transactions round the clock. This means transactions can be securely processed 24/7 with high-level security.
2. The Non-Fungible Tokens
Although cryptocurrencies are one of the most widely-known use cases of blockchain, another exciting & emerging use case of blockchain technology is NFT or the Non-Fungible Token.
To put it simply – Instead of selling or buying physical assets, NFTs enable you to buy & sell digital assets that represent real-world items.
The best part about NFTs is that they are unique and cannot be easily swapped or replaced which means:
“NFTs can be only purchased, traded, sold or given away by the assets original creator/owner.”
Non-fungible tokens are already giving rise to a whole new way of owning digital collectables that range from unique accessories, rare digital artworks, one-of-a-kind sneakers and many other items.
Just look at these stats to get a glimpse of the burgeoning NFT market:
- Themost expensive NFT ever sold cost a whopping USD 532 Million!
- The most expensive NFT video was sold for USD 7 Million.
- An NFT Meme was sold for almost USD 4 Million
- NFT Sales amount to millions of dollars each week.
So, as you can see the NFTs are here to stay and will continue to grow in the days to come.
3. Wider Adoption of Cryptocurrencies
Crypto currency is a popular financial asset that has gained worldwide adoption in recent times.
Although the most popular cryptocurrencies tend to be Bitcoin and Ethereum, there are many lesser-known cryptocurrencies likePolkadot, Chainlink and Dogecoin that are being welcomed by retail investors and common people as a hedge against inflation.
This will certainly lead to wider use of blockchain technology as businesses begin accepting cryptocurrency payments.
Currently, consumers find it tricky to get involved in cryptocurrency trading. However, with cryptocurrencies being widely adopted in the days to come, people will be able to signup on trusted exchanges and trade effortlessly.
In addition to that, blockchain technology can also help facilitate tokenization of assets like land, cars, artwork, houses or other real-world things that have value.
These are a few exciting Blockchain trends & predictions that will revolutionize the world in 2022.