Distributed Ledger Technology or Blockchain Technology has certainly gained prominence in the past few years. However, the global pandemic proved to be a catalyst for organizations as they went ahead and invested heavily in blockchain technology to achieve various blockchain objectives.
As blockchain projects are nearing production, it is reasonable to wonder about blockchain’s future in 2022 and beyond. So, what are some top future predictions for blockchain in 2022? Read on to find out!
Five Exciting Blockchain Technology Predictions for 2022
1. Interoperability with various Financial Institutions
With blockchain technology witnessing a boom in 2020 and 2021, many users are showing more interest in the innovative technology as compared to traditional banks & financial services.
Banks are realizing this increased interest & trust of customers in blockchain technology and its huge potential for the financial sector. That is why many traditional and modern financial organizations are adopting blockchain to address the unique needs of customers and gain their trust.
Here are a few examples of Blockchain adoption by some of the leading financial institutions –
HSBC – This widely-known organization has recently carried out two credit transactions on blockchain technology between companies that are located in the Gulf.
JP Morgan –They are effectively leveraging the many benefits of Blockchain to address automated margin payments.
2. Leveraging Blockchain to achieve Political & Social Objectives
One of the potential Blockchain Future Predictions is its application in political and social activities.
Did you know? Blockchain is already being considered as a potential technology that can transform digital rights management, supply chain management and reduce identity theft. This is due to the trust & transparency-related features that the blockchain brings to the table.
That is why blockchain applications that combat misinformation gained popularity in 2021 and will continue to grow in 2022.
Let’s look at a live example of how blockchain helped fight misinformation:
The New York Times’ Research & Development teams experts created a program (a prototype) that can seamlessly record various activities with the help of a photograph as metadata. The program will then display all the information captured via photographs to therespective users on their social media feeds.
Such innovative blockchain solutions help establish better claims over content like videos and photos which in turn enables organizations and individuals to fight misinformation. With an increase in the use of blockchain technology, many leading experts predict that blockchain will emerge as an innovative tool for social change.
3. Proliferation of Blockchain in Retail
2021 has certainly introduced blockchain into the retail sector. But, in 2022, blockchain technology will continue to evolve. These advancements in blockchain will be leveraged by the retail sector for inventory & supply chain management capabilities.
2016 was the year when blockchain first took its baby steps in the retail sector. Well-known organizations – Walmart & IBM partnered to create a blockchain-based solution that simplified tracking of food products.The blockchain solution helped Walmart to simplify payments for multiple retailers and shipping companies while seamlessly tracking all the shipping activities.
Fast forward to 2018 where IBM partnered with Maersk to develop an innovative blockchain-based trade solution called Tradelens that solves the many challenges of freight management.
Oher retail organizations that adopted blockchain include Volvo, Nestle, Ford and even Amazon!
So, as you can see, Blockchain technology holds a lot of promise for the retail sector in 2022.
4. Integration of Blockchain into Government Agencies
One of the biggest blockchain trends that have the potential to dominate the blockchain market is the utilization of blockchain technology in government agencies.
While a few countries are coming forward to adopt cryptocurrencies there are many other countries and governments that are realizing the various benefits of Blockchain.
South Korea has deployed a robust block-based solution that stores the driving licenses of a million drivers.
Thailand has been mulling on introducing a blockchain-based document storage solution where all the judicial documents can be seamlessly stored.
Japan’s Finance Minister has openly acknowledged that Blockchain can be a potent tool in fighting the global pandemic.
Columbia is also supporting the use of blockchain-based payment systems and cryptocurrency.
5. Many Blockchain Projects will reach Production
Another important blockchain prediction is that most blockchain projects that are in development in 2021 will reach the production stage in 2022.
Almost 30% of worldwide blockchain projects will reach production. Some of the main reasons for this phenomenon is the pandemic, the requirement of faster time to marketand faster initiation in limited timeframes.
Another Blockchain Future Prediction is that most projects that will shift from pilot to production will most likely operate on enterprise-grade blockchain platforms.
These are 5 exciting predictions of Blockchain Technology for 2022. Want to integrate Blockchain into your enterprise? Why not connect with ARSR.
ARSR is a reputable Blockchain Development Company in USA that offers cutting-edge blockchain solutions which include Consulting & Advisory, DLT Implementation & Integration as well as Innovation Lab.