Blockchain technology has been trending for only a few years, but the buzz has not gone unnoticed. Experts are already predicting what to expect with this technology in just over a decade. From institutions to security to business models, these are some of the things we can anticipate in the near future. The objective is not just to predict what will happen but how you can get ahead of these changes. This article also includes strategies for addressing each trend as it arises. Let’s take a look at 10 of the key trends that will drive blockchain adoption and impact business in 2022.
List of Future Trends of Blockchain Technology
1. Decentralized Autonomous Organization:
This blockchain implementation is likely to be the biggest trend in 2022. With this decentralized structure, users can make use of smart contracts to program rules for an organization. This implemented structure can prove to be a game-changer for market players because it will make them more efficient and effective. Smart contracts can also be responsible for providing greater flexibility in terms of decision-making and equity sharing.
That is why we anticipate organizations to be at the forefront of this new trend toward creative freedom. This structure removes the need for a centralized system and helps cut costs for an organization by removing middlemen and streamlining processes.
2. NFTs (Non-Fungible Tokens):
These NFTs tokens are digital assets that are unique and cannot be replaced by another asset. For this reason, they are sometimes called tokens of irreplaceable items. They are also often used in exchanging digital assets among users. For example, a gamer who earned coins playing a game can use these coins to purchase something that cannot be bought by traditional fiat currency.
To date, this has been only possible using conventional currency but now blockchain technology can make it possible! The exchange of NFTs is generally tokenized on the Ethereum blockchain and this will be possible regardless of the value of the token or the amount in fiat. Moreover, these tokens can serve as digital collectible items because they have built-in scarcity.
3. Layer-2 Blockchain:
When blockchains first became a talking point, many people saw them as having too many limitations to be effective tools for enterprises. The use of a layer-2 blockchain allows enterprises the ability to scale the system and make it more viable for businesses. These are blockchains that can be used to process payments, but they do not store data for smart contracts. Since the layer-2 blockchain does not store smart contract data, it does not present the problems of scalability that blockchains do.
For instance, a layer-2 blockchain can be used to process payments between enterprises that cannot trust each other. However, what makes this layer-2 blockchain a better bet for businesses is the ability to verify transactions. The use of a layer-2 blockchain allows businesses to validate transactions that cannot be verified with traditional financial institutions.
Metaverse is the idea of a future online world where anything can be represented and interacted with using digital assets like tokens and smart contracts. For example, one can have virtual representations of real-life assets such as cars or property by using digital assets on the metaverse platform.
This is an online platform from which you can build your digital universe. In this platform, you can create virtual identities and issue assets on the blockchain. You will also be able to trade and transact with other users in a secure environment. The true strength of this platform lies in its unique ability to link different blockchain platforms in a manner that allows for efficient communication between these blockchains.
5. Internet of Things (IoT):
IoT is a network that connects all devices around the world. This connection enables devices to send and receive data from each other. What makes this technology so exciting is the fact that it can connect a wide range of devices like your fridge, smart TV, and more.
If you are wondering why this will impact blockchain technology in 2022, it’s because blockchain will be needed to secure and validate the transactions between all these connected devices. For example, smart cars will have their public address but they will use a smart contract to ensure safe and secure transactions with other IoT cars on the road.
6. Cryptocurrency Exchange:
A cryptocurrency exchange is a service that enables people to buy, sell, and trade cryptocurrencies. These exchanges are defined by the SEC and they must be registered with the SEC to perform their operations within the United States. Just like traditional stock exchanges, cryptocurrency exchanges allow you to buy and sell cryptocurrencies at a lower cost than purchasing them directly from your bank account.
With more people getting into this business, we expect the volume of trades to double over the next five years. This growing trend will lead to the emergence of many new exchanges, thereby making cryptocurrency more accessible to new investors.
Also read:- How To Create Your Own NFT Auction Portal?
7. AR and ML:
Augmented Reality (AR) and Machine Learning (ML) are technologies that have been around for quite some time. However, in recent times, we have observed an increase in their popularity as innovations arise. For example, take Pokemon Go as an example of how AR can be paired with blockchain technology to create a unique experience.
With AR and ML on the rise, we can expect to see a lot of products on blockchain be powered by AR and ML that allow users to experience the technology in a fun way. In addition, these exchanges are also required to provide transparency to protect investors as well as effectively manage risks. This ensures that investors have the requisite information regarding the companies they are investing in.
8. DeFi Project Development:
DeFi is short for Decentralized Finance. While this trend is still in its infancy, blockchain technology has been used to allow developers to build applications that aim to assist users in managing funds associated with cryptocurrency assets. For instance, Defi applications track assets and make them available for investors who are interested in holding cryptocurrencies in their digital wallets.
These technologies are all very exciting and we realize that we have barely scratched the surface when it comes to predicting what will be the next big thing in blockchain technology. Besides, you might be surprised by the number of possible innovations that you can expect from these new technologies!
9. Blockchain in Supply Chain:
You will be able to replicate supply chains using blockchain with the rise of automation within the company. The companies that can use blockchain will be those that integrate it into their existing supply chain as well as those that develop new solutions including tokenization, smart contracts, and IoT. It is also expected that there will be an increase in data being stored on these platforms.
In the future, companies are expected to use blockchain for many different processes such as loyalty programs, shipping, and even asset management. This is because these technologies allow companies to process transactions securely and transparently. The key to this is the use of smart contracts that are capable of issuing and redeeming tokens in a trustworthy manner.
10. NFT Marketplace:
Non-Fungible Tokens or NFTs are a type of blockchain that associate one transaction with another. This is possible thanks to the use of smart contracts. NFTs can be used to deliver several different types of products and services such as collectibles, reward points, and in-game assets. As NFTs become more popular with developers, we will see an increase in their popularity on exchanges as well as the number of independent projects that are related to these tokens.
Also read:- Complete Guide to NFT Marketplace Development
After reviewing the blockchain trends in 2022, you should be able to identify what will be the most valuable trends over the next 5 years. This is not to say that there are no other blockchain trends that we may have missed. The truth is, there are many more trends that will emerge with the help of blockchain technology and cryptocurrency exchanges.
How can Auxano Global Services help organizations in leveraging these trends?
Just like we’ve seen the fast rise of Bitcoin and other cryptocurrencies, the blockchain industry will continue to grow rapidly. Most of these blockchain trends will only be possible because of cryptocurrencies.
Blockchain solutions are currently being developed for several different industries including healthcare, logistics, real estate, and many more. However, most businesses are still hesitant to adopt this technology because it can be complex to integrate into your existing business model.
If you are interested in taking advantage of these new technologies, contact us today! We have teams that specialize in designing solutions for blockchain-based applications as well as rolling out entire platforms using the technology. Auxano Global Services has the expertise and technology necessary to make your company stand out from the crowd.
Getting your company to work on blockchain solutions is easy when you work with Auxano Global Services. Since we have a team of industry experts, our primary focus is on adding value to your organization. We will work hard to ensure that you receive the benefits of blockchain technology regardless of the complexity of implementing solutions. Hire blockchain developers on contract with Auxano Global Services to get started on developing a solution that addresses some of your biggest pain points with traditional technology. For example, you can leverage blockchain for supply chain management, government compliance, time-based tokens, and many more.
Get an advantage over the competition and make blockchain a part of your business strategy. Contact us today if you want to partner with the leading blockchain development agency.
Over the past few years, blockchain has become a buzzword in the marketplace. Many different use cases and businesses are expected to be affected by this new technology over the next 5 years. Businesses must obtain an advantage over their competition by leveraging innovative solutions.
Auxano Global Services has designed practical solutions for companies to leverage blockchain technology. You can use our expertise to roll out and test your blockchain solution. Also, we will ensure that the blockchain development team that we assign can deliver within the budget and timeline that you set.
Whether you want to integrate a smart contract for asset management for your business, develop a new app that utilizes the power of cryptocurrency or want to use blockchain for a secure supply chain, Auxano Global Services can offer the best solution for your organization. Contact us today to learn more about our capabilities, as well as pricing plans.