Blockchain Development: 7 unique trends to watch in 2022 and beyond
Have you been watching the blockchain development directions? If so, then you’ve seen disruptive trends like decentralized autonomous organizations (DAOs), DeFis, and NFTs. And you might be wondering about the next blockchain trends. In reality, nobody can accurately forecast what will happen in the blockchain industry. However, we can make educated predictions about the blockchain development trends to anticipate in 2022 and beyond. This piece delves into the future trends of blockchain technology and what these movements mean for businesses.
Blockchain development predictions
Here are the top blockchain trends that will shape 2022 and beyond:
Many governments will accept blockchain technology
Blockchain technology allows not only businesses to operate smoothly but governments as well. Governments can take advantage of multiple use-cases, such as Central Bank Digital Currencies (CBDC) and digitization of the voting system. Other potential areas where governments can use blockchain technology include:
- Land registration
- Food supply chains
So, among Blockchain development tendencies to expect are how various governments will apply the technology in their operations.
Many people criticize Blockchain development because of its high energy demands, leading to carbon emissions. In 2021, Elon Musk’s Tesla stopped receiving payments through Bitcoin because of the significant carbon emission associated with the digital currency.
Due to energy concerns, stakeholders in the blockchain industry are using various approaches to attenuate carbon emissions. One of the technologies to use is carbon offsetting. But, many see carbon offsetting as a technology to patch a wound that should have been stopped in the first place.
So, the 2022 blockchain trends are to see more energy-efficient technologies, like the Proof-of-Stake (PoS) consensus mechanism instead of Proof-of-Work (PoW) agreements.
The non-fungible market will continue expanding
Blockchain trends 2022 are incomplete without mentioning NFTs. The NFTs allow users to claim their property rights over a virtual asset.
In 2021, the non-fungible token market exploded and started growing incredibly. This expansion will continue into 2022 as the world embraces the Metaverse. Metaverse will uncover more use cases of NFTs. Furthermore, in 2022 and beyond, NFTs will be about utility, gaming, and accessing special groups.
Demand for blockchain skills will expand
The popularity of blockchain technology keeps rising, leading to an increase in the sector’s demand. So, among the blockchain trends to anticipate in 2022 is the continuous demand for crypto skills.
Blockchain technology has reached a stage where behemoths and governments are embracing it. It’s now apparent that technology can enhance business operations and improve lives. So, organizations require professionals who can help them apply crypto technology to achieve business objectives.
New Generation blockchain solutions
Bitcoin and Ethereum mainets suffer from speed and scalability problems. So, critical 2022 blockchain trends to expect is the acceleration of the creation of new third and fourth-generation solutions to eliminate speed and scalability problems. Third-generation networks like Aion and Cardano use sharding technology to reduce costs and improve settlement speed.
There are also fourth-generation Blockchain development solutions that resolve the technology’s initial challenges. These solutions speed up the creation, operation, and re-organization of commercial networks.
Appealing fourth-generation solutions like Insolar and Aergo cut through the complexity of blockchain by providing easy-to-use interfaces. The solutions mask the underlying decentralized ledger networks that may overwhelm non-professionals in IT.
Expect more DAOs
DeFis have specific challenges regarding governance matters. So, among the top blockchain trends to expect in 2022 and beyond is the emergence of Decentralized Autonomous Organizations (DAOs).
The decision-making procedure by DeFis is supposed to be decentralized in line with the philosophy of blockchain technology. However, initially, an individual or a few persons used to make decisions regarding DeFi. A new approach is to adopt DAOs that have regulations captured on intelligent contracts. So the blockchain development trend to anticipate in 2022 is the creation of more DAOs.
Emergence of Metaverse
Decentralized ledger apps in Metaverse are a critical Blockchain development to anticipate in 2022. Through Metaverse, users will enjoy an immersive experience via multiple technologies, such as blockchain, virtual reality, and augmented reality. Without a decentralized ledger, the Metaverse idea won’t be complete. Data would be kept in centralized servers belonging to behemoths.
Technology keeps on evolving, making it difficult to predict what happens next. That said, one thing is sure, Blockchain trends 2022 will continue shaping the industry. The above future trends of blockchain technology captured here are based on past trends.