At the end of the year, we will always see many market forecasts. The economic recovery in 2021 is getting faster and faster. Blockchain can be regarded as one of the most cutting-edge technologies today, and its future development prospects are very broad. As a distributed encrypted database model, many security issues require blockchain technology.
The scope of application of blockchain technology is by no means limited to the field of Bitcoin and cryptocurrency, but has a wider range of potential uses. Some analysis shows that by 2022, the scale of enterprise spending on blockchain solutions will reach $11.7 billion. “Forbes” columnist Bernard Marr made a prediction on the development trend of the blockchain market next year.
Prediction 1: The emergence of a green blockchain initiative
During the operation of the blockchain, a lot of energy will be consumed, and at the same time it will bring higher carbon emissions. This is why Tesla CEO Elon Musk decided to suspend accepting Bitcoin to buy electric cars in early 2021. For this reason, in 2022, the encryption industry may attach great importance to the concept of “green blockchain”, and it is expected that there are several major paths leading to a green operation model:
Many people think this is just a way to make up for it. Because it did not solve the problem from the source.
Switch to a less energy-intensive blockchain consensus mechanism
This usually means that those blockchains that adopt the “proof of work” consensus mechanism have begun to turn to the “proof of rights” consensus mechanism. For example, Ethereum, the second largest blockchain by market value, plans to switch to a proof-of-stake model in 2022.
Technology hedge funds
Cathy Wood, CEO of Ark Invest, stated that the increasing demand for energy will lead to more investment in renewable energy. These funds can also be used for other applications and blockchain operations.
Prediction 2: NFT’s expansion beyond the field of online art
In 2021, NFT can definitely be regarded as a rising star in the blockchain field. Beeple’s “The First 5000 Days” and other artworks have sold astonishing astronomical numbers. It also made the public deeply impressed by this unique concept of blockchain digital tokens. Not only that, NFT also firmly occupies a place in the music industry. Music creators including Kings of Leon, Shawn Mendes and Grimes have released songs in NFT format. In addition, there are a large number of application examples of NFT outside of the field of art, such as:
Distillers William Grant and Son, a well-known whiskey distiller, recently sold a 46-year-old Glenfiddich whisky NFT. In this way, the source of each bottle of whiskey can be traced back.
The game NFT has also begun to shine. For example, Axie Infinity, a pet breeding block chain game “playing and earning”, allows players to “cast” their own NFT pets to compete. At present, the game has gathered more than 300,000 players.
Dolce & Gabbana and Nike both launched their own clothing and footwear NFT products.
There is no doubt that the meta-universe concept led by Facebook, Microsoft and Nvidia in 2022 will bring a lot of opportunities for innovative use cases of NFT.
Prediction 3: More and more countries are beginning to use Bitcoin and central bank digital currencies
In 2021, El Salvador became one of the first countries to designate Bitcoin as legal tender. This means that Bitcoin can be used to pay for goods and services across the country in El Salvador. At the same time, companies in El Salvador can also use Bitcoin to pay their employees’ salaries.
Many commentators believe that more countries will follow El Salvador in 2022.
BitMEX CEO Alexander Hoptner (Alexander Hoptner) predicts that due to global inflation, at least five developing countries will begin to accept Bitcoin next year.
2022 Prediction 4: Integration of Blockchain and Internet of Things
In fact, the concepts of blockchain and the Internet of Things (IoT) are interlinked, which is very suitable for recording the interaction and transaction information between machines. In view of the automation, encryption and immutability of blockchain ledger and database, blockchain technology can solve many security and scalability issues. It can even be used for machine-to-machine transactions. When one machine or network needs to purchase services from another machine or network, small payments can be made through cryptocurrency.
Of course, the integration of blockchain and the Internet of Things is definitely a higher-level use case. Before that, there may still be a long way to go. However, at the beginning of 2022, people are likely to see more blockchain pilot projects and initial use cases in the IoT field. Not only that, but with the continuous promotion of 5G networks, the field of IoT blockchain will usher in more innovations. It is also expected to see stronger interconnection between various smart networked devices.
2022 Prediction 5: Application of Blockchain in Vaccine Manufacturing and Tracking
It is worth mentioning that blockchain technology can play an important role in vaccine tracking and distribution. Previously, there have been many cases of manufacturing fake vaccines and selling fake vaccines. The use of blockchain technology can ensure the authenticity of the vaccine transportation process. And can track their distribution process to ensure that they arrive at the designated location. Not only that, but it can also ensure the integrity of every link in the supply chain. For example, to ensure that a batch of vaccine is always stored at the correct temperature (this is a prerequisite for many vaccines).
Currently, IBM has created a vaccine tracking system. Through blockchain technology, they can uniformly record the vaccination rate and efficacy on their common tools and platforms to ensure effective coordination between various institutions and medical care institutions involved in vaccine distribution. What is amazing is that there is also a pilot project that demonstrates how the blockchain can quickly identify where products may need to be quickly recalled. For example, a certain batch of vaccine causes an unusually high incidence of side effects. The recognition time ranges from three days to just a few seconds.