A new era of the Internet called web 3.0 built upon Technology Trends, is advancing ahead of time. It has a large number of supporters across the world through decentralization as well as data security and freedom online. It is not surprising that the market for blockchain experiences an unprecedented expansion: starting at seven billion by 2022 to it could rise to $164 billion by 2029!
While most people think of blockchain as cryptocurrencies but this isn’t the sole situation currently. Different industries are adopting this technology. Blockchain technology has already been seen applications in eCommerce healthcare and transportation, supply chain and finance. This article can also assist you in expanding your understanding of the applications of blockchain technology across various sectors. Softermii specifically, will present its own experience using the example from the FinTech Project Extobit. Thanks to our help, the platform was able to attract over 20,000 customers within the first week of its launch!
How Is the Blockchain Technology Market Growing?
Blockchain solutions are a huge part of the global economy. is estimated to be $6.6 billion by 2021. The technology is expected to see additional investments in the many billions. The market for blockchain will have an average annual rate of growth of 56% during the period between 2022 to 2029.
Another good news is the fact that European Union is planning multibillion-dollar investment in technology development with blockchain as a component. Industries from all sectors take part in blockchain technology, with the financial, banking and insurance sectors being the leaders. Entertainment and healthcare are the other two major areas of interest for tech.
Top 9 Growing Trends in Blockchain Technology for 2022
Blockchain is not just the base for cryptocurrency such as Bitcoin. Blockchain technology can be utilized for other reasons as well. Let’s examine the major blockchain technology trends of 2022.
Central Bank Digital Currencies (CBDC)
The blockchain industry is transforming how traditional banks operate. One of the most recent developments in the field of blockchain technology is the widespread adoption of digital currencies by central banks in various nations. This implies that banks will develop digital currencies that are similar to fiat currency.
According to the latest statistics the 87 countries that have expressed interest in the CBDC. The following factors are responsible for the interest of people: virtual currency is more affordable that cash. Additionally, CBDCs have less transaction fees and digital currencies could help to increase financial inclusion.
NFT Boom
Non-fungible tokens, or NFTs, started gaining momentum in 2021. They will remain useful in the near future. They’ve become a way for artists to earn huge amounts of cash at auctions by offering their digital artworks for exchange. Alongside other things the new trend has been gaining popularity to the fashion and gaming industries. Take for instance how it was the Dolce & Gabbana brand set the record at $6 million for sales of its exclusive NFT collection comprised of nine items.
Metaverse
Metaverse will be a virtual reality that will offer its users memorable digital experiences. Naturally this virtual world can’t be created without the blockchain technology. Thus, the more well-known the metaverse gets and the more important blockchain technology will remain.
Blockchain-as-a-Service (BaaS)
BaaS is among the top blockchain technology trends in 2022. Businesses like Microsoft as well as Amazon have already started to implement the technology. Blockchain-as-a-service will act as a cloud service where users can create digital products using blockchain fundamentals.
Hyperledger Cello is a BaaS project. It’s a platform made up of software and tools that allow the creation of digital goods based on blockchain.
Blockchain to Enhance Social Networking
By 2025, there’ll be around 4.4 billion users of social networks worldwide. Blockchain technology on social networks will aid in solving issues that arise from the security of privacy and data security and authenticity of content. This is the reason why blockchain technology is expected to become a trend in social media.
Blockchain in eCommerce
The industry of eCommerce has been involved in blockchain technology. These advancements assist in improving the management of supply chains and protect customer data. Another trend in blockchain technology within eCommerce is the digital identification of consumers.
One example of a blockchain-related use-case for eCommerce can be seen in an app called Fluz app. It’s a platform that lets users earn cash back on purchases at their preferred shops. Blockchain assists this business in recording the spending on gift cards and the expansion in its network of social media.
Blockchain in Real Estate
Blockchain-related trends in real estate cover a range of applications, from tenant and investor tenant identification to property and asset management. By utilizing this technology, firms can make data more accessible and make sure that they are transparent improving the efficiency of their work processes by automatizing them.
Forbes states it is the reason for the future of real property transactions. This is particularly applicable to the automated processing of transactions as well as the use of smart contracts in real estate. Learn more about the real blockchain applications for real estate within our blog post.
Blockchain in FinTech
The financial sector is one of the industries most affected with blockchain technologies. Some of the latest trends include asset tokenization as well as the introduction of digital currency. Other notable applications are data security as well as making use of smart contracts.
Blockchain has the potential to transform the financial system. Transactions will not require intermediaries because of peer-to peer networks. Additionally, the speed of transactions will improve dramatically, and the blockchain will allow for the full security of financial transactions.
Blockchain in Healthcare
The protection of data is vital in the field of healthcare. This is that’s why the blockchain is so in demand in this area. But security of medical records isn’t the only blockchain trend that is being utilized in healthcare. It also aids in establishing supply chains for pharmaceuticals.
It is probable that the blockchain will help in confirming the qualifications of medical experts. R3 Corda blockchain protocol.
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