Today, virtual systems are becoming more and more successful and in-demand, so we should expect an active improvement of the system soon. Blockchain is a key technology that could serve as the backbone of the future digital world.
Organizations are projected to spend
$11.7 billion on blockchain solutions next year. These blockchain solutions are designed to optimize and improve industries ranging from fashion and retail to organizing meta-universes.
The year 2022 will also be the year of blockchain,
according to Saxo Bank Chief Economist and Chief Investment Officer Steen Jacobsen. He believes this market has just begun its growth and has enormous potential. The new generation of cryptocurrencies, according to Jacobsen, will offer an entirely new set of features:
• they will be accepted by central banks, traditional banks, and financial institutions;
• they will be ESG-compliant, and use
new tech solutions and cleaner energy sources for mining;
• NFT tools will allow a variety of earning opportunities; and
• blockchain will be used for smart contracts, legal certification, elections, taxation, etc.
Bitcoin became an official legal tender in El Salvador in June 2021. A new law made it easier for Salvadoreans working abroad to send money home. These funds account for about 20% of El Salvador's GDP.
The CEO of the crypto exchange BitMEX
predicts that at least five more developing countries will follow El Salvador's lead in 2022 because of high inflation rates and high bank fees for international transfers.
In addition to legalizing existing decentralized cryptocurrencies, central banks are creating controlled digital currencies tied to their national currencies. Regulators around the world are studying and testing central bank digital currencies (CBDC) to maintain financial control and allow users to conduct transactions without third-party financial service providers. The People's Bank of China has already introduced a CBDC and other countries, including Japan and Sweden, will join next year.
Some distributed networks consume a lot of energy. This fact is a major roadblock for big companies and states that are considering adopting cryptocurrencies. In 2022, blockchain companies will be looking for sustainable blockchain solutions and investments and shifting to clean energy. For example, the Ethereum blockchain
is preparing to switch to a less energy-intensive POS model in 2022. The green transformation of blockchain will open the door to its wider application, including for environmental initiatives.
Ordinary tags and stickers will become an obsolete data management tool in 2022. The fashion business is investing in blockchain technology to solve several crucial problems in the industry, including the fight against counterfeiting and increased demand for transparency throughout the entire supply chain.
A blockchain-based digital product passport makes data about companies' environmental and social practices more accessible. A passport can include data on the origin of a product’s raw materials, the place and method of production, working conditions, and delivery details. Such traceability systems are useful for sustainable corporate management, making better customer decisions, and choosing environmentally-friendly consumption practices.
Digital product passports can also be used to track and distribute vaccines. Some criminals
create and sell counterfeit vaccines, but blockchain tracking can prevent thousands of infections.
IBM has already tested a blockchain-based system for a successful collaboration of organizations involved in vaccine distribution.
Non-Fungible Tokens (NFT) have been a focus of attention this year and have already become a thing in the digital art industry. Like blockchain in general, this tool has considerable untapped potential.
Using NFT, users can claim and validate ownership of land, real estate, vehicles, or digital objects in games and meta-universes.
While Facebook plans to create its meta-universe, some companies are already implementing its capabilities. NFT and cryptocurrencies are becoming the backbone of the meta economy in these digital worlds and helping people create, own, and monetize innovative decentralized assets.
Some people
are switching their usual jobs to make money in meta-universes, and as metaverses develop, this trend will probably become more noticeable.
Today, experts see blockchain's position as most beneficial for healthcare, education, and governance. PwC experts
believe these sectors will be the most profitable in ten years and provide a significant lift to the economy.
The full development of these systems will require a political environment that supports cooperation and elaboration on strategic goals. The private sector also must be ready to take advantage of all the new opportunities blockchain offers and learn how to manage them.
