Top 5 Blockchain Trends in 2022
Updated: Sep 16, 2022
Blockchain is tagged to be one of the most disruptive innovations. Like any other paradigm-shift technological innovation, this technology has continued its progressive stride towards providing a seemingly quintessential appeal. As we move into the new year, several mind-blowing modifications will be applied to mundane blockchain activities - just the facts!
In this blog, we will look at some of the most exciting new Blockchain trends to expect in 2022
Let us dive in...
Green Blockchain Initiatives
Blockchain systems consume tremendous energy, particularly those used for Bitcoin and other cryptocurrencies. Processing these systems necessitates the synthesis of many complex calculations, which consume a large amount of energy from coal and fossil fuels. This process is called mining and utilizes energy roughly equivalent to the annual energy consumption of countries like Sweden or Argentina.
The United Nations Sustainable Development Goals (UN SDGs) are having a go at achieving zero pollution from the Blockchain, particularly Bitcoin mining, through spearheading initiatives like the 'Green Bitcoin Project.' Some companies such as Energyglare are starting to meet this urgent call of enforcing a smaller carbon footprint into the Blockchain stratum with the social responsibility of opening this sustainable market to everyone.
In 2022, initiatives like the Green Bitcoin Project would not just be a new wave but elicit a leading edge in countering environmental sustainability challenges.
NFT Expanding Beyond Online Art
Non-Fungible Tokens (NFTs) are fast becoming a blockchain sensation. The rare or unique quest to encourage asset acquisition of any digital object while combating counterfeiting continues to bloom.
These digital arts extend to the real world. As the NFT market matures, 2022 would see more diversification of the NFT industry through the unlocking of unique online and offline experiences - more incredible opportunities to explore. Such options would include applications from the nascent 'NFT 2.0' where tokens are useful for procuring real-life paraphernalia, an instance of the NFT project, Stoner cats by Mila Kunis. Similarly, NFT-controlled access would facilitate fans' access to live events like NBA games and concerts. Gamers would also collect NFTs as they progress through the levels, as entire games are now being established on NFTs.
NFT 2.0 is a proceeder of these augmented experiences. This new version would see the industry adopt fewer passive tactics of bringing more life to intangible online assets.
Rationally, I would say a greater sense of originality and satisfaction springs from experiencing some art tangibly; these sorts of offline features would be seen more - what a time to be alive!
More Countries Adopt Bitcoin & National Cryptocurrencies
Over the years, lots of global consideration and emphasis were on the impact of Bitcoin and cryptocurrencies in general; this feat keeps espousing this innovation as one of the most controversial and disruptive technologies. Though illegal in some countries, these digital currencies are gaining prominence and reconsideration in countries, especially nations that once labeled crypto's impact cataclysmic.
El Salvador, some months ago, adopted Bitcoin as a legal tender making her the first country to legitimize a cryptocurrency as a medium of exchange. With El Salvador pioneering this move, much-vested interest has lurked in other body politics. Some enthusiastic crypto users in America are already proponents of making Bitcoins a legal tender in the United States. Bitcoin, a UK complementary digital currency, is another prospect on the horizon.
This trend is one to keep an eye on - easy clairvoyance!