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Blockchain technology has got traction in the corporate world in recent years. As a distributed, encrypted database model with robust security and excellent accuracy, Blockchain has a potential to solve issues related to online transactions.
It has already shown capabilities in providing smart contracts, preventing incidents of identity theft, and offering security in supply chain. As technology advances, other applications of the blockchain will be available as well.
Here we are going to show the top five emerging trends from the perspective of a blockchain app development company. But before moving forward, let’s go through the key benefits of blockchain app development.
Major Benefits of Blockchain App Development for Enterprises
The blockchain-based mobile app is highly reliable. It can take advantage of blockchain’s robust infrastructure and makes it extremely difficult to manipulate any information. Also, as a decentralized technology, blockchain can effectively prevent crashes or collapse of applications.
Blockchain records every transaction in the public ledger in a way that anyone can track it whenever they want. It increases transparency without compromising on the app’s security. The entire system is temper-proof and resilient to any fraudulent or fabricated transactions.
Blockchain app development services are designed to build apps with simplicity and cost-effectiveness. Blockchain technology enables entrepreneurs to reduce the development costs of a feature-rich app. Simply put, developing a new blockchain is quite difficult, but its implementation is relatively easy.
Blockchain can make enterprise-grade applications that are highly secure. Blockchains can store data permanently and no alteration is possible. Users can retrieve the data anytime and from anywhere, but there is no chance to manipulate or fabricate it.
Blockchain is basically a distributed ledger that works in sync with an extensive network of computers across the world. Whenever there is a change, it is relayed to the rest of the machines of the related ledger.
The system can either approve or reject the change based on the nature of the change. In a way, blockchain brings decentralization for more flexibility and scalability.
These days, many blockchain app development service providers offer BaaS (Blockchain as a Service) to enable their customers to leverage the benefits of cloud-based blockchain solutions, smart contracts, and blockchain functions.
It is fair to mention that the cloud service provider or blockchain developer can manage all activities to keep the business infrastructure agile. In a way, BaaS can be considered as a futuristic trend.
As per the prediction, spending on blockchain solutions will cross $11 billion by 2022. This target looks possible as blockchain app development services are gaining ground in various industry sectors. Here are the top trends to watch for blockchain technology that can take industries to a new level in the coming years.
Top Blockchain Technology Trends to Rule in 2022
Blockchains have one known drawback- they use a lot of energy and are responsible for higher carbon emissions. In 2022 and beyond, attempts will be made for making blockchains greener than before by implementing carbon offsetting and other ways.
Also, less energy-intensive models of blockchain technology that rely on “proof-of-stack” algorithms can gain ground. It is expected that Ethereum, the second best-known blockchain-powered cryptocurrency in the world, will move to a POS model in 2022.
It is fair to mention that renewable energy and sustainable technologies will remain in the center and operating blockchains will become greener in line with this trend.
NFTs (Non-Fungible Tokens)
Non-Fungible Tokens (NFTs) remain in the headlines throughout the year 2021. The artwork and music world have already adopted this format. In the year 2022, we will witness that NFTs will take off in a big way in the gaming sector.
Giants like Dolce and Gabbana and Nike have also included NFTs in their clothing and footwear range. Software biggies including Microsoft, Facebook, and Nvidia have opened plenty of opportunities for innovations in NFT and its applications.
Also Read- Four Ways Blockchain-AI Integration Transforms App Development
El Salvador has recently adopted Bitcoin as legal tender. In other words, people can use bitcoins freely in this country for getting goods and services. Even companies can use bitcoins for paying their employees. We can certainly expect that many countries will follow suit in 2022.
As per the prediction, at least five developing countries will start accepting Bitcoin in the year 2022 to address increasing inflation and remittance fees from financial organizations. Some financial organizations act as ‘middlemen’ while enabling overseas workers to send money home.
We will also see that the concept of national cryptocurrencies will rise where central banks will come with their coins rather than adopting existing decentralized coins like Bitcoin.
Blockchain is highly compatible with IoT because of its ability to create records of interactions and transactions between connected devices. It can help companies solve many problems related to security while offering more scalability. Encrypted and immutable nature of blockchain ledgers and databases.
Blockchain is also useful in enabling micropayments via cryptocurrencies. In advanced digital payment solutions, an IoT and blockchain combination enables users to make machine-to-machine transactions.
It is possible for users to enable micropayments using cryptocurrencies when one machine or network needs services from another. We can see such use cases in the nascent form during 2022.
Fluctuating value is one of the biggest issues for the Cryptocurrency market. If a coin costs $500 one day, it can go down to $100 in a week. This heavy fluctuation can be addressed effectively with the help of Stable coins.
It is possible to combine the value of stable coins with multiple assets including gold, silver, and USD. As the name suggests, the value of stable coins almost remains the same and never fluctuates violently.
In a way, stable coins can give some protection against cryptocurrency fluctuations while giving all their benefits.
As a new and relatively stable form of investment, stable coins have all benefits that profit-seekers want from cryptocurrency while staying relative away from volatility.
Other trends include blockchain-based exchange-traded funds, over-the-counter (OTC) trading of cryptocurrencies, cryptocurrency insurance, and interoperability are other noteworthy trends to keep in mind for the year 2022 and beyond.
It is fair to mention that the pandemic age will contribute to accelerating the adoption of blockchain trends. As a part of digital payment solutions and automation software, we will see the rapid growth of this technology in a short time.
Looking at these new trends, we can certainly assume that the year 2022 will be of blockchain technology. Various industry verticals will leverage the benefits of this technology with the help of blockchain app development companies.
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