According to Statista, in 2021, the global blockchain market crossed approximately $6.9 billion worth. In 2022, numbers are expected to cross a threshold of $11.54 billion by the end of the year. Within the last three years, the global blockchain market has expanded with a speed unmatched by any other technology. The value that we mentioned above is compared to the global threshold amounting to up to $1.57 billion in 2018. So, you can imagine the percentage of growth.
Another Statista report also mentions that between 2018 to 2020, approximately 190% of blockchain wallet users have onboarded the technology. Now, common usage of blockchain technology involves fintech companies, crypto companies, IoT manufacturers, and more.
Furthermore, in this blog, we are throwing some light on common use cases of blockchain technology that we might witness in 2022. So, if you find the topic interesting, stay with us until the end of this blog.
1. Governments adopting Blockchain
Blockchain technology is already assisting governments around the world with many administrative tasks. For example, the Indian government is using blockchain technology for a Blood bank network, Drug Logistic Chain, and more. Countries like the US, China, Japan, Brazil, and Switzerland among others are using blockchain to build a more efficient healthcare system.
They are pairing up the blockchain with technologies such as the Internet of Things (IoT) and Supply Chain Management. In 2022, it is estimated that many countries might launch their own Central Bank Digital Currencies (CDBCs) that will be powered by blockchain technology because of its security advantages. People’s Bank of China has already introduced its digital currency in the market.
2. Blockchain in Metaverse
Metaverse has been the hottest topic since it was announced. Metaverse Technology has the attention of businesses, tech enthusiasts, and more. It’s using blockchain technology for Non-fungible Tokens (NFTs), deploying cybersecurity protocols, smart contracts, and more. Metaverse is also selling virtual lands to businesses and private owners. These lands can be used to set up virtual outlets, cafes, e-commerce stores, gaming spots, chatrooms, and more. Major companies that have already bought virtual space in the Metaverse are Tokens.com and Republic Realm.
3. Non-fungible tokens (NFTs)
Content creators have already onboarded Metaverse to sell their creations via NFTs on the Metaverse. As NFTs are powered by blockchain servers, 2022 will witness an expansion in the number of onboarding creators to sell their art pieces. Between Feb and March 2021, NBA Top Shot remained at the leading position in the list of top NFT collectible sales. In 2022, NFT platforms are expected to become more accessible for creators like photographers, artists, music makers, and more. Opensea, Rarible, Foundation, and Nifty Gateway among others are some of the crucial NFT trading platforms existing today. Compared to the early stages of NFT, trading platforms have boosted in numbers with a rapid speed.
4. Blockchain in Pharmaceutical supply chain
2020 and 2021 were years when the rise of Covid-19 brought many facts into the limelight. Even though the existence of fake medicines and vaccines was already known to the world, the pandemic proved that to counter such attempts, quick actions are needed. An IBM report states, that counterfeit medicines are not the only reason behind losses that pharmaceutical companies suffer. Lost into temperature deviations and incorrect shipping are also among many reasons that cost the industry plenty of money and time.
With the establishment of the blockchain network in this industry, shipping coordination, verification, and fraud detection can be done smoothly. Blockchain can help in authenticating the temperature sensitivity of pharmaceutical products to ensure their shipment with the right data at the right time. Also, by pairing up with technologies such as smart contracts, the technology can save medical shipments from the process of plenty of approvals that only delay the process. With unique digital IDs assigned to product units, tracking shipments can be a task that requires much lesser effort compared to traditional ways.
5. Smarter and faster mobile apps
Blockchain technology has the potential to empower smartphone apps to make them faster, smarter, and more secure. Blockchain technology in mobile apps can help developers in making apps load faster. In 2022, expectedly, more fintech organizations will join the mobile app space to approve cross-border payments faster with blockchain-powered security protocols. By the end of 2021, cross-border payments had the largest hold over the global blockchain market with 16% of the entire coverage.
Conclusion
Blockchain technology is continuously evolving and even though 2021 has seen some new trends emerging in the market, 2022 is the year of the evolution of those trends. This year, we might have to wait for new inventions to happen as there are no particular talks going on about new use cases powered by blockchain coming into the existence. However, it will be exciting to follow the evolution of already existing blockchain technology examples like blockchain in wearable devices, blockchain in identity management, and more.
In the end, hopefully, you found the blog useful. You can explore the website more to find out many other informative and interesting reads.
