On March 17, we linked up with tokencamps co-founder Keaden for an interview and AMA wher discussed the past year of cryptocurrency and his expectations for the future. Below is a recording and a collection of questions and answers from the interview:
The Blockchain Industry’s Biggest Challenges
While many associate blockchain with cryptocurrencies like Bitcoin, it has many other uses in supply chain management and preventing identity theft, as well as logistics and the implementation of digital smart contracts. So many technology enthusiasts want to know how to find the top blockchain trends for next year to determine how the technology will further evolve.
How to see the trend of blockchain in 2022
The best way to look at blockchain trends in 2022 is to start by talking about blockchain forecast statistics. According to a semi-annual global blockchain spending guide published by International Data Corporation, annual global spending on blockchain solutions will reach nearly $11.7 billion by 2022. Businesses are looking for new use cases for blockchain, with applications ranging from healthcare and gaming to identity management.
With over 70 million blockchain wallets currently in use, it is reasonable to expect many other favorable blockchain projections in the future. Most importantly, the global blockchain market will grow at a CAGR of over 69% during the forecast period up to 2025. As one of the most disruptive technologies in 2021, blockchain technology enters 2022 with great anticipation.
What to make of the global government’s approach to cryptocurrencies
Another promising area for blockchain growth in 2022 will be the concept of national cryptocurrencies. The concept of national cryptocurrencies is basically related to the central bank digital currency CBDC, which suggests that central banks will create their own coins instead of opting for decentralized ones. Thus the blockchain trend could enable users to conduct financial transactions and manage the custody of their assets. What is interesting is that users do not have to rely on third-party providers and central banks can control the supply in circulation. Central banks can keep the value of their national currency tokens parallel to their traditional currencies. A good example of this blockchain trend in 2022, for example, is Bitcoin which is recognized by the UK government. Even though it is not ready to be launched in 2022, many other countries have already shown aggressive efforts in introducing blockchain-based national currencies.
Using blockchain technology in traditional industries
2021 is the year to battle and recover from the effects of COVID-19. 2022 will be no different, as managing the COVID-19 will remain a top priority. In fact many of the top technology trends for 2022 will be focused on tackling the global pandemic. Interestingly, the blockchain trends for 2022 will highlight their potential use cases in vaccine manufacturing and distribution and tracking.
Concerns about the manufacture and distribution of counterfeit vaccines create complex and enormous problems for managing global pandemics. In this context blockchain can be an ideal tool for verifying the authenticity of vaccine shipments. In addition blockchain can help track the distribution of vaccines to ensure they reach the desired location. another promising highlight of the 2022 blockchain future for manufacturing and distributing COVID vaccines will be the verification of vaccine integrity at different points in the supply chain. For example, blockchain technology could help ensure consistent storage of vaccine batches at the right temperature.
NFT and metaverse will attract more people to the blockchain industry
Another potential use case for NFT to have a place in the 2022 blockchain forecast is NFT in games. the use of NFT in games is exemplified in popular games such as Axie Infinity. the NFT games allow players to cast their own NFT creatures called Axies and send them into tournaments. Axie Infinity really shows that NFT is more than just digital art.
It is interesting to note that the NFT concept has now found some promising use cases in the music industry. Many famous artists have released their tracks in the form of NFTs. Yet like blockchain NFTs have potential far beyond their initial use cases, and these use cases are attracting attention. Distillers William Grant and Son, for example, sell 46-year-old Glenfiddich whiskeys with NFTs to verify the origin of each bottle.
Then there is the rise of the metaverse. If 2021 witnessed the rise of discussions about the metaverse, then the blockchain trend of 2022 will drive the metaverse itself. For years we have only witnessed the possibilities associated with virtual worlds in science fiction. Yet the concept of a metaverse has become a real phenomenon, with many popular platforms boasting large user bases. the Metaverse is essentially a shared virtual world that offers an immersive experience. Participants can interact with the metaverse through the use of their digital avatars.
One of the important aspects of virtual world design is decentralization, which will enable transparent and seamless access to the virtual world. What better option than blockchain for creating such a decentralized network? In addition to decentralization, the metaverse relies on blockchain capabilities to ensure user governance privileges as well as verifiable provenance. Most importantly the use of blockchain infrastructure also connects the metaverse economy to the larger crypto economy. 2022 blockchain predictions will focus primarily on the potential technical support for the metaverse from large tech companies. The adoption of virtual world games such as The Sandbox and newly developed blockchain projects in virtual worlds will be the highlights of 2022. One can also look for the possibility of virtual world games offering exclusive benefits such as social and investment opportunities.