How I see the evolution of Blockchain technology in 2022
- Posted by cosmint
- On March 22, 2022
- 0
As an angel investor with more than ten years of experience in management and startups, I pay close attention to everything that happens in the blockchain world.
I place a strong focus on tech companies, renewable energy, and real estate, and I feel that we will be witnessing a breakthrough for blockchain technology in these sectors in the next couple of years.
It’s 2022, and we are well past that point when blockchain was just another buzzword people loved using. You could hear people talking about blockchain technology in cafés, during your uber ride, and anywhere in between.
Cryptocurrencies and the blockchain movement (if I may call it that) are undoubtedly one of the most important and popular topics in the world today. And that’s not surprising.
When you give people the chance to be a part of something new, something groundbreaking, those go-getters out there will jump at the opportunity to make a major change in their lives.
This is what happened with cryptocurrencies just a few years ago, and given the fact that this industry has reached a global market cap of $3 trillion in 2021, who’s to say that 2022 will not be yet another record-breaking year?
But let’s see exactly how blockchain technology can start a revolution in several fields of activity.
1) Blockchain technology in the financial sector
In my opinion, the financial sector is the first that will go through big changes in 2022 due to the blockchain revolution we are witnessing today.
- IBM’s Blockchain World Wire – Powered by the Stellar protocol, this blockchain solution allows banks worldwide to settle payments in a matter of micro-seconds.
Not only is this system fast and efficient, but IBM also made the code open-source, so anybody can start pitching in with new development ideas.
- Ripple and Pyypl – Ripple has been a name in the cryptocurrency world for quite some time now, and recently, they’ve partnered up with a Dubai-based tech company called Pyypl.
This company developed a new blockchain-based platform that offers non-banking financial services straight from your smartphone. Although still in its initial phases, the whole process sounds extremely promising. Be sure to keep an eye out to see how this partnership will develop in 2022.
- AZA Finance – Africa is one of the fastest emerging markets in the world today, and AZA Finance plans to take things to the next level this year. They use blockchain technology to allow SMEs in Africa to send and receive payments to and from all over the continent.
This company developed a new blockchain-based platform that offers non-banking financial services straThey convert African FIAT currencies into cryptos, reducing a company’s reliance on the US dollar.
- ABRA – Through this fresh-new app, users can buy, sell, and trade up to 100 cryptocurrencies. Sure, nothing revolutionary here, but they’ve managed to raise $55 million to develop a money-management product and service for people worldwide.
If they manage to stick to their roadmap, chances are that you’ll be hearing a lot of ABRA very shortly.
- Bloom – works by implementing blockchain technology to credit scoring in the banking sector. Through Bloom, banks will be faster at assessing risks, verifying identities, and giving out a loan based on a person’s credit score.
This makes the credit scoring process faster, easier, and less subjective.
2) Blockchain technology + Business = <3
The word around the business world is that blockchain technology will take over this entire sector within the next five years.
If this will happen sooner or later, I can’t tell, but blockchain and cryptocurrency adoption are on the rise. And trends show that it will continue to stay that way for a long time.
Today, more and more companies are adopting blockchain technology and pointing out some of the game-changers in this field, I would go with the following businesses:
- ConsenSys Quorum – was created by JP Morgan and worked as an enterprise-grade service that will allow businesses worldwide to develop and grow their global blockchain networks.
- LVMH – Blockchain is used for many things, and LVMH plans to implement it to track merchandise and fight off counterfeiting. With over 10 million products already listed on their luxury goods platform and working with brands like Prada and Cartier, this may very well be the next big thing in fashion and business.
- MediaChain – You know you’re doing the right thing when you get tech giants like Spotify to purchase your company. This happened to MediaChain, which Spotify now uses to track copyrights royalty payments and resolve any issues rights holders may encounter.
3) Real estate with blockchain technology
This may very well be one of the hardest links to imagine between two industries. If real estate is something you can actually see, blockchain technology is a completely different animal.
It’s exactly what makes this mix even more exciting and worth paying attention to in 2022.
When dealing with real estate transactions, most people encounter expensive fees, and the paperwork is extremely complicated, to say the least.
Through blockchain technology, we could be witnessing a new way of investing, buying, and selling real estate, as follows:
- Using cryptocurrencies to avoid expensive processing fees and middlemen
- Through blockchain technology, a property deed can be added to a digital ledger as a form of legal and irrefutable proof of ownership
- All transactions will be publicly listed on the blockchain, ensuring more transparency in an industry where many try to hide their assets
One of the best examples of implementing blockchain technology in the real estate industry is Deedcoin. This token connects real estate agents with homeowners, and the commission charged is just 1%.
Another blockchain-based platform being used in real estate which is worth mentioning is Harbor. You can create tokens for private securities, REITs, land titles, and more through this platform.
Although everything seems promising, we still have a long way to go in this industry before blockchain implementation and cryptocurrency adoption rates will become a staple.
4) Interesting Blockchain Statistics for 2022
If there’s one thing I enjoy reading, it’s interesting blockchain statistics because they can paint a clear picture of where this sector was and where it is heading in the next couple of years.
So, let’s go over some of the most interesting blockchain statistics I found online during my last read.
- $11.7 billion is the predicted global annual spending on blockchain solutions in 2022 (Investopedia)
This accounts for a 73.2% CAGR (Compound Annual Growth Rate) in 5 years’ time.
- Blockchain technology can reduce the infrastructure costs for the banking sector by 30% (TechJury)
That’s extremely impressive if you ask me, and that’s why I’m betting on a larger scale approval for blockchain technology throughout the banking sector worldwide.
- Every 3 seconds, somebody posts something about Bitcoin on social media (Earth Web)
If my math is correct, that amounts to 20 times per minute. Interesting, right?
- As of December 21st, 2021, there were 80,025,125 blockchain wallet users in the world (BuyBitcoinWorldwide)
That’s close to the total population of Germany, which is roughly 83 million.
- More than 32% of US-based SMEs accept cryptocurrency as payment (Fortunly)
If 1 out of every three small businesses in the United States accepts cryptos as a form of payment, we’re most certainly heading in the right direction.
I imagine that the blockchain revolution will not happen overnight. Still, it will occur at a very rapid pace, given the exponential growth and development of new technologies.
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