In 2021, blockchain took further steps in positioning itself as the base of the digital future. It’s a distributed, encrypted database model that could solve a lot of issues concerning online trust and security. Many people are familiar with it as the technology that underpins bitcoin and other cryptocurrencies. However, it has considerably larger applications, including logistics and supply chain provenance and security, socio-political causes, gaming, etc. There are a slew of others — blockchain proponents claim it can be used to improve security and integrity in any system where multiple parties share database access.
Use of blockchain for distribution of vaccines
Blockchain technology is expected to oversee and track the effective supply of vaccines directly from makers to patients by 2022. The difficulties associated with blockchain currency will be reduced as a result of this achievement. The system ensures the documentation of transportation data as well as location changes. The blockchain revolution will solve problems at every stage and ensure authenticity throughout.
Manufacturers can proactively monitor for adverse events and enhance recall management with a vaccine delivery network powered by IBM Blockchain. Distributors can receive real-time visibility into their supply chains and improve their ability to respond to supply chain disturbances. Inventory management and safety monitoring can both benefit from dispensers. Citizens can trust the vaccines and return to society with assurance.
Blockchain used in retail sectors
Blockchain technology was first introduced into the retail sector in 2021, and it is only going to get better as time goes on. The retail industry, in particular, requires blockchain for supply chain management and inventory management. IBM and Walmart, for example, have already recently partnered to collaborate on the development of blockchain-based solutions.
It is possible to make a supply chain more transparent and traceable by putting it on the blockchain. Each blockchain node represents whoever is responsible for ensuring that the product completes its journey to the shop, making it much easier and faster to verify if one of the farms sold an infected batch to a certain location.
Government use of blockchain
Distributed ledgers is a concept that’s becoming a talking point among government officials. As a result, they want to use a variety of blockchain services by 2022. As of today, each agency has its own database, necessitating the need for up-to-date information on residents. These authorities would undoubtedly benefit from the introduction of cutting-edge blockchain technologies for effective data management.
Information about people and inhabitants are stored in decentralised digital ledgers. The system can also use advanced encryption technologies and two-factor authentication to boost security standards and provide users control over their data.
The blockchain technology market is expected to reach $20 billion in sales by 2022, according to estimates. While certain nations, such as China, have placed limitations on bitcoin and other blockchain transactions, it is likely that by the end of 2022, specific regions of the world will have fully embraced blockchain-based currency.
Blockchain being used for social and political causes
One of the most intriguing aspects of blockchain’s future forecasts is how it will be used in social and political activities. According to current blockchain trends, bitcoin has already emerged as a promising solution for ensuring the transformation of digital rights management. It can help with minimising the number of occurrences of identity theft. With that established, 2022 blockchain trends will focus on increasing transparency and trust through the use of blockchain features.
There are various potential uses of the blockchain system in the political world:
- Public procurement
- Registries of land titles
- E-voting (This has many security risks that would be very dangerous considering the high stakes of voting)
- Grant payments
Because gamers are already used to tokenization, blockchain’s implementation in gaming is a no-brainer in many aspects. Virtual currency was first used in some of the first games. Games have progressed and merged with the internet to the point where real-world currency may now be used to purchase in-game gold and stuff. To the displeasure of the game’s producers, transactions frequently take place outside of the game. Blockchain has the potential to create rules and justice in in-game money and asset transactions, as well as to connect them to the real world in practical ways. This might be especially advantageous for the free-to-play model popularised by Fortnite, in which in-game purchases (such as skins) funded by digital currency account for the majority of gaming revenue.
Some of the main benefits of blockchain gaming:
- Giving in-game items immutable ownership, preventing item theft due to hacking, and preventing the selling of false in-game assets.
- By tying assets to players rather than games, players’ time and money investments are protected regardless of developer decisions.
- Users are protected from authors’ unfavourable behaviours; players can take control of the game, extending its lifespan and boosting user content. (A promising example is the virtual reality game Decentraland.)
- By tracking sales on a blockchain, game makers and distributors can regain trust.
- Developing a decentralised game distribution network.
- In-game economic systems that are more realistic.
- Refocusing game production efforts to benefit players by shifting the definition of a successful game away from income and toward in-game currency value.
Blockchain technology can indeed help with new green manufacturing methods, the monitoring and storage of data-related activities that cause pollution or environmental damage and the real-time collection and analysis of green or low-carbon data for prompt decision-making. The creation of a green supply chain can also be aided by blockchain.
While NFTs really took off in 2021, it does not look like their meteoric rise will be slowing down in 2022 with more major corporations getting themselves involved with NFTs at the end of last year. For a more in depth look into NFTs check out our two-part ultimate guide.