By FintechNews staff
During 2022, spending on blockchain solutions by businesses is forecast to hit $11.7 billion. The technology may soon cover numerous areas of human life, different areas of activity. Among the trends in the development of the system, there are five main ones:
–Blockchain as a Service (BAAS)
It’s a new blockchain trend that’s already been adopted by several companies and businesses. BaaS is a cloud-based solution that allows customers to collaborate with blockchain to create their digital products. These digital goods might be smart contracts, decentralized applications (Dapps), or even other services that don’t require the whole blockchain infrastructure to function. With the help of technology, it will be possible to create objects and architectures that will be completely independent, decentralized. The project can be implemented through specially created cloud platforms. Thus, innovations are quickly introduced into our daily life and are actively developing.
Microsoft and Amazon are two firms building blockchains that offer a BaaS service, hence influencing the future of blockchain applications.
–Social Networking Problems Meet Blockchain Solution
Concerns such as well-known scandals, privacy breaches, data management, and information relevance will be addressed through the use of blockchain in social media. As a result, combining blockchain with social media will be another emerging technological trend in 2022. It is possible to use blockchain to assure that all social media material is untraceable and uncopiable, even after it has been deleted. Users will also have more security and control over their data.
–Interoperability and Blockchain Networks
The capacity to transfer data and other information across numerous blockchain systems and networks is known as blockchain interoperability. This feature allows the general public to easily view and access data across many blockchain networks. You can, for example, transmit data from one Ethereum blockchain network to another Ethereum blockchain network. Interoperability is difficult, but the rewards are enormous.
–Transformation in the overall condition of the economy
PwC recently published an analysis showing that the use of blockchain technology by 2030 could provide colossal economic growth. According to average estimates, growth will be provided by $ 1.7 trillion. Main areas of use:
tracking and control of the transferred amounts of money;
making payments and providing financial services;
creation of contracts, regulation of conflict and controversial issues;
work with clientele;
identification and management.
To date, experts consider the most advantageous position of the blockchain in the fields of health, education and management