Blockchain is one of the most exciting technology trends at the moment. Blockchain is also an encrypted, distributed database model that has the potential to solve many of the issues surrounding online trust and security. Blockchain is not only known as the technology underlying Bitcoin and other cryptocurrencies, but its potential applications are much broader. Blockchain applications include digital “smart” contracts, logistics and supply chain security, origin and security, and protection against identity theft.
In 2022, enterprise blockchain solutions spending is forecast to reach $11.7 billion. Here are some key trends that will drive the growth of the Blockchain industry in 2022.
Let’s analyze and learn more about Omatech Web3 through the article below.
The Rise of the Metaverse
For many years, the concept of “Metaverse” has only been associated with the virtual world through science fiction novels. However, by 2021, “Metaverse” was the most searched term in the crypto space. The concept of “Metaverse” has become a natural phenomenon, with many popular platforms having substantial user bases. Metaverse is essentially a shared virtual world that offers an immersive experience. Participants can interact with Metaverse using their digital avatars. Avatars can help interact with each other, creating experiences, objects, and landscapes in the world.
Traditional tech giants like Facebook, Microsoft, Epic Games, and many others are actively showing interest in Metaverse. One of the critical aspects of Metaverse design is decentralization, which will allow transparency and seamless access to Metaverse. What could be a better alternative than blockchain to create such decentralized networks? In addition to decentralization, Metaverse also relies on blockchain capabilities to ensure user administrative privileges and verifiable provenance. Most importantly, the use of blockchain infrastructure also connects Metaverse economies to the larger crypto economy.
While the “Metaverse” is gaining a lot of attention, we also need to acknowledge that the Metaverse will be a long way from becoming fully functional as a technical parallel of our natural world. In 2022, blockchain predictions will primarily focus on the potential tech support for the Metaverse by major tech companies. The adoption of Metaverse games like The Sandbox and new blockchain projects developing in the Metaverse will highlight 2022. In addition, one can also look for Metaverse game capabilities that provide benefits. Monopoly as investment and social opportunities.
Some notable Metaverse projects, such as Bit.Country, Metaverse AI, and Vietnam, Bizverse have achieved certain developments. We look forward to and look forward to the development of these projects shortly.
Web 3 is built on Blockchain
The World Wide Web is the primary tool used by billions of people to share, read, and write information to interact with others over the internet. Since its inception, the World Wide Web has undergone three stages of development: from web 1.0 to web 2.0 and now to web 3.0.
The first version was Web 1.0 – in which users were limited to reading the information provided by content producers. Simple examples of web 1.0 are Google, Yahoo, MSN, etc.
The second version is Web 2.0, also known as the Social Web. Web 2.0 has facilitated interaction between web users and websites, allowing users to communicate with other users. Typical for Web 2.0 is social networks Facebook, Twitter, Youtube, etc.
Web 3.0, also known as Semantic Web or read-write-execute, is the era (2010 and later) that refers to the future of the web. In this era, computers can interpret information just like humans through Artificial Intelligence and Machine Learning. Some typical features of Web 3.0 are:
- It is a semantic web, where web technology evolves into a tool that allows users to create, share, and connect content through search and analysis. It is based on the ability to understand words instead of numbers and keywords.
- It combines Artificial Intelligence and Machine Learning. If these concepts are combined with Natural Language Processing (NLP), a computer using Web 3.0 becomes more innovative and responsive to user needs.
- It presents the connectivity of multiple devices and applications through the Internet of Things (IoT). Semantic metadata makes this process possible, allowing all available information to be utilized efficiently. In addition, people can connect to the Internet anytime, anywhere, without needing computers or intelligent devices.
- It allows users to interact publicly or privately without an intermediary that puts them at risk, thus providing people with “unreliable” data.
- It uses 3-D graphics. We’ve seen this in computer games, virtual tours, and e-commerce.
- It facilitates participation without regulatory permission. It is not allowed. It can be used for:
- Metaverses: A virtual, boundless, 3D-rendered world
- Blockchain Games: They allow users to have actual ownership of the resources in the game, following NFT guidelines
- Digital infrastructure and privacy: This use includes zero-knowledge proofs and more secure private information
- Decentralized finance. These uses include payment Blockchains, peer-to-peer digital financial transactions, smart contracts, and cryptocurrencies.
- It decentralized autonomous organizations. Community members own online communities.
Web 3.0 allows users to interact securely, exchange information, and conduct financial transactions without a centralized authority or coordinator. As a result, each user becomes a content owner instead of just a content user.
Some decentralized storage protocols Web 3.0 is being built on are Bitcoin, Ethereum, Metamask, etc. However, the question is, is it possible to decentralize everything?
This question takes time to answer, but I think that nothing is 100% absolute, so we cannot claim that everything is decentralized.
The NFT market continues to grow
The NFT market is expected to grow as more things move from physical to digital. The NFT marketplace allows users to claim their ownership of digital assets.
In 2021, the world couldn’t stop talking about NFTs after the incredible success of one NFT being sold for $69 million. In particular, NFT is a promising development in today’s music world. Many famous artists such as Grimes, Kings of Leon, and Shawn Mendes have released their tracks as NFT. Then again, distillers, William Grant and Son sold 46-year-old bottles of Glenfiddich whiskey with NFTs to authenticate each bottle.
Another potential cause of NFT is NFT being released in games; NFT’s applications in games have been clear in popular monetization games like Axie Infinity. NFT games allow players to ‘cast’ their NFT creatures, called Axies, and submit them to competitions. With around 300,000 active players on Axie Infinity, it shows how NFT can be more than just digital art. You may also want to know that people who were unemployed during the pandemic in the Philippines used Axie Infinity to trade NFTs and earn income for day-to-day expenses.
In addition, NFT’s applications in the fashion sector are also one of the essential highlights in the future applications and use cases of Blockchain. Some famous brands like Nike, and Dolce & Gabbana have created shoes and clothes using NFT.
NFT is also expected to thrive in Metaverse projects. However, the risks and challenges faced by the irreplaceable token market will require regulatory intervention, which will be crucial to the future of the NFT.
Although the prominent trends of Blockchain, such as Metaverse, Web 3.0, and NFT in 2022, are undeniable, the legal issues related to this technology are also worthy of attention. Legal can determine the survival of a technology.
Governments Will Embrace Blockchain Technology
Blockchain technology can enable governments to conduct their business more efficiently. As they continue to realize the potential of blockchain technology regarding efficiency and public trust, governments will capitalize on its many possibilities.
Several governments have been experimenting with Blockchain technology in various activities, from land registration and certification to education, healthcare, procurement, food supply chains, and identity management.
Typical examples are: Australia Post has made public its plans to use blockchain technology for local voting, and Estonia is using it to enforce the integrity of its tax and business registration systems and health records. E-healthcare, while the UK is looking at the technology to track the distribution of benefits.
More Countries Will Accept Cryptocurrency As a Legal
El Salvador is the first country to accept Bitcoin in 2021 as legal tender. So what will happen to other Countries in 2022?
Due to global inflation and rising costs of remittances between financial institutions, developing countries are more likely to adopt cryptocurrencies shortly.
Technology is evolving, and we cannot say with certainty what will happen in 2022 and beyond. However, Oamtech believes that Blockchain will revolutionize in the coming decades. As such, keeping a close eye on blockchain trends is essential to navigating the complexities of the blockchain landscape.
Hopefully, the above analysis of Blockchain technology trends in 2022 has helped you have the most precise overview of the macro picture of the Blockchain technology market and the cryptocurrency market in particular. . If you have questions or would like to take part in a more in-depth discussion of this technology, please follow Omatech’s social media pages below: