Predictions for the Blockchain Industry in 2022

Companies worldwide have acknowledged & embraced the changes quite faster than anticipated. bitcoin investing will explore some of the rising trends & issues revolving around blockchain technology. 

Here is the list of some dynamic changes that you can look forward to in 2022: 

#1 Government will give its nod to the blockchain technology

Needless to say, the Government had been pretty skeptical of blockchain technology & the cryptocurrency ecosystem. However, opinions seem to be changed & reshaped as the technology continues to make inroads into a number of profit-making industries. Blockchain has enabled businesses to conduct their activities more securely, and the level of efficiency has also been significantly raised. 

Public trust is a major element, and government has already witnessed the direction in which people are headed. Hence, the government is set to leverage the unfathomable benefits of this highly disruptive technology that has proved its worth time and again. Major services such as the credential process in education, procurement, healthcare, land registration, identity management & supply chain have witnessed the benefits that blockchain has introduced. 

#2 Green Blockchain for Green Earth

Every new technology that hits the market consumes a massive level of energy, and blockchain is no exception. Matter of fact, blockchain technology has been subjected to massive criticism in recent years due to its massive use of non-renewable resources. Such energy is required to sustain the security requirements, but it all comes at a cost, a very expensive cost. This is yet another reason why Elon Musk announced that his company will no longer be accepting any Bitcoin payments and that caused a massive & debilitating downfall of Bitcoin quite immediately. 

There have been constant efforts made by the developers to incorporate & introduce more green means into the technology. The reduction of carbon emissions is one such way to curb the menace & stigma that new technology poses for the environment. 

#3 Cryptocurrency as a Legal Tender

When it comes to accepting cryptocurrency as a legal tender, El Salvador will always take the lead as it was the first country to embrace it as a legal tender. This stimulated other developing & developed countries to accept cryptocurrency in the form of legal tender, and the trend continues. The reason that the acceptance is prevalent among such countries is global inflation & the ever-expanding remittance cost.

Such costs are imposed by the financial intermediaries who act as a third party. These costs are usually incurred to facilitate a successful money transfer, especially by the workers working in foreign countries. There is no central authority in this decentralized ecosystem which is undeniably a trendsetter. It gives them much-needed independence to people to carry out the transactions on the peer-to-peer platform. 

#4 Emergence of NFTs

Non-Fungible Tokens have registered significant growth in recent years, which can be attributed to the fact that more conventional systems are being transferred to the digital domain. Now, thanks to NFTs as original users can claim their ownership over the assets without the threat of someone else taking away the ownership. All the property rights remain safe with the owner in NFTs. It has proved to be significantly effective, especially for independent artists who can sustain their careers for a long period of time now. 

However, NFTs have their own unique set of challenges & risks that they will have to confront, especially from the regulatory intervention. Nonetheless, the future of NFTs seems convincingly positive & highly lucrative. 

#5 Rampant Demand for Blockchain Skills

With the uncharted dominance of blockchain, companies are actively looking for candidates who can drive innovation with maximum benefits. The cryptocurrency ecosystem has ushered in a humongous pool of opportunities for people of all ages who want to pursue a lucrative career in this industry. Rising demand for crypto skills & blockchain highlights the fact that such opportunities are available in abundance with no holds barred. 

Building a highly resilient organization requires a robust supply of proficient workforce that can execute tasks in a limited time with maximum efficacy. Hence, such skills can come in handy to drive the revenue of the company to a whole new level.