Hong Kong – , the Asia based market research institute, has released a report on ‘Predictions of How Blockchain Will Influence Other Industries in 2022’. During 2022, spending on blockchain solutions by businesses is forecast to hit $11.7 billion. Here are some of the trends that will be driving this and some thoughts on how this will influence more and more lives over the course of the next year.
Blockchain and supply chains
Supply chains – the links between the creation and distribution of goods – have always been disrupted by innovation. Today’s supply chains are extremely complex, threading multiple continents, including huge numbers of invoices and payments, involving myriad entities, and potentially extending over months. Due to this complexity, blockchain is an attractive means to transform the supply chain and logistics industry. When goods are transferred to a new step in the supply chain, the process can be logged securely and permanently, creating an immutable, auditable history from its point of origin to that of sale.
Blockchain and business
Blockchain technology has huge implications for business, with the main drivers for adoption being higher revenue, lower costs, and more efficient use of time. During 2022, we are likely to see a great deal of emphasis on attempts to “greenify” blockchain. There are a few ways this can be done, including carbon offsetting, although many people consider that this often equates to simply patching up a wound that should not have been caused in the first place. Another is by moving to less energy-intensive models of – typically those that rely on “proof-of-stake” algorithms rather than “proof-of-work” to generate consensus.
Blockchain and legal field
In law, blockchain technology can be used to create smart contracts, as well as validate ownership documents such as title deeds. If used to validate, authenticate, and secure courtroom evidence, blockchain could improve efficiency in the criminal justice system.
Blockchain and real estate
Real estate transactions are usually expensive, paperwork-heavy, and require the assistance of agents. Blockchain has the potential to ease the process of finding and buying real estate through tokenization, using digital real estate tokens to represent physical assets.
Blockchain and financial services
One area predicted to continue evolving with blockchain technology is cross-border payments.
Blockchain and healthcare innovations
Blockchain’s open yet highly secure nature makes it a natural fit for improving healthcare. Patient information, for example, can be stored in an incorruptible, decentralized, and transparent database, making it safe but accessible to patients and healthcare practitioners alike.
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