With numerous industries undergoing significant transformations in response to changes in the business environment, many blockchain enthusiasts and observers have concerns about the future outlook for the block chain explorer industry. The following discussion outlines several prominent trends that may shape the potential state of the blockchain industry in 2022.
Increasing Adoption of Blockchain in Governance Applications A leading trend expected to influence the future of blockchain in 2022 is the integration of blockchain within government agencies. The Finance Minister of Japan has recently acknowledged blockchain technology as a crucial tool in the ongoing battle against the global pandemic. In addition, government authorities in Colombia have made commitments to support cryptocurrency and blockchain-based payment systems.
South Korea has successfully migrated over a million driver’s licenses onto a blockchain-based system. Furthermore, Thailand is planning to introduce a new solution for storing judicial documents based on blockchain technology. Moreover, Vietnam has effectively implemented the use of akaChain, a dedicated blockchain platform, to drive digital transformation in the country.
Notably, China is set to launch a fully virtual cryptocurrency, given its significant influence in the global economy and politics. Concurrently, blockchain is expected to permeate individuals' daily lives, thereby positioning expertise in blockchain as an influential soft power in international diplomacy. Additionally, the utilization of blockchain in voting systems is poised to remain a noteworthy trend in the future of blockchain.
In 2022, a significant increase in the adoption of blockchain is expected in the retail sector, particularly for supply chain and inventory management purposes. The collaboration between IBM and Walmart in 2016 marked the initial step in bringing together blockchain technology and retail. As a result of this collaboration, the Food Trust blockchain emerged as a solution for tracking food products. Additionally, in 2018, IBM, in partnership with Maersk, introduced Tradelens, a trade solution for freight management.
The advantages of blockchain for the retail sector, particularly for major players like Walmart, bode well for the future of blockchain technology. Walmart has successfully utilized the blockchain platform to track shipping and payments for approximately 70 shipping companies and multiple retailers. Other notable examples of blockchain adoption in the retail sector include Nestle, Amazon, Volvo, and Ford. Volvo and Ford, as renowned automobile manufacturers, employ blockchain solutions for tracking the supply of cobalt used in lithium-ion batteries.
Nestle is currently conducting a pilot project using blockchain to trace the origin of baby milk and coffee. Amazon has harnessed blockchain solutions to manage the supply of wine. Therefore, the predictions for blockchain in 2022 primarily indicate widespread levels of integration. With nearly $600 million invested in blockchain projects last year, the future trends of blockchain hold promise for increased investments.
In the coming year, an important forecast for the future of blockchain highlights that approximately 30% of global blockchain projects will progress to production stages. The practical and realistic strategies applied to blockchain initiatives will play a crucial role in achieving this milestone. Moreover, the need for accelerated time to market resulting from the pandemic and quicker project initiation could expedite the progress of blockchain projects within tight timeframes. Additionally, a significant portion of networks transitioning from pilot to production is anticipated to be operated on enterprise blockchain platforms.
