Prime blockchain trends to be followed in 2022!

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Blockchain is the most exciting decentralized technology available at the moment. This newfound technology works with distributed ledgers and follows an encrypted database model with the potential to increase online trust and security.



What makes blockchain wanted by all?

From a technological point of view, blockchain is a digital database created for proper storage of records and simultaneous management of such records on multiple computers. With increasing popularity Blockchain development in Kolkata and across the world is pacing up and providing us with distributed and an encrypted variant of the database.


Features of blockchain:

· Blockchain allows transparent transactions and data storage with the entire system history.

·  Blockchain provides stability, and data entered in the network once cannot be replaced or deleted.

· Blockchain allows for the storage of data in a central server with multiple network participants.

First utilized in the year 2009, the technology backed cryptocurrencies like Bitcoin, Ethereum, and different other digital assets. Distributed ledger technology like blockchain has helped us witness one of the most advanced digital technologies since its invention and introduction in the industry. Blockchain technology remains one of the most promising wonders in the industry with typical uses.


Top blockchain trends to be followed in 2022 –

1. Central Bank Digital Currencies or CBDC:

With the introduction of CBDC blockchain has changed the way of handling the traditional financial system. The adoption of cryptocurrencies by the finance bodies like – The Central Bank and others is one of the latest trends set by blockchain technology. CBDC is now accepted by over 87 countries for being more cost-effective than cash.

2.  Non-fungible token:

NFTs or non-fungible tokens can be a great source of boosting user engagement by means of digitizing digital assets and monetizing their intellectual property rights as well. When NFTs were introduced in the market, they were treated as collectibles, games, and arts. Now NFTs can be used in different industry verticals and can be integrated into enterprise blockchain networks as well.

3.  Blockchain-as-a-service or BAAS:

BAAS is one of the leading trends brought in by the Distributed ledger technology in 2022. Blockchain-as-a-service is already being implemented by the tech giants and is used as a cloud service to be used by users for developing digital products based on blockchain fundamentals. For example – Hyperledger Cello is one such project consisting of tools and applications facilitating digital product development.

4. Use of Metaverse:

First witnessed in 2021, Metaverse is one such blockchain trend in 2022 that has boosted the virtual experience to the next level. This new form of the virtual universe has created multiple opportunities that were once science fiction. Using the Metaverse, network participants can interact through their digital avatars with in-world experiences, landscapes, and objects as well.

Concluding up, the blockchain ecosystem is now evolving at a fast pace and its uses are now beyond cryptocurrencies. Blockchain development services chain can be best suited for different industry verticals like healthcare, eCommerce, real estate, and more. For offering maximum data reliability and optimizing internal workflow companies and businesses will be adopting blockchain technology in the coming years. 

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