Blockchain Technology has been a hot topic in 2021 and the same will continue in 2022 owing to its many exciting features like:

• Decentralized Structure
• Increased Data Protection (used Cryptography)
• Increased Trust between different entities
• Reduced Costs due to efficient transactions
• Excellent speed
• Immutability and many more!

Blockchain is already disrupting a handful of industries and it is set to disrupt a few more in 2022. So, what are some real-world applications of Blockchain that will come to the fore in 2022? Read on to find out!

Exciting Blockchain Applications to look out for in 2022

1. For Social and Political Objectives

One of the exciting Blockchain use cases will be its application in political and social activities.

Did you know? Blockchain is already being considered as a potential technology that can transform digital rights management, supply chain management and reduce identity theft. This is due to the trust & transparency-related features that the blockchain brings to the table.

That is why blockchain applications that combat misinformation gained popularity in 2021 and will continue to grow in 2022.

Let’s look at a live example of how blockchain helped fight misinformation:

The New York Times’ Research & Development teams experts created a program (a prototype) that can seamlessly record various activities with the help of a photograph as metadata. The program will then display all the information captured via photographs to therespective users on their social media feeds.

Such innovative blockchain solutions help establish better claims over content like videos and photos which in turn enables organizations and individuals to fight misinformation. With an increase in the use of blockchain technology, many leading experts predict that blockchain will emerge as an innovative tool for social change.

2. Interoperability with Financial Institutions

With blockchain technology witnessing a boom in 2020 and 2021, many users are showing more interest in the innovative technology as compared to traditional banks & financial services.

Banks are realizing this increased interest & trust of customers in blockchain technology and its huge potential for the financial sector. That is why many traditional and modern financial organizations are adopting blockchain to address the unique needs of customers and gain their trust.

Here are a few examples of Blockchain adoption by some of the leading financial institutions –

HSBC – This widely-known organization has recently carried out two credit transactions on blockchain technology between companies that are located in the Gulf.

JP Morgan –They are effectively leveraging the many benefits of Blockchain to address automated margin payments.

3. Increased use of Blockchain in Retail

2021 has certainly introduced blockchain into the retail sector. But, in 2022, blockchain technology will continue to evolve. These advancements in blockchain will be leveraged by the retail sector for inventory & supply chain management capabilities.

2016 was the year when blockchain first took its baby steps in the retail sector. Well-known organizations – Walmart & IBM partnered to create a blockchain-based solution that simplified tracking of food products. The blockchain solution helped Walmart to simplify payments for multiple retailers and shipping companies while seamlessly tracking all the shipping activities.

Fast forward to 2018 where IBM partnered with Maersk to develop an innovative blockchain-based trade solution called Trade lens that solves the many challenges of freight management.

Oher retail organizations that adopted blockchain include Volvo, Nestle, Ford and even Amazon! So, as you can see, Blockchain technology holds a lot of promise for the retail sector in 2022.

4. Incorporating Blockchain into Government Agencies

One of the biggest blockchain trends that have the potential to dominate the blockchain market is the utilization of blockchain technology in government agencies.

While a few countries are coming forward to adopt cryptocurrencies there are many other countries and governments that are realizing the various benefits of Blockchain.

For example:

• South Korea has deployed a robust block-based solution that stores the driving licenses of a million drivers.
• Japan’s Finance Minister has openly acknowledged that Blockchain can be a potent tool in fighting the global pandemic.
• Columbia is also supporting the use of blockchain-based payment systems and cryptocurrency.
• Thailand has been mulling on introducing a blockchain-based document storage solution where all the judicial documents can be seamlessly stored.

These are 4 interesting predictions and applications of Blockchain Technology for 2022.