The Future of Blockchain Technology in 2022

Blockchain technology, however, offers much more than just a secure method of sending cryptocurrency over the internet. Outside of finance, it can be used in areas including voting, welfare benefits, healthcare, insurance, and insurance, as well as royalties paid to artists. 

On many levels, technology is already having a big impact on society and business, and the global economy is preparing for the blockchain revolution. If the phrase “revolution” seems ominous, consider that eight of the top 10 multinational businesses are working on a wide range of blockchain-based products.

What Financial Services Could Be Disrupted by Blockchain Technology

Cross-border payments are one application of blockchain technology that is expected to keep developing. These most recent changes are driving change in this area

The Stellar protocol was used by IBM’s Blockchain World Wire, a blockchain-enabled conduit that made it quick and easy for banks to clear and settle international transactions.

The transaction was completed by World Wire after it converted the digital asset into money via the World Wire API, which was incorporated into banks’ payment systems. IBM stopped operating the network in response to the COVID-19 epidemic and published the code open source, allowing the developer community to expand on their findings.

Paystack creates payment infrastructures and connects payment processors so that online payments can be made more swiftly and easily. By paying $200 million in October 2020, financial services company Stripe acquired Paystack.

After being introduced in Nigeria, where it was first used, the service was later extended to South Africa in May 2021, where it already contributed 50% of all online payments. In September, it also teamed up as Nigeria’s first Apple Pay payment gateway, giving it access to 380 million customers across 60 different nations.

Ripple and Pyypl – Since 2014, the San Francisco-based blockchain-based software provider Ripple has focused on real-time global payments. Recently, they worked together with Pyypl, a technology business with operations in Dubai that has created a blockchain-based platform for non-bank financial services.

This should assist boost the liquidity of businesses who utilize the platform because it does not require the pre-funding necessary for conventional cross-border payments, where additional cash must be stored in the user’s bank account.

Blockchain Technology When Applied to Businesses

Significant commercial ramifications result from the implementation of blockchain technology, which is primarily motivated by increased revenue, decreased costs, and more effective time management. Corporate businesses are using blockchain in the following examples:

• ConsenSys Quorum is an enterprise-grade service that was initially created by JP Morgan to assist businesses in expanding and managing huge blockchain networks.
• Blockchain technology is used by the luxury goods giant LVMH to track products and prevent fraud. It created a platform where more than 10 million products have been documented in partnership with Prada and Cartier.
• Spotify bought the MediaChain blockchain database to manage royalties and copyright payments as well as rights holder disputes.

Blockchain Innovation’s Effects on Business

The tools and platforms listed offer only a few examples of how blockchain technology has been applied in a wide range of sectors. This demonstrates how vital it is for business executives, tradesmen, and decision-makers to become conversant with the technology and the ramifications it will have for businesses, commerce, and entire economies.

In the 2021 Global Blockchain Survey conducted by Deloitte, 81% of company executives believed that blockchain technology had gained widespread acceptance and was usually scalable.

Blockchain knowledge has become one of the most in-demand specializations globally, with a 59 percent growth in demand from the end of 2020 to the beginning of 2021.

By enrolling in the MIT Sloan School of Management’s online short course Blockchain Technologies: Business Innovation and Application. This six-week course gives students a solid understanding of how blockchain is influencing business and economics while also teaching them how to use blockchain technology to boost organizational innovation and efficiency.

Conclusion

The future of blockchain is very bright. It has the potential to revolutionize the way we interact with the digital world and beyond. While there are some concerns about its security, these issues are likely to be resolved in the coming years. If you are new to blockchain technology, now is the time to learn more so you can stay ahead when it comes to this revolutionary new way of doing business. Are you ready for the future of blockchain? If you have any further questions, please contact us immediately for detailed advice.