Cryptocurrencies are flourishing paving the way for Blockchain to garner maximum attention and a strong foothold in the industrial sectors. It has also forayed into other commercial sectors majorly in the last year.
Below are the five industries that have welcomed Blockchain into their sectors and will continue to increase in 2022.
- Involvement of Blockchain Technology in the Supply chain industry
In January 2021, the rigorous logistics necessities in distributing Covid-19 vaccines were led by the technology of two UK-based hospitals. It was also used to monitor and track the supply chain of vaccines.
In August 2021, New York roped in IBM to create and deliver authentic data for COVID 19 vaccines. Vaccination was administered across various locations and Smart Health cards served as the digital proof.
- Diffusion of Blockchain Technology and Smart Contracts
There is a Blockchain-based technology known as Smart contracts that implements a contract by default after the pre-requisites are satisfied by both sides. It does not require an intermediary and is automatically on the Blockchain.
Various Decentralized finance (DeFi) platforms where Smart contracts are in usage are Solana, Avalanche, and Ethereum.
Smart contract – Ethereum was utilized in a flight-delay product known as Fizzy, launched by AXA – French insurance magnet during 2017 that automates compensation for flights delayed beyond two hours.
- The popular Metaverse
A few of the well-known deals during 2021 in Metaverse are below:
In October 2021, social media giant Facebook invested an amount that was worth 10 billion dollars in Metaverse.
They renamed the organization to Meta Platform Inc and also prepared the whole organization regarding the Metaverse that offered shared immersion of digital spaces.
In November 2021, tech giant Microsoft also announced its plan on bringing Metaverse experiences along with the Microsoft product Mesh which is an update of Xbox and Teams consoles.
Nike also collaborated with Robox for launching its own Metaverse – Nikeland in November.
- Well known NFT – Non-fungible tokens
Among the various Non-fungible tokens (NFT) productions, some of them are listed below:
Legendary actor Amitabh Bachchan launched his collection of NFT that featured the classic moments from his popular films.
Chess Grandmaster Magnus Carlsen was awarded the first-ever NFT trophy in the International tournament that lasted for ten months and winded up in October.
- GameFi based on Blockchain Technology
GameFi also known as play-to-earn games caught up quickly in several evolving and impoverished economies.
Massive well-known GameFi like My Neighbor Alice, Axie Infinity, and Mobox allow players to earn and sell characters and in-game assets that are tokenized via NFTs in the Non-fungible tokens (NFT) marketplace.
The selling of these assets obtained from the game turns the players into real owners of these belongings that provide them real-time value when they sell them.
