Blockchain Use Cases to Watch in 2022
Blockchain technology was first introduced in October 2008 as the distributed ledger behind bitcoin transactions. Today, global spending on blockchain is forecast to reach nearly $19 billion in 2024.
How did the technology at the heart of cryptocurrencies take on a life of its own? Based on decentralization, transparency, immutability, and automation, blockchain technology has a variety of use cases and can be applied across various industries. Here are the most interesting blockchain use cases and applications of this ever-expanding technology in 2022.
Many of us have heard about CryptoKitties at some point – one of the earliest examples of blockchain technology in gaming action. It is a game on the Ethereum blockchain developed by Canadian studio Dapper Labs that allows players to purchase, collect, breed, and sell virtual cats – CryptoKitties.
Continue reading: Blockchain Gaming Platforms You Should Know About
Blockchain technology revolutionized the gaming industry by offering economic incentives to players who can earn crypto and NFT (non-fungible tokens) rewards by completing tasks and different game levels, or battling other players – something that remains out of reach of traditional gaming.
Another reason why you should watch the use of blockchain technology in gaming is digital asset ownership: players can monetize in-game assets that they own.
Different from traditional gaming, in-game assets in blockchain gaming can be issued as NFTs, which allows the player to transfer them out of the virtual game’s world. As NFTs are stored on the blockchain, ownership is authenticated and verifiable.
Digital asset ownership implies long-term value. In traditional gaming, developers can change or even remove in-game assets as they see fit. Even worse – if developers decide to shut down a game, players lose everything they have ever gained or purchased.
Non-fungible tokens (NFTs) became all the rage when Beeple’s creation Everydays: The First 5000 Days sold at Christie’s for an unbelievable $69 million.
NFTs are unique digital tokens that exist on the Ethereum blockchain and represent ownership of digital artwork – literally anything from art to music and video in the form of JPGS, MP3s, videos, GIFs, and other common formats.
How does it work? A piece of artwork gets tokenized, and a digital certificate of ownership is created. Forging the certificate is impossible as all the relevant data is stored on-chain.
The rise of digital currencies and assets is laying down better financial inclusion around the globe, having the potential to bring financial inclusion to everyone.
Therefore, blockchain can be utilized to enable people who have previously been denied access to traditional financial systems to participate in the global economy – in a way that is beneficial for them.
The nature of blockchain technology gives people the freedom to choose and the means to express themselves in a bigger, more inclusive crypto economic space that treats everyone the same way regardless of their background. Through this technology people can easily transfer money, invest or trade, without any unreasonable fees or delays and without going through middle-men.
Here at Coinmetro, we believe that diversity and accessibility are essential, and that cryptocurrency and blockchain are facilitating this with a transparent approach.
Read more about how Blockchain Tools & Cryptocurrency Are Manifesting Today’s Financial Inclusion
Security encompasses a wide range of blockchain technology applications – from individuals to organizations to governments. The good news is that blockchain has a solution for every application.
When it comes to the security of individuals, blockchain technology allows individual users to fully control how their personal information is used. This includes but is not limited to secure data transmission, private messaging, and Internet-of-Things (IoT).
As to organizations, blockchain technology has been implemented for distributed record-keeping, helping to prevent denial-of-service attacks on company websites.
Needless to say, governments also utilize blockchain technology for security purposes. Blockchain allows governments to streamline processes and helps them protect data, reduce fraud, waste, and abuse, paving a way to increased trust and accountability.
One thing is clear: blockchain technology is here to stay. If you want to learn more about blockchain technology and its use cases, we encourage you to join Coinmetro’s Discord or Telegram communities.
In addition, you can sign up to Coinmetro’s secure and trusted platform to start trading today!