The 5 Biggest Blockchain Trends In 2022

Blockchain is one of the most exciting tech trends at the moment. It is a distributed, encrypted database model that has the potential to solve many problems around online trust and security. Many people know it as the technology that underpins Bitcoin and cryptocurrencies in general. However, its potential uses are far broader, encompassing digital “smart” contracts, logistics and supply chain provenance and security, and protection against identity theft.

There are countless others – blockchain evangelists say it can potentially be used to improve security and integrity in any system that involves multiple parties sharing access to a database. During 2022, spending on blockchain solutions by businesses is forecast to hit $11.7 billion. Here are some of the trends that will be driving this and some thoughts on how this will impact more and more lives over the course of the next year.

Green blockchain initiatives

Blockchains can potentially use a lot of energy and create high levels of carbon emissions – this fact was behind Tesla CEO Elon Musk’s decision to temporarily stop accepting Bitcoin in payment for his cars earlier in 2021. For this very good reason, during 2022, we are likely to see a great deal of emphasis on attempts to “greenify” blockchain. There are a few ways this can be done, including carbon offsetting, although many people consider that this often equates to simply patching up a wound that shouldn’t have been caused in the first place.

Another is by moving to less energy-intensive models of blockchain technology – typically those that rely on “proof-of-stake” algorithms rather than “proof-of-work” to generate consensus. Ethereum – the second best-known blockchain after Bitcoin – plans to move to a POS model during 2022. Another route to a greener operating model is the one championed by Cathy Wood, CEO of tech-focused hedge fund Ark Invest. This posits the view that growing demand for energy will lead to greater investments into generating renewable energy, which will then be used for other applications as well as operating blockchains.

NFT expanding beyond online art

Non-Fungible Tokens (NFTs) were the big news in the blockchain scene during 2021. Astronomical prices achieved by artwork such as Beeple’s The First 5000 Days created plenty of headlines, placing the concept of unique digital tokens residing on blockchains firmly in the public consciousness. It’s also firmly taken hold in the music world, with artists including Kings of Leon, Shawn Mendes, and Grimes all releasing tracks in NFT format. But like blockchain in general, the idea has potential beyond it’s first publicity-grabbing use cases.

Distillers William Grant and Son recently sold bottles of 46-year-old Glenfiddich whisky alongside NFTs, which are used to prove each bottle’s provenance. NFTs in gaming are starting to take off in a big way – monster-breeding game Axie Infinity allows players to “mint” their own NFT creatures to send into battle and currently has around 300,000 concurrent players (Fortnite, for comparison, has around 3.5 million). Dolce & Gabbana and Nike have both created clothing and footwear that come with their own NFTs. And the metaverse concept – championed this year by Facebook, Microsoft, and Nvidia – brings plenty of opportunities for innovative NFT use cases.

More countries adopt Bitcoin and national cryptocurrencies

2021 saw El Salvador become among the first nations to adopt Bitcoin as legal tender, meaning it can be accepted across the country to pay for goods and services, and businesses can use it to pay their employees. According to many commentators, during 2022, we will see a number of other countries follow suit.

Alexander Hoptner, CEO of cryptocurrency exchange BitMEX, predicts that at least five developing countries will start to accept Bitcoin next year, driven by global inflation and growing remittance fees from financial “middlemen” organizations used to send money home by overseas workers.

National cryptocurrencies – where central banks create their own coins that they can control, rather than adopting existing decentralized coins – are another area where we will see growth in 2022. These projects typically involve digital currencies that will operate alongside existing traditional currencies, allowing users to conduct their own transactions and manage their custody without relying on third-party service providers, while also allowing the central banks to keep control of the circulating supply – keeping the value of the token pegged to the value of the country’s traditional currency.

While the UK government-endorsed Britcoin is unlikely to be ready for launch during 2022, others, including China, Singapore, Tunisia, and Ecuador, have already done so, with more, including Japan, Russia, Sweden, and Estonia likely to join soon.

Blockchain and IoT integration

Blockchain is hugely compatible with the idea of the Internet of Things (IoT) because it is great for creating records of interactions and transactions between machines. It can potentially help to solve many problems around security as well as scalability due to the automated, encrypted, and immutable nature of blockchain ledgers and databases. It could even be used for machine-to-machine transactions – enabling micropayments to be made via cryptocurrencies when one machine or network needs to procure services from another.

While this is an advanced use case that may involve us traveling a little further down the road before it impacts our day-to-day lives, it’s likely we will start to hear about more pilot projects and initial use cases in this field during 2022. Innovation in this field is likely to be driven by the ongoing rollout of 5G networks, meaning greater connectivity between all manner of smart, networked equipment and appliances – not simply in terms of speed, but also new types of data transactions including blockchain transactions.

Blockchain in vaccine manufacture and tracking

It’s now clear that tackling the Covid-19 global pandemic will continue to be a priority throughout 2022 and a key use case for many of this year’s top tech trends. Blockchain technology has several important potential use cases in vaccine tracking and distribution.

In a world where counterfeiters are known to be creating and selling fake vaccines, blockchain means the authenticity of vaccine shipments can be proven, and their distribution can be traced to ensure they are arriving at their intended locations. There’s also a need to ensure integrity at every point of the supply chain – for example, to ensure batches of vaccines are consistently stored at the correct temperature, as is needed by many of them. IBM has created a system to allow coordination between the many different and varied agencies and healthcare authorities involved with vaccine distribution, using blockchain to unify recording of vaccination rates and efficacy across the various tools and platforms they all have in use. A pilot project also showed how blockchain could potentially speed up the ability to recognize where a product recall might be needed – for example, in a case where a batch seems to be causing an unusually high occurrence of side-effects – from three days to just a few seconds. Breakthroughs that come about due to the unprecedented response to this pandemic are likely to go on to enable more use cases for blockchain technology in the manufacture, distribution, and management of vaccinations in 2022.

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Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies.He helps organizations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. Why don’t you connect with Bernard on Twitter (@bernardmarr), LinkedIn (https://uk.linkedin.com/in/bernardmarr) or instagram (bernard.marr)?

Source: The 5 Biggest Blockchain Trends In 2022

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Here’s a Useful Fund For Investing In Blockchain Without Buying Bitcoin

“Buy the rumour, sell the news” is an old market saying – and we got a classic of the genre yesterday.

It was a huge day in the evolution of bitcoin. From its origins on obscure chat boards, the open-source experiment of a few renegade computer programmers, to mainstream investment vehicle.

And then yesterday, for the first time, a nation – El Salvador – made bitcoin legal tender. The bitcoin price was steadily running up on the story – from $30,000 to $53,000. Then “Bitcoin Day” arrived and wallop: it sells off $7,000 to $46,000. The bitcoin price “should” have risen. It didn’t; it rose on the rumour and sold on the news.

How many times? It’s happened before and it will happen again.

How to bet on cryptocurrencies without having to own cryptocurrencies

Traditional investors have long been searching for a vehicle by which they can own bitcoin through their Sipp or Isa, via a regular broker account. The older generation in particular don’t want to get involved with wallets and keys and storing coins on hard drives in safes and all the rest of it. They just want to be able to buy and sell bitcoin through their regular broker, with which they are familiar.

In response to this demand there have been numerous attempts to establish bitcoin ETFs, but every attempt has run into some sort of regulatory issue. The most successful were probably the Greyscale Bitcoin Trust, listed in the US, or Coinshares Swedish listed XBT Bitcoin Tracker One. Neither is quite the same as owning bitcoin, but they do track the price.

But another vehicle has come to my attention and I thought I’d flag it up for you today, as I think it might be quite useful. That is the VanEck Vectors Digital Assets Equity UCITS ETF (LSE: DAGB).

It invests in companies that, to use its own lingo, “are driving the blockchain revolution”. That is to say in miners, exchanges, payment providers, service providers and companies that hold and trade crypto and crypto patents.

If I were to draw a parallel, I’d say that, rather than buying gold, it’s like holding a basket of gold mining companies or a gold mining ETF.

The ETF is listed in London, and it’s been going since the beginning of May. There’s a dollar denominated version whose ticker is DAPP – and a sterling version, which is probably most useful to us, with the ticker DAGB (there are also euro-denominated versions listed in Germany (DAVV) and Italy (DAPP), and a Swiss franc denominated version listed in Switzerland (also DAPP)).

It’s still small – very small – but as awareness grows it has the potential to grow too. It holds 25 companies in total, with 75%-plus weighting to the US and Canada and 12% to China, and it rebalances on a quarterly basis. I’ll post the holdings below, but in case you’re not familiar with them, I’ll outline what the major ones do. 

It’s biggest holding is Marathon Digital Holdings (Nasdaq: MARA) a Nasdaq-listed bitcoin miner. Then there’s Jack Dorsey of Twitter fame’s payment company Square (NYSE: SQ) and Coinbase (Nasdaq:COIN), the recently-listed wallet-provider and exchange

Other miners it owns include Riot (Nasdaq: RIOT), Hive (Vancouver: HIVE) and Argo (LSE: ARB), while other notable holdings include Silvergate (NYSE: SI), the bank for fintech and cryptocurrency businesses, and Michael Saylor’s Microstrategy (Nasdaq: MSTR). 

Saylor has in the past year totally got the bitcoin bug and become one of the most vocal and articulate cheerleaders for the space. His company, Microstrategy, has gone from being a software company to a bitcoin holding vehicle, owning more than $5bn in bitcoin. He’s raised debt to do it so it is a highly leveraged bitcoin play.

Anyway, here are the main holdings:

HoldingTickerSharesMarket value
(US$)
% of net
assets
Marathon Digital Holdings IncNasdaq: MARA37,8581,491,2279.15
Square IncNYSE: SQ5,3801,430,1658.77
Coinbase Global IncNasdaq: COIN5,0421,345,2568.25
Hut 8 Mining CorpToronto: HUT125,4231,261,6757.74
Silvergate Capital CorpNYSE: SI7,986947,2995.81
Microstrategy IncNasdaq: MSTR1,378892,9585.48
Hive Blockchain Technologies LtdVancouver: HIVE257,250857,1615.26
Voyager Digital LtdToronto: VOYG53,621799,9654.91
Riot Blockchain IncNasdaq: RIOT24,755794,8834.88
Bitfarms Ltd/CanadaVancouver: BITF128,704763,9734.69
Galaxy Digital Holdings LtdToronto: GLXY34,963732,1894.49
Taiwan Semiconductor ManufacturingNasdaq: TSM5,431677,2464.15
Canaan IncNasdaq: CAN64,785620,6403.81
Northern Data AgFrankfurt: NB26,290568,4983.49
Argo Blockchain PlcLSE: ARB288,705533,3123.27
Bit Digital IncNasdaq: BTBT45,480533,0263.27
Ebang International Holdings IncNasdaq: EBON157,795397,6432.44
BC Technology Group LtdHong Kong: 863179,501372,2122.28
Coinshares International LtdStockholm COIN26,030257,8651.58
Diginex LtdNasdaq: EQOS40,141222,3811.36
DMG Blockchain Solutions IncVancouver: DMGI201,595205,8231.26
Huobi Technology Holdings LtdHong Kong: 1611113,001204,9561.26
Bigg Digital Assets IncToronto BIGG183,875180,4551.11
Future Fintech Group IncNasdaq: FTFT58,088156,8380.96
Bitcoin Group SeFrankfurt: ADE1,22261,2300.38
Other/Cash-4,083-0.03

Bitcoin is supposed to be outside of the traditional financial system so it sounds funny saying that I own DAGB in my Sipp, but I do. I’m not, however, recommending that you go out and buy it straight away. I see it more as a useful vehicle to be aware of.

My overriding theory that we are in a period of “frustrating consolidation” for bitcoin remains in play, so I would try to wait for the sell off to get really harsh before you buy: buy the dips, as they say. But this should be a good vehicle to play the bitcoin game, should you see fit.

Regulating the unregulatable

In other news, I see that a bit of a crypto storm is now brewing in Brussels, where the European Parliament is about to try and regulate cryptocurrencies. Good luck with that! What could possibly go wrong when regulators are trying to regulate something they don’t understand, one of the purposes of which is to obviate bureaucracy?

The polling company Redfield and Wilton has run a poll and found that the overwhelming majority of Europeans want cryptocurrencies regulated by their own countries and not at the EU level, with many seeing EU regulation as a power grab. Greece, The Netherlands and Latvia are the most anti-EU regulation, while Spain and Portugal are the most pro. Make of that what you will.

Daylight Robbery – How Tax Shaped The Past And Will Change The Future is now out in paperback at Amazon and all good bookstores with the audiobook, read by Dominic, on Audible and elsewhere.

Dominic Frisby author headshot

By: Dominic Frisby

Source: https://moneyweek.com/

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India’s Largest Private Port Operator Partners With Blockchain Platform TradeLens

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India’s largest port operator APSEZ has partnered with IBM’s TradeLens platform to digitize its supply chain process.

The largest multi-port operator of India, Adani Ports and Special Economic Zone Limited (APSEZ), has partnered with the blockchain-based supply chain solution platform TradeLens.

APSEZ plans to integrate TradeLens’s blockchain solutions across 10 of its major courier management facilities across ports in six Indian states — four in Gujarat and one each in Odisha, Tamil Nadu, Goa, Chennai, Andhra Pradesh and Kerala.

Digitizing to curb supply chain shortcomings exposed by the pandemic

According to the local business news outlet, Business Line, APSEZ’s move to digitize its supply chains comes as an effort to reduce the impact of vulnerabilities of the traditional current supply chain system. The ongoing Covid-19 pandemic exposed the drawbacks of the present supply chain that heavily relies on paperwork and manual processes.

The report quoted an unnamed logistics industry official saying:

“During the pandemic, we realized the price of not digitizing the industry. There will be a mindset change now and more firms will adopt the technology.”

Developed by Maersk and IBM, TradeLens is expected to help APSEZ make information sharing more time and cost-efficient, transparent, and secure.

A study by QBIS Consulting on Total Transport and Logistics Costs (TTLC) estimated that digitizing supply chain workflow can save importers of a single major port up to $220 million annually. Exporters too could save around $40 million each year. The nationwide saving could scale to as much as $860 million.

Digitizing supply chains worldwide

TradeLens has made consistent progress in partnering with major industry players in an effort to digitize their supply chains.

In December 2019, TradeLens announced its partnership with a major Asian shipping terminal Cái Mép International Terminal. The following month, Oman’s largest port, Port of Salalah also partnered with the company to digitize its supply chain. Cointelegraph reported in March that Standard Chartered became the first bank to join the TradeLens platform.

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Every day, around the world, millions of shipping containers in motion. An incredible achievement of logistics, coordination and communication. But legacy data systems and manual document handling cause friction that costs both time and money for businesses and people throughout the supply chain. TradeLens is a digital shipping platform, powered by blockchain, that enables unprecedented transparency, collaboration and efficiency in global supply chains. Learn more about TradeLens: https://www.tradelens.com #TradeLens #Blockchain #Demo

UAE Leverages Blockchain Technology to Flatten Corona Curve

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Blockchain is finding its way into almost everything these days. From banking to medical insurance, to even growing flowers, the technology is positioned by most as a one-size-fits-all. Now, the ongoing COVID-19 pandemic is causing countries around the world to search for novel ways to curb the spread. Some countries recommend malaria drugs, while some turn to the blockchain. 

Everyone Turns to Blockchain

Entrepreneurs from Dubai-based startup incubator In5 are leveraging blockchain technology, along with 3D printing and robotics, to ensure the wellbeing of the UAE population.

Blockchain has found its way into the distribution and tracking of medical and essential resources. In5-backed Liber Health, a patient identification platform using the technology, has created a “contactless” system to recognize patient data.

Liber touts its method is “safer” than others on the market, such as those using devices like fingerprint scanners which are likely to spread germs via contact.

CEO Syed Abrar Ahmed spoke to local publication Emirates 247 on the topic:

“The platform could save thousands of patent lives lost due to medical errors caused by the lack of auditable health data.”

He added Liber is “compatible and scalable” with every existing electronic medical record (EMR) system and healthcare application “in the world.” The startup is also in talks with private and public entities that want to incorporate Liber’s platform for their use.

Meanwhile, other startups like 3Dinova are using 3D printing to create facemasks and door handles that people can operate with their elbows, in an uncanny solution to minimize hand contact with potentially contaminated surfaces.

UAE has been a mixed bag for crypto and blockchain startups. Its government has leveraged blockchain for various projects previously, such as replacing official paperwork with digital platforms and for the storage of tamper-proof medical data.

Crypto-focussed projects in the country include partnering with RippleNet for cross-border transfers and the use of Ethereum and Hyperledger for creating a digital business registry platform.

Despite the above, no legislation for blockchain technology or cryptocurrencies exists yet, and while the government has claimed developing such regulations, there’s nothing definitive on the market as of 2020.

By

Source: https://btcmanager.com

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Italian Govt Commits €15M to Protect ‘Made in Italy’ With Blockchain

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To combat counterfeit goods, the Italian government has allocated €15M to develop and implement blockchain and other tech-based solutions.

Counterfeit “Made in Italy” products are sold in marketplaces around the world. The Italian government is now fighting back against these knockoffs by investing €15 million ($16.2 million) towards the development of a blockchain-based solution.

According to a new report by dGen, counterfeits of the “Made in Italy” label caused a loss of €12.4 billion ($13.4 billion) in 2016 alone. Such losses directly impact both the income and future survival of many Italian artisans.

The prestige of being “Made in Italy”

The Italian fashion industry, and the country’s association with artisan craftsmanship, both feed into the prestigious reputation of the “Made in Italy” label. Indeed, if it were registered as a brand, it would be the third-most valuable global property (after Coca Cola and Visa).

The label’s high profile associations have led to an ever increasing problem with counterfeit goods. These fakes facilitate intellectual property theft, and tarnish the reputation of the label, the brands, and artisans who the label represents. They also cost the industry billions of dollars as a whole.

Blockchain to the rescue

The Italian government has acknowledged the threat of counterfeiting and identified blockchain technology as a potential solution. The government recently allocated €15 million to support the rapid implementation of digital technologies, including the financing of a joint project between IBM Italy and the artisan community.

Aspects of the industry that are being considered for improvement include: authentication of goods and raw materials through the supply chain, a secure ledger of intellectual property rights, provable sustainability and ethical practices, and closer relationships between brands and their customers.

It is hoped that such measures will curb the rise of counterfeit goods and secure the future of Italian artisans.

Fashion is not the only area in which Italians have been valuing authenticity as of late. Cointelegraph recently reported that Italian firm, LKS, has created a blockchain-based system that can allegedly prevent the spread of fake news

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Source: https://cointelegraph.com

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