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The rise of blockchain technology has been swift, beginning with its first real-world application in 2009 and continuing through the present day, where it’s being used in everything from cryptocurrency to supply chain management. Blockchain has attracted significant funding from VCs and banks because it’s considered one of the most important technological innovations of the early 21st century. In fact, more than 70% of banks plan to invest $1 billion or more into blockchain by 2020. Here are 10 blockchain development trends for 2022 that will continue this forward momentum
Tokenomics
To be or not to be, that is a question you should ask yourself before choosing to develop on top of Ethereum. Ether, also called Gas, is used to pay for all operations run on top of Ethereum's network. Blockchain Developersare responsible for ensuring their DApp does not exceed transaction limits in order to maintain smooth operation. Make sure your ETH gas calculations are properly calculated before launching your blockchain application! More info can be found here.
Data Quality Improvement
The blockchain is a way to ensure your data quality. It isn’t hard to see why especially if you’ve ever worked with inaccurate customer data. When your product information, customer records, and any other crucial asset are stored on an entity that can be controlled and updated by a single party, trust in that data can fall apart fast. Imagine a scenario where one partner comes to you with their side of a deal but it turns out that their records have conflicting information about what was agreed upon in earlier conversations.
The blockchain’s distributed nature means everyone involved has access to identical ledgers of historical data so all parties know exactly what happened when—and there’s no arguing who recorded each transaction or change.
Project Management
The era of blockchain and decentralized applications is here. The development environment of blockchain technology is gradually becoming more complete, and an emerging generation of development platform providers has begun to appear. It is at such times that people will be surprised by a new level of interaction between people, things, and business that goes beyond previous imaginations. For any enterprise developer or project team, it is necessary to keep up with trends in the blockchain industry so as to make timely preparations for future developments.
Network Security
A hot topic in the blockchain is ensuring that transactions are secure. Centralized, permission blockchains may not be as secure as networks with anonymous participants. Some organizations are seeking ways to address blockchain data and privacy issues, such as with Hyperledger Fabric. This open-source blockchain framework offers tools and services to allow developers to build secure applications that protect confidentiality and integrity while streamlining business processes and functions. Organizations can implement Hyperledger Fabric to create their own secure enterprise blockchain networks on trusted infrastructure, but they still need to ensure that they have adequate controls around user identity management, access controls, activity monitoring, audit trails, logging, and event reporting. In other words, an organization should focus on more than just who can see what in terms of security when dealing with blockchains.
Identity Management
In today’s blockchain development world, one of the developers’ biggest concerns is how they can offer their customers user-friendly experiences that feel natural across different devices. We’re often told we don’t know what users want until they tell us what they want. While that may be true to an extent, we can also use technology to determine who our users are and how best to interface with them—not only increases ease of use, but also security. There are many identity management tools out there on blockchain systems already—but they aren’t necessarily easy to use or implement.
Cybersecurity
With so many moving parts and distributed ledgers, security vulnerabilities may be inevitable—and catastrophic. With blockchain development gaining steam, it's no surprise that cybersecurity is at a premium. To make sure your blockchain is airtight, take steps to ensure that data can't be manipulated or hacked by hackers. Be vigilant with network security and do your due diligence in vetting third-party vendors.
Standards Compliance
As more and more people see blockchain technology as a way to advance their own businesses, it’s only natural that there will be some competition over which blockchains become widely adopted. As such, there are certain standards that developers are aiming to meet. For example, some want blockchains to pass formal verification tests.
It’s safe to say that by 2022 these standards will start to play a significant role in determining which blockchains have a viable shot at being considered bankable – aka broadly used by organizations worldwide. In fact, it is widely expected that these standards will become so ingrained within popular blockchain projects that they may not even be referred to as standards but rather just simply good practices.
Scalability
As popular as blockchain is today, scalability will continue to be a major challenge. It’s estimated that blockchains will reach 5-10 transactions per second (TPS) in two years. Comparatively, VISA has an average of 2,000 TPS and Paypal manages 193 TPS. As transaction volumes increase, so does the demand for increased scalability.
Self-Sovereign Identity (SSI)
Today, identity data is scattered across a variety of databases, making it vulnerable to cyber-attacks and theft. Self-sovereign identity (SSI) is a decentralized system that manages identification information in one place – or on several places if desired by each individual user. SSI makes it easier to prove one’s identity and share identification data with service providers while at the same time limiting access to only those who are authorized. As consumers become more aware of cyberattacks and data breaches, they’ll demand more control over their personal information. In fact, Gartner predicts nearly 50% of global enterprises will implement SSI by 2022. It’s a good time to get ahead of your competition and start implementing SSI today!
Multisig Transactions & Oracles
In a world where virtually everything is connected, there will be multiple parties to transactions that need to authenticate activity. Take autonomous cars as an example: what if you’re riding in a driverless car on your way to work when it needs your consent to apply brakes? You could be 30 minutes away from home and have no ability to stop its progress. What if instead of a human reading through terms and conditions before you can access certain products or services, smart contracts make all of these actions possible with just one signature? With oracles and multisig transactions, blockchain systems are becoming safer by design.
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The Wall