In 2021, blockchain technology development was largely centered on decentralized finance and non-fungible tokens. While industry analysts believe that DeFi and NFT projects will continue to expand in 2022, there are additional sectors that are ripe for blockchain disruption. We are talking about payment networks, human resources, and the gig economy; these are the business segments that could see significant blockchain innovation this year.
The blockchain will not be an underutilized technology in 2022. If we look back at the year 2019, when we witnessed an increasing number of blockchain startups with an emphasis on the consumer market, we can infer that other markets could be improved and augmented by applications such as smart contracts and distributed ledgers. For 2022, we should see more blockchain developers and entrepreneurs focusing on enterprise applications, as opposed to focusing on consumer applications like finance or social media.
According to a Deloitte report, blockchain networks and apps should become mainstream by the year 2025, and a large part of it will be used for NFT nassets. It will be used to create new business models for the gig economy. Furthermore, blockchain-based business is expected to grow three times faster than the average for any other business. The Deloitte report also lists other top uses for the blockchain technology in 2022: Business process automation, Internet of Things, and cross-border payments. It should be noted that the latter use is already being pioneered by Ripple Labs.
Blockchain adoption should also help companies address the problem of counterfeit products in the retail sector. An automated supply chain for the global fashion industry and retailers can get a real-time method to authenticate fashion products through blockchain networks.
It is estimated that blockchain technology could represent $6 trillion of the global GDP by the year 2025. This is a huge business opportunity, and we can expect the blockchain technology to start playing a more prominent role in the global economy in the next three years. We can also expect the blockchain technology to transform various other sectors such as the music industry, real estate, fine arts, and the entertainment industry.