FEATURE
THE FUTURE OF
BLOCKCHAIN IS BLOCKCHAIN FINALLY BEGINNING TO DELIVER ON ITS PROMISE?
M
ost people think of blockchain as the platform behind Bitcoin or cryptocurrencies. Having reached a crescendo of hype, this transformative technology has failed to fulfill its promise of transforming businesses. Industry experts attribute this to the fact that most enterprises lack the expertise and clear roadmap to harness the power of this disruptive technology. Gartner says 90 percent of blockchain projects fail because of the budding nature of the technology, which makes it hard for enterprises to identify 26
CXO INSIGHT ME
FEBRUARY 2022
high-value use cases. Additionally, the vendor ecosystem is fragmented and off-the-shelf blockchain solutions are almost non-existent. What are some of the top blockchain trends to watch out for this year? “High energy consumption is one of the key hindrances to adopting blockchain technology,” says Ola Lind, director of FTFT Capital. “The primary blockchain trend in 2022 will be greener blockchains and the use of less energy-intensive blockchain network architecture. In addition, many new solutions like carbon offsetting are being developed, and
the plan to switch to proof-of-stake consensus by Ethereum in 2022 is in the pipeline.” He adds blockchain applications in Metaverse are another top blockchain trend in 2022. The Metaverse is a shared, virtual world that offers immersive experiences. Blockchain is projected to operate several platforms on Metaverse with NFTs and cryptocurrencies to fuel the new digital economy in 2022. In 2022, experts also expect a surge in the development of standards and interoperability capabilities, which should facilitate the communication
