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Here are three on-chain projects accelerating the mainstream growth and adoption of blockchain technology for 2022 and beyond.
2021 was a dramatic year for cryptocurrencies and blockchain technology. From crossing the $3 trillion market cap to NFTs sold for tens of millions of dollars, China’s blanket ban on crypto and mining to El Salvador accepting BTC as legal tender – we all can agree that it was an extremely eventful year.
Experts claim that 2022 will be even better, primarily related to mainstream adoption. The ever-evolving blockchain technology will make its way into the real world as more traditional companies embrace it with open arms. To that extent, Korean electronics giant Samsung has already announced that its range of Smart TVs for 2022 will also feature an intuitive platform that enables users to discover, purchase, and trade NFTs.
Likewise, South Korean automobile company Hyundai has recently showcased its plan to bring Boston Dynamics’ spot robot onto the metaverse in 2022, transforming the vision of “metamobility” into reality. If successful, Hyundai will link the real world with the virtual world, enabling users to move freely between both universes.
In the meantime, blockchain projects are also implementing state-of-the-art features designed to bridge the burgeoning DeFi (decentralized finance) ecosystem with TradFi (traditional finance), thus creating a myriad of new economic opportunities for global users. Moreover, the idea of Web 3.0 (decentralized web) and the metaverse have also gained significant traction. As such, 2022 will be full of promising projects spearheading (and facilitating) the merger of traditional avenues with futuristic technology.
That said, here are three on-chain projects accelerating the mainstream growth and adoption of blockchain technology for 2022 and beyond.
Bringing On-Chain Features to Real-World Applications
Data management and integrity are two of the biggest problems for almost every business. Existing traditional solutions are only equipped to tackle these problems to an extent. While blockchain technology can overcome data-related problems, most enterprise users aren’t familiar with it’s capabilities.
Authtrail is inserting itself into the data conversation by offering a blockchain-based data integrity SaaS platform and adjacent applications. Designed to bridge blockchain technology and enterprise users, Authtrail supplies the infrastructure that anyone can use to verify critical data at an enterprise scale. The platform offers fast and affordable transactions while enabling both B2B and B2C businesses to leverage the underlying features of blockchain technology like immutability, security, transparency, and decentralization.
Besides empowering enterprises to prove that their product (or service) data is true, valid, and compliant with existing standards, the plug-and-play API removes all technical barriers while maintaining its fully agile and blockchain-agnostic features in terms of usability. Currently, Authtrail’s product suite is compatible with leading databases like Oracle, Microsoft, Shopify, SAP, Salesforce, and several others. Simply put, Authtrail creates a seamless link between on-chain features and real-world applications via a simple user interface, thus lowering entry barriers for mainstream adoption.
Ever since bitcoin (BTC) gained legal status in El Salvador, many traditional businesses have started accepting crypto payments for goods and services. At the same time, with BTC gradually integrating with the conventional economy, users, too, are on the lookout for passive yield generation opportunities. Unfortunately, by design, the legacy Bitcoin network doesn’t offer the same levels of interoperability as Ethereum or other networks, thus limiting the scope of DeFi and other initiatives.
RSK, the first smart contract platform secured by the Bitcoin network, has opened the doors to implement trustless and transparent DeFi protocol on the Bitcoin network. Merging the best features of Ethereum and Bitcoin networks, RSK enables BTC holders to lend, borrow, stake, and earn interest using its platform while also playing a crucial role in helping businesses accept crypto payments.
Kripton Market, built on RSK, powers more than 700 commercial outlets in El Salvador selling products and services priced in BTC. Additionally, the platform has also launched multiple RSK-based solutions for users, including a financial protocol, multiple non-custodial wallets, and DeFi solutions that connect BTC users to the larger DeFi ecosystem.
Another blockchain-based project on a mission to bridge the worlds of TradFi and DeFi is Acala, the DeFi hub of Polkadot. The platform has entered into strategic partnerships with prominent fintech companies like Current, BlockDaemon, and Bison Trails to establish a new category of finance, HyFi (Hybrid Finance), which combines the best features of TradFi and DeFi, unlocking a new horizon of economic possibilities.
The integration with existing fintech brands will help simplify DeFi for end users. In the coming days, users can seamlessly access and navigate DeFi products and services the same way they use their regular banking apps. Accordingly, this initiative will simplify DeFi for broader swathes of the population and reach more users by engaging the customer bases of existing fintech operators.
Notably, Acala is also making its way into the eCommerce industry. The platform recently announced that Project Venkman, an eCommerce engagement solutions service provider, will be employing Acala’s infrastructure to launch a portfolio of brand engagement solutions using on-chain loyalty points and NFTs. The first brand to use this feature will be theCHIVE, one of the fastest-growing eCommerce platforms in the US, with over 10 million monthly active users.
With more and more businesses gradually seizing on the potential of blockchain paired with the paradigm shift in consumer behavior, 2022 will set the foundation for an ecosystem where existing solutions and futuristic technology collide, leading to a world of new opportunities for businesses and consumers alike.