3 Ways Blockchain Technology Could Go Further Widespread in 2022

2021 has been a pivotal year for the cryptocurrency industry and this year should see an extension of the “mass adoption” trend.

Public awareness of blockchain technology is on the rise, and a new cohort of projects designed to fill more niche roles in society are expected to emerge in the coming months.

Three sectors that have the potential for significant growth in 2022 are human resources (HR), employee payment solutions, and platforms that serve the gig economy by offering enterprise blockchain solutions.

HR could pivot to blockchain

Human resource management is ripe for blockchain integration due to the security and data storage solutions on offer. The blockchain would allow each employee to have a unique address where all relevant information could be cryptographically stored.

HR also deals with the recruitment and hiring of new employees, an increasingly difficult task in today’s world where the activity rate stands at 61.9%, its lowest level since 1976.

For blockchain-related jobs, the task becomes even more difficult due to the limited number of people with the knowledge and skills to work in the nascent industry.

Keep3rV1 is a protocol that focuses on connecting employers with workers, and the decentralized job site is specifically designed to connect blockchain projects with external developers who provide specialized services.

KP3R/USDT. Table 1 day. Source: Trading View

While Keep3rV1 focuses specifically on blockchain developer jobs, if the model proves successful, the concept could easily be expanded to serve a wider audience of job seekers and employers.

Payroll also falls under the HR category and projects like Request (REQ) support a decentralized payment system where anyone can request payment and receive money through secure means.

It is an ideal configuration for freelancers. Experimental platforms like Sablier Finance also offer workers the option of being paid for their work in real time rather than waiting for the end of a pay period to receive their wages in a lump sum.

The gig economy

Ride-sharing services like Uber and Lyft and creative/indie marketplaces like Fiverr were the bedrock of the gig economy. 2021 estimates show that 36% of the workforce in the United States participated in the gig economy, either as a primary or secondary source of income. The data also shows that 55% of gig workers also had a separate main job.

Current projections indicate that by 2023, up to 52% of the American workforce will be actively working in the gig economy or will have done so at some point in their career, so this is an area growing that could benefit from the integration of blockchain technology.

Chronos.tech (TIME), a blockchain-based recruiting, HR and payment processing protocol, whose LaborX platform is similar to websites like Fiverr, but conducts all transactions using technology from blockchain and smart contracts, is a project that has already created its own freelance job site.

TIME/USD 1 day chart. Source: CoinGecko

In addition to the Chronos.tech, LaborX, and PaymentX protocols, the ecosystem also recently added decentralized finance (DeFi) functionality by allowing TIME holders to stake their tokens on the protocol to earn a return.

Freelancers can stake TIME on the network to receive bonuses for completed tasks while customers can stake to earn special discounts as a reward for holding the token.

Related: Volcanoes, Bitcoin and Remittances: A Tongan Lord Considers Financial Security

Companies are adopting blockchain solutions

Enterprise-level blockchain-based solutions are also expected to thrive in 2022.

Many of the main competitors that offer enterprise solutions are layer-one blockchain protocols like Ethereum and its Hyperledger framework or Bitcoin’s layer-two Lightning network scaling solution that was recently integrated into the blockchain. cash app.

Fantom and the Polygon network are other strong contenders in the business solutions arena, as they have lower transaction fees and faster processing capabilities.

FTM/USDT vs. MATIC/USDT 1 day chart. Source: Trading View

A final protocol that specifically focuses on creating an enterprise-grade public network that allows individuals and businesses to build decentralized applications (DApps) is Hedera (HBAR).

According to Hedera’s website, the project is owned and governed by some of the world’s leading organizations, including IBM, Boeing, Google, LG, and Standard Bank.

The high-throughput nature of Hedera’s hashgraph architecture makes it ideal for large enterprises that would need a significant number of transactions to serve their global customer base.

These use cases include payment processing, fraud mitigation, the ability to tokenize assets, identity verification, secure data storage and transfer, and the ability to create a private, permissioned blockchain. for internal use.

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The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

About Yvonne Lozier

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