In the early years of blockchain technology, it was all about Bitcoin. Not only was it the first cryptocurrency, but it also introduced many people to the world of digital money. However, in 2022, things are changing fast. Blockchain is evolving from an investment opportunity into a mainstream technology with real-world applications.
Many European countries have not yet warmed up to digital currencies. Here’s a breakdown of EU countries and their crypto adoption level:
- Germany – 5,8%
- France – 5,4%
- Poland – 2,83%
- Netherlands – 2,75%
- Spain – 2,73%
- Italy – 2,26%
- Czech Republic – 2,08%
- Sweden – 1,88%
- Greece – 1,71%
- Austria – 1,62%
The pandemic was influential in the adoption on the continent, with the United Kingdom leading in the race.
The adoption of cryptocurrencies and other DLTs is no longer tied to the price of Bitcoin or any other given token; instead, it’s about how we can use these technologies to improve our world. This article covers some of the most recent adoption trends in crypto and DLT — and what you should do as an investor to take advantage of them.
What is a crypto adoption trend?
A crypto adoption trend is an increase in the use of blockchain technology. It can be in any industry, and the main thing to look out for is an increase in the number of companies or individuals using DLTs. There are three main types of adoption trends:
- Blockchain in X: This is when blockchains are used in a particular industry to solve a specific problem. For example, a supply chain company might use blockchain technology to solve logistical problems.
- Blockchain X + Crypto: This is when companies in a certain industry start to use blockchain technology and also use crypto tokens to power the network. For example, a social media platform might use blockchain technology to reward users for their content.
- DLT in X: This is when distributed ledger technology is used to solve a problem in a specific industry. For example, an energy supplier might use blockchain to manage its energy grids with smart meters.
Blockchain in Banking and Finance
Banking and finance will likely be the first industries to adopt blockchain. Already, many banks are looking at DLTs to improve their internal processes and make their operations more efficient.
Blockchain startups have also begun to attract attention: In 2018, investment in fintech companies using blockchain technology increased by 150% compared to the previous year, and investment in blockchain companies increased by 400% over the same period. There are many reasons why finance and banking are pushing toward blockchain adoption.
First and foremost, they need to up their game regarding cybersecurity: Financial institutions are currently massively vulnerable to cybercrime due to their centralized operations and data storage.
Blockchain technology provides banks with greater security through decentralized operations and data storage, which makes it harder for hackers to access sensitive information. It also brings increased efficiency because banks can use blockchain technology to automate their internal operations, freeing up staff for more important tasks.
Lastly, banks and financial institutions may expect to save money due to lower operating costs if they decide to implement blockchain solutions.
Blockchain will change how we store and exchange data.
The rise in data exchange and storage has led to a rise in data hacks. However, blockchain technology can be used to eliminate this problem by providing decentralized data storage. Instead of storing data on one centralized server, blockchain networks store data across thousands of nodes. This makes it much more difficult for hackers to steal data because they would need to hack thousands of computers simultaneously.
In addition to providing a secure way to store data, blockchain technology has created an environment of trust between individuals and organizations. This is especially true in journalism and media, where the use of blockchain technology is growing rapidly. For example, several blockchain projects are designed to combat fake news, such as MediaToken, which aims to provide fair compensation for journalists and bloggers.
Another industry where blockchain is starting to gain traction is health and research. Many institutions, including Stanford University and MIT, use blockchain technology to store and exchange data. This rising adoption trend is likely because blockchain provides a secure way to store data and an easy way to share it with authorized individuals.
Blockchain in Supply Chain Management
Supply chain management is one of the oldest industries, and it’s obvious for blockchain adoption. There is no doubt that DLTs will transform the way companies manage their supply chains, but it’s unclear exactly how this will happen.
One of the most promising blockchain projects in supply chain management is Wabi, which aims to connect sellers, buyers, and consumers in one network. This will allow them to track products throughout the entire supply chain and make it easier to connect to reduce costs and increase efficiency.
Another project that is changing the way we manage supply chains is Viant. Viant aims to create a decentralized database where brands can upload their data, such as product information, stock data, and marketing campaigns. Viant enables brands to communicate with their customers more effectively through smart contracts. When the terms and conditions of these contracts are fulfilled, brands can interact with customers through the Viant platform by sending them coupons, shipping notifications, and more. When customers complete the requirements of a contract, they earn tokens that can be used to purchase products from brands.
Blockchain in Healthcare
Healthcare is one of the oldest industries, but the blockchain is still relatively new and untested in this field. Despite this, there are many promising blockchain projects in healthcare.
Some of the most promising blockchain projects in healthcare are Health Wizz, MediBloc, and Lympo. Health Wizz, a decentralized platform powered by blockchain, is changing how consumers purchase healthcare services by creating a peer-to-peer marketplace. Through this platform, patients can obtain treatment from nearby doctors and therapists. MediBloc is a decentralized network that allows patients to control their medical data. Patients can use this platform to store and share data with medical researchers. MediBloc and Health Wizz are blockchain projects that are trying to revolutionize the healthcare industry through the use of decentralized networks.
These networks allow patients to store their medical data on a blockchain and enable doctors and researchers to access it with proper consent. Patients control who accesses their medical data and for what purpose.
Blockchain in Music and Media
As the music and media industries are based on content creation, it makes sense that these sectors are adopting blockchain technology.
There are many impressive blockchain projects in these industries that are revolutionizing the way creators make money. For example, SingularDTV is a blockchain project to disrupt the media industry. This platform allows artists to create their decentralized entertainment network, where they can publish their content, interact with fans, and earn money.
Musicoin is another blockchain project aimed at disrupting the music industry. This decentralized platform is designed to help music artists earn money by enabling the exchange of music tokens between artists, listeners, and other stakeholders.
DLT in Real Estate
Real estate is one of the oldest industries, but it’s just starting to adopt blockchain technology. There are many blockchain projects in real estate; some of the most promising ones are REX, Bitland, and Globcoin.
REX is a blockchain project that aims to disrupt the real estate industry by allowing buyers, sellers, and real estate agents to interact on a decentralized platform. This project hopes to reduce the cost of real estate transactions by eliminating third-party fees.
Bitland is another blockchain project that aims to disrupt the real estate industry by tokenizing land assets. This project hopes to make land investment easier by allowing people to invest in land assets for as little as $25. Through these projects, blockchain is transforming the real estate industry by creating a decentralized marketplace where buyers, sellers, and real estate agents can interact without needing a third party. Real estate transactions can be complex, especially in international deals, and blockchain technology can make it easier to track assets and transfer money between parties.
Crypto adoption trends can change quickly, and staying on top of the latest industry news is important. You should follow the rise of blockchain technology in different industries, as it will continue to transform the way we do business.
Now that you know what to look for, you can ensure you don’t miss out on the next crypto adoption trend. Stay informed about blockchain projects in different industries, and you’ll be able to spot the next big thing before it goes mainstream.