An Overview

Metaverse is a virtual world for immersive experiences where people around the world can meet, watch, play and trade. It is a concept of a persistent, online, 3D universe that combines multiple virtual spaces. They have predicted it to be a future iteration of the internet. The metaverse will essentially allow users to meet, work, play games, and socialize with each other in these 3D spaces. 

Experts are also optimistic about decentralized finance (DeFi), which provides financial instruments without counting on intermediaries such as brokerages, exchanges, or banks by using smart contracts on the blockchain. It includes earning interest, borrowing, lending, buying insurance, and trading by-products or assets. DeFi currently is at the developing stage where the companies are growing big in this space and are watching closely for new solutions appearing and getting adopted by the masses. 

NFTs can be anything in a digitized format with the value attached to them; that will depend on how unique they are. NFT is the budding part of the Crypto market. With the escalating number of users and ever-growing infrastructure of Web 3.0, real-world concerns such as digital asset validation and copyright claims will be less of a problem in the future.  

Let’s look at the importance of NFT, Metaverse, and DeFi and their real-world applications in detail to explain their role in the Blockchain world: 

NFT (Non-Fungible Tokens)

NFTs or non-fungible tokens are more than just a way to trade and buy digital art.  Fashion labels and corporations have started to promote themselves by distributing their NFT and have a wide range of real-world applications. NFT functions as a means to exchange everything from social media posts to celebrity assets while still taking care of the original authorship of the product.  NFTs have also led a new transformation in the gaming industry.  In the current scenario, games can assist users in obtaining NFTs, which can be sold afterward for higher market prices. Gaming assets within the Metaverse assets can also be traded as non-fungible tokens with the help of Meta verse coins. 

The importance of NFT in 2022

Irrespective of conflicting opinions about NFTs, they are a reliable tool for redefining the methods through which users will interact with the web. Moreover, the NFT trend also showcases their potential impact on buying and selling art or creating and listening to music. Below are some notable trends which might dominate the NFT space in 2022. 

NFT in gaming

One of the leading NFT predictions for 2022 would be the growth of NFTs as a tool for utilities, rather than just advertising art. NFT online gaming would grow more in the gaming sector and allow access to rare communities, typically associated with marketing for Web 3.0 and avatar casting.

Music and NFTs

Another noteworthy highlight for NFTs in 2022 would be the reduced gap between NFTs and music adoption. NFTs are all set to work their influence on the music world. Incidentally, the former Twitter CEO, Jack Dorsey, turned to Block for launching music NFTs on streaming services.

NFT and digital tagging 

The advantages of NFTs for verifying ownership are also a big NFT prediction for 2022. Currently, NFT provides creators and artists the assurance of verifiable ownership of their content. However, the future is going to have almost everything associated with NFT. Tagging objects with NFTs will serve as digital footprints in determining the ownership of the objects. 

Metaverse

The Metaverse is aiming toward becoming a fully immersive virtual reality environment. Virtual avatars will steer this digital environment more interactively. It will let users socialize in ways other than just sharing photos and texts. The tech sector has made it clear that Metaverse is not just a craze but the way humans connect in the future and initiate transactions in various sectors. 

With Metaverse, you can do everything from pre-screening real estate properties in virtual reality to purchasing the property using tokens. So while it is still in its early development stage, businesses have already given the green light to invest in it. Now, metaverse coins are the next big thing. Coins like MANA, SAND, and THETA are increasing in popularity because they hold the potential to change how we can interact and engage within the walls of the Metaverse. They represent transactional entities that can also be used for trading in virtual marketplaces in the Metaverse.  

The state of Metaverse in 2022

The odds for Metaverse in 2022 appear rather promising,  especially with companies like Facebook and Epic Games putting billions of dollars into developing the Metaverse. As companies get ready to comprehend the Metaverse and how it will come along, the Metaverse trends for 2022 can indicate how it will evolve in the short term. 

Metaverse coins

A promising highlight in the Metaverse prediction for this year is related to using Metaverse coins. Large-scale companies would gravitate more toward metaverse projects in 2022, so there will be a rise in possibilities for using coins in the Metaverse. At present, almost 100 new coin projects will be available in 2022 and supplement the existing leaders such as SAND, MANA, and AXS.

Fashion and Metaverse 

A well-known international fashion retailer, H&M opened its virtual store in the Metaverse. H&M assembled a store in the virtual city called “CEEK” in the Metaverse and let customers shop in the Metaverse. There are CEEK coins that buyers can use for shopping in the Metaverse store of H&M. Thus, Metaverse predictions for 2022 might reflect highly on the rise in such cases of the Metaverse.

DeFi (Decentralized finance)

Decentralized finance, also known as DeFi, uses cryptocurrencies and blockchain to manage financial transactions. DeFi's goal is to democratize finance by replacing legacy, centralized institutions with peer-to-peer relationships that can provide a full range of financial services from standard banking, loans, and mortgages to complex contractual relationships and asset trading.

To use Metaverse tokens or coins, you have to purchase them first. It's made possible by going around the loop of bank intermediaries or Fiat currencies. However, this will defeat the whole purpose of the trading mechanism through Decentralization. That is how Decentralized Finance comes into the picture.

DeFi is making its way into a range of simple and complex financial transactions. It is fueled by Decentralized apps (Dapps) or other programs called protocols. Dapps and protocols initiate transactions with two major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). While Bitcoin is more popular among the masses, Ethereum is more practical while adapting to a wide variety of uses, which means Dapp and protocol landscape uses Ethereum-based code. You can also purchase and sell Metaverse coins with the help of smart contracts and  P2P transactions. 

The state of DeFi in 2022

In a broad definition, you can see NFTs and Metaverse are closely related. So how does DeFi fit into all this? If Metaverse provides the environment and the importance of NFT is providing the tokens for interacting with it, then DeFi acts as the infrastructure for financial transactions. DeFi is likely to transform the crypto space, and having $236 billion worth of assets locked in DeFi protocols establishes its significance. Some noteworthy DeFi predictions for the year 2022 are:

Moving towards DeFi regulations

A striking trend for DeFi in 2022 would focus on one of the prominent obstacles in DeFi adoption. Companies and investors are concerned about the uncertainty of regulation and compliance with DeFi. But DeFi is going to introduce many new upgrades related to regulation and compliance this year. For instance, wallets and DeFi solutions with in-built KYC and international legislation checks can improve institutional exposure to DeFi.

Digitization of assets 

The speedy adoption of Web 3.0 trends by people and markets would expedite the merging of digital assets with conventional forms of finance. As an outcome, DeFi trends this year are most likely to redefine the financial market and value chains for unlocking more value. The benefits of decentralized protocols and distributed architecture are clear for issuers, especially in growth capital.

How do we help you navigate the blockchain world?

The outline of NFT trends mentioned in the article and the state of the metaverse and DeFi for 2022 show promising prospects. It also comes with various underlying challenges that will emerge in the journey of NFT, DeFi, and the metaverse in 2022. A lot of challenges will come along the way, but ultimately, the adoption of all these technologies in the blockchain world is taking place.

Logic Simplified is our game development company, by us on your side, it is not a long road. Take advantage of the features of blockchain technology such as immutability, decentralization, and transparency with our reliable and future-ready blockchain solutions and services. Our offerings include blockchain technology consulting, NFT marketplace development, Metaverse development, tokenization, and more. Get started and contact us or email at enquiry@logicsimplified.com if you are looking for experts to take your first steps toward blockchain technology.

Businesses are collecting humongous data from IoT devices and social media. AI integration turns that data into insights with more accuracy and at a faster rate, and Blockchain assures security and privacy.

The indispensable pair

Machines are built, and they learn to perform intelligent tasks without any human assistance through Artificial Intelligence. They are made artificially smart and independent so that they can sense information, and learn from tonnes of data. That knowledge is used or applied to offer services and conduct operations. With AI, there come enhanced data management capabilities, data-centric predictive analysis, development errors are minimized; people experience real-time assistance, and assistance with data mining. Artificial intelligence (AI) promises genuine human-to-machine interaction where machines can reason, observe, and plan.

Put simply by Sally Davies, FT Technologies Reporter - Blockchain is to Bitcoin as what the Internet is to Email. Blockchain is a decentralized and distributed ledger or database across a network of computers that records and stores data with reduced chances of security breaches. This technology is safer, optimizes transparency, ensures data privacy, and is faster compared to other centralized technologies. Originated from Bitcoin, and has now demonstrated its potential in numerous domains.

These two, AI and Blockchain, mutually benefit one another. AI requires massive amounts of data to learn and make insightful decisions and fundamentally change the way Blockchain networks are managed to make them more efficient while Blockchain is a useful way of storing data securely. 

These technologies have made their way into our lives through cryptocurrency, chatbots, personal assistance, and robotics. They have bought possibilities that are efficient in obtaining energy, improving scalability, security, and privacy. Blockchain does have its shortfalls in terms of scalability, security, and efficiency. AI addresses those challenges along with the others. 

Energy consumption

The considerable energy consumption comes as a big challenge for Blockchain, and Artificial Intelligence is capable of keeping a check on that.

Most blockchain technology follows bitcoin's infrastructure and uses Proof-of-work (PoW) as a consensus mechanism for validating transactions. These protocols demand complex mathematical puzzles to be solved and enormous computing power. The estimated Bitcoin transaction energy consumption is significantly high. Adding to that is the energy and cost used to cool down the computers.

To overcome this challenge, AI algorithms are being built that consume less energy. To support minimum consumption of energy, proof-of-stake (PoS) protocols were introduced, which included an algorithm to randomly assign the task of validation to a node and a combination of a participant’s stake in the network.

Source: Ethical Corporation

Enhanced Security

Even though Blockchain is by nature incredibly secure and tamper-proof, and the choice for storing sensitive and personal data but artificial intelligence with machine learning and deep learning uplifts the whole process. 

If you have heard of data markets, then you must be quite aware of the private data that is sold in those markets. Many of us rely on AI for a few cybersecurity solutions that it provides like intrusion detection, user behavior analytics, phishing and malware detection, and much more.

High Efficiency

AI can make sure that the resources are being efficiently utilized so that reduced latency is experienced and costs are minimized. It also entitles us to reduce the carbon footprint of blockchain technology. It turns out, the data on the blockchain network keeps growing every minute. Out of this, the information that would be needed for use in the future is automatically pruned by the AI’s data pruning algorithms maintaining high efficiency and productivity.

The applications of Blockchain and AI are extraordinary but when combined they’re exceptional yet ample. Let’s read about a few of its many applications.

SMART CONTRACTS 

As we have seen, the implications of this technology for finance are highly disruptive. It includes consent, confidentiality, and financial transactions. Blockchain-enabled smart contracts exhibit the capability to exchange value without third parties getting involved. The exchange of value, goods, and services is now more efficient and secure. All thanks to artificial intelligence, cryptography, algorithms, or smart contracts. AI-enabled blockchain solutions will better analyze data sets from thousands of variables, and contribute to increase cyber resilience and optimize intricate interchanging of distributed energy resources by encrypting, monitoring, and automating transactions. 

HEALTHCARE

Impressive technologies are contributing to the medical world in ways one couldn’t even imagine. Healthcare organizations are doing their best to offer solutions and services that satisfy customer needs and, at the same time, reduce costs and improve outcomes by leveraging data. They are turning to Blockchain and Artificial Intelligence to blur the impediments that hinder the development of the healthcare industry.

Source: Health IT Analytics

ROBOTICS TECHNOLOGY

We are well aware that Artificial intelligence powers robotics. It empowers them to learn and deliver excellence and efficiency as it has in chatbots, or voice-assisted technologies - Siri and Alexa. For efficient and effective RPA (Robotic Process Automation), businesses are relying on multiple technologies and not just one. This challenging field insists on producing and offering solutions that are customer-satisfactory. With automation multi-fold, Artificial Intelligence mushrooms the efficiency of robots while Blockchain offers data immutability that ensures that the operations are tamper-proof. Together, the operating pathway of these technologies helps achieve the desired goal.

The most significant use of this pair was in Swarm Robotics, where these were used to control a group of robots. The application of artificial intelligence and Blockchain could collectively enhance the response and behavior of the robots.

AUTONOMOUS VEHICLES (AV)

The two most cutting-edge technologies come together, and an artificially intelligent blockchain simplifies and streamlines the learning process of autonomous, driverless, self-learning cars using reinforcement learning and then imparts the learned information.

The car learns from its experience. Cars connected to a shared public ledger can share their knowledge so that all the vehicles possessing that shared ledger can determine when to stop from the experience of one single car, thereby eliminating the cumbersome task of training each car separately. This collective learning can be carried out using Blockchain Technology.

Together, technologies widen the spectrum of opportunities. Similarly, the Blockchain developers and AI programmers at Logic Simplified augment the path of opportunities for businesses to grow and thrive in various industries like Tourism, Education, Finance, Manufacturing, Retail, Customer Service, Gaming, Security, Energy, Logistics and Transport. You name the industry and we have it covered. For any query get in touch with us or email at enquiry@logicsimplified.com 

The term Blockchain means an encrypted database used to keep records that are distributed and verified across thousands of computer servers with reduced chances of security breaches. Initially, the technology started with cryptocurrency and is now entering various other domains. Use of blockchain in finance, healthcare, defense, government, law, energy, you name it. Either it is already acclaimed to being used or industries are getting ready to put their hands on it. Indeed, there are no just-in-cases with Blockchain, it is a breakthrough invention intended on being employed in every industry and vertical.  With a few shortcomings in place, technologists are scrambling their ways to come up with better versions of it.

While on the flip side, IoT, as we all know it, is making things smart by embedding smart sensors into everything. With IoT development, the public sector, several industries like manufacturing, transportation, automotive, consumer goods, and healthcare are not the same. Its impact is being felt in our lives.

Blockchain combating

The IoT security issues

Huge amount of data transmission between systems and devices is involved in the Internet of Things. With every device being added to the network comes the risk of unauthorized access. Unencrypted or weak encryption data transfers, large number of devices and protocols involved in network implementation increase the chances of hackers to enter the IoT architecture. Along with all that, safe functioning of an IoT platform and secure management of data becomes a compelling challenge. 

Blockchain technology came as an advantage to overcome these security challenges with its capability to maintain a growing number of data recorded in blocks at various levels. Transactions could be recorded orderly and carefully with Blockchain which means the history of connected devices could also be easily and securely recorded. Software attacks (malware or virus attacks), network breaches, encryption attacks could be prevented. In all, Blockchain-as-a-service was bridging the security gaps and bringing solutions to eliminate the threats posed by IoT. 

Over the time, the stand outs for Blockchain technology that have been noticed are -

• • Transparency to community and customer

• • Increased efficiency

• • Enhanced security and scalability

• • Improved traceability

• • Simpler integration

• • Tamper-resistant

Blockchain and IoT use cases

Somehow, knowing about the advantages that come with Blockchain, experts believe that Blockchain is still in its early day. It will take a while for its value to be understood and for us to fulfill it’s worth. Also, there might come a time that this merger becomes a necessity for us.

Meanwhile, there are several IoT integrated Blockchain platforms being created to produce high-end solutions. IOTA that supports machine-to-machine communication, fee-less micropayments, and quantum resistant data. Maru Basic, an integrated blockchain and IoT hardware solution built by Chain of Things (CoT) to securely collect and report data. It also solves IoT's issues with identity, security, and interoperability. The Hyundai Digital Asset Company is incorporating Blockchain technology into IoT devices for quick and effective communication, identity verification, authentication, and data storage.

Many others could be added to the list of creating combinations of RFID and blockchain technologies for effective IoT integration but this will only make the list too long. With that, let’s skip to the use cases of this combination by quoting “To know and not to do is really not to know”. It is the applications of a technology or innovation that determines its worth. Read more of that with respect to Blockchain and IoT -

Supply Chain and Logistics

A global supply chain network involves the time and plenitude of payments and invoices. With that, multiple stakeholders, delivery delays becomes a big challenge. The potential of IoT-enabled vehicles is put to use to track the movement throughout the shipment process. The transparency and complexities lacking in the supply chain and logistics can be prevailed over by the reliability and traceability that comes from Blockchain and IoT. The details obtained from IoT sensors are stored and saved in the Blockchain that is accessible to the stakeholders.

Automotive Industry

Digitization is taking over the world. Automotive industries are using IoT-enabled sensors to develop fully automated vehicles. The decentralization of an IoT network lets multiple users exchange information easily and quickly. The application of combined technology enables automatic traffic control, autonomous cars, and smart parking. From finding a place in a parking area to the automated calculation of parking charges and making payments - it's being done through sensor technology and crypto-wallets, making people's life easier.

Smart Homes

IoT gave us the convenience of home security systems, and Blockchain development just took it to another level. Before we could manage home and the appliances in it with just a few touches on the smartphone, and now, what's better is the enhanced security that comes with Blockchain. The Biometric, facial recognition, voice recognition data stored in Blockchain ensure that the IoT data collection from smart devices is not modified or altered in any way, guaranteeing improved security.

Pharmaceutical Industry

The transparency and traceability that one gets with Blockchain helps tracking and monitoring the journey of drugs from its origin to the destination of the supply chain. And, this information is available on the Blockchain distributed ledger. It is also accessible to the manufacturers, wholesalers, dispensers, and end-customers from anywhere and at any time.

Agricultural Indusrty

The food production industry can be reshaped by using Blockchain and IoT to its full potential. And why not? IoT sensors can be installed in the fields and farms, and the collected data can be stored in the Blockchain and used to enhance farming techniques and informed decisions regarding it that can be practiced for better production and yield. Not just that, but easy transactions to farmers could be a significant step.

Smart Contracts

Smart contracts let you manage transactions and interactions digitally, making sure of transparency and security. It makes it possible to create agreements that will only be put into action when certain conditions are fulfilled. For example, A connected device will only process payment when it indicates the customer has received the product or service. 

One thing is guaranteed that Blockchain and IoT Technology together promise great strides of development in the near future. And, it is the software development companies that can make the most of these to grow businesses and hence, the economy. One such company is Logic Simplified, an IoT app development company in India with skilled software game app developers who understand the long and short of these two revolutionary technologies. They are surefooted to guide you and help you understand how the use cases of Blockchain IoT combined can be put to use for the betterment of your business. It is wise to make use of the knowledge and intellect that these experts hold a grip on. Because we’re living in a time of innovation and invention and these technology fads, my dear, will connect the world in numerous ways keeping privacy and security on top priority. For any query, email us at enquiry@logicsimplified.com.