3 ways blockchain technology could achieve broader adoption in 2022

2021 has been a year of great growth for the cryptocurrency sector and this year is expected to continue the “mass adoption” trend.

Public awareness of blockchain technology is increasing and a new cohort of projects aimed at fulfilling more niche functions in society are likely 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 independent economy by offering enterprise blockchain solutions.

Human resources could switch to blockchain

3 ways blockchain technology could achieve broader adoption in 2022
3 ways blockchain technology could achieve broader adoption in 2022

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

Human Resources is also responsible for recruiting and hiring new employees, an increasingly difficult task in today’s world where the labor force participation rate is 61.9%, its highest since 1976.

In the case of blockchain-related jobs, the task is made even more difficult by the limited number of people with the knowledge and skills to work in the burgeoning sector.

Keep3rV1 is a protocol focused on connecting employers and employees, and the decentralized job board is specifically designed to connect blockchain projects with third-party developers offering specialized services.

KP1R/USDT 3-day chart. Source: TradingView

Although Keep3rV1 focuses specifically on blockchain developer jobs, if the model proves successful, the concept could easily expand to cater to a wider audience of job seekers and employers.

Payroll also falls into the HR category, and projects like Request (REQ) support a decentralized payment system where anyone can request payment and receive money in a secure manner.

This is an ideal environment for freelancers. Experimental platforms like Sablier Finance are also offering workers the opportunity to get paid for their work in real time, rather than waiting at the end of a payroll period to receive their paycheck in a lump sum.

The sharing economy

Ride-sharing services like Uber and Lyft and creator/freelance marketplaces like Fiverr were the foundation of the sharing economy. According to 2021 estimates, 36% of the US workforce uses the sharing economy as a primary or secondary source of income. The data also shows that 55% of workers in the sharing economy also had a main job as freelancers.

Current projections suggest that by 2023, up to 52% of the US workforce will be actively working in the sharing economy, or have done so at some point in their careers, making it a growing area to benefit from blockchain technology integration could.

One project that has already created its own job board for freelancers is Chronos.tech (TIME), a blockchain-based recruitment, staffing, and payment processing protocol whose LaborX platform is similar to that of sites like Fiverr, but conducts all transactions through it Blockchain technology and smart contracts.

TIME/USD 1-day chart. Source: CoinGecko

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

Freelancers can use TIME on the network to earn bonuses for completed tasks, while clients can use special discounts as a reward for holding the token.

Companies use blockchain solutions

Enterprise-level blockchain-based solutions are expected to flourish in 2022 as well.

Many of the top competitors offering enterprise solutions are Layer 1 blockchain protocols, like Ethereum and its Hyperledger framework, or the Layer 2 network scaling solution Bitcoin Lightning, which recently integrated into Cash App.

Other strong contenders in the business solutions space are Fantom and the Polygon network as they have lower transaction rates and faster processing capabilities.

1-day chart of FTM/USDT vs MATIC/USDT. Source: TradingView

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

According to the Hedera website, the project is owned and managed by some of the largest organizations in the world, including IBM, Boeing, Google, LG and Standard Bank.

The high-performance nature of Hedera’s Hashgraph architecture makes it ideal for large enterprises that require a significant number of transactions to serve their global customer base.

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

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 do your own research when making a decision.

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