3 ways blockchain technology could further mainstream in 2022

2021 was a breakthrough year for the cryptocurrency sector and this year is expected to see an extension of the “mass adoption” trend.

Public awareness of blockchain technology is growing and a new batch of projects designed to fill more niche roles in society are likely to emerge in the coming months.

Three sectors that have the potential to see significant growth in 2022 are human resources (HR), employee payments solutions, and platforms that serve the temporary jobs economy by offering blockchain solutions to businesses.

HR may turn to blockchain

The HR department is ready for blockchain integration due to the security and data storage solutions offered. Blockchain will allow each employee to have a unique address where all relevant information can be stored in encrypted form.

HR also deals with the recruitment and hiring of new employees, which is an increasingly difficult task in today’s world where the workforce participation rate is 61.9%, the lowest level since 1976.

For blockchain-related jobs, the task becomes more difficult due to the limited number of people who have the knowledge and capabilities to work in the emerging sector.

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

KP3R / USDT. One day planner. Source: TradingView

While Keep3rV1 focuses specifically on the jobs of blockchain developers, 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 supports projects like Requisition (REQ) a decentralized payments system where anyone can request a payment and receive funds through secure means.

This is the ideal setup for the self-employed. Demo platforms such as Sablier Finance also give workers the option to pay for their work in real time rather than waiting until the end of the payroll period to receive their salaries in a lump sum.

freelance economy

Ride-sharing services like Uber and Lyft and marketplaces for creators/freelancers like Fiverr have been the bedrock of the gig economy. In 2021, it is estimated that 36% of the US workforce participated in the temporary job economy as either a primary or secondary source of income. The data also shows that 55% of those working in temporary jobs were also employed in a separate initial job.

Current projections are that by 2023, as many as 52% of the American workforce will be actively working in the temporary jobs economy or will do so at some point in their career, so it is a growing field that could benefit from the integration of blockchain technology.

One of the projects that has already created its own independent careers board is Chronos.tech (TIME), a blockchain-based recruitment, HR and payment processing protocol that is similar to the LaborX platform and websites like Fiverr but conducts all transactions using blockchain technology and smart contracts.

TIME/USD chart for one day. Source: CoinGecko

In addition to the Chronos.tech, LaborX and PaymentX protocols, the ecosystem recently added decentralized finance (DeFi) functionality by allowing TIME holders to share their tokens in the protocol to earn revenue.

Freelancers can share TIME on the network for rewards for completed tasks while customers can participate to earn special rebates as a reward for holding the token.

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Companies adopting blockchain solutions

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

Many of the top contenders offering enterprise solutions are Layer 1 blockchain protocols such as Ethereum and its Hyperledger framework or the Bitcoin Layer 2 Lightning Network Scaling solution which was recently integrated with the Cash app.

Another strong competitor in enterprise solutions are Fantom and Polygon Network because they have lower transaction fees and faster processing capabilities.

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

The final protocol specifically focused on creating an enterprise-wide public network that allows individuals and businesses to create decentralized applications (DApps) is Hedera (HBAR).

According to Hedera’s website, the project is owned and operated 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 companies that require a high volume of transactions to serve their global customer base.

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

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