Over 2,000 blockchain enthusiasts came together in Hamburg at BLOCKCHANCE 2021 to take stock and talk about the future of blockchain.
As cryptostars Joseph Lubin, Michael Saylor, Justin Sun, Raoul Pal, and Fabian Vogelsteller provided insights, it became clear that blockchain no longer is a hype but is becoming established in businesses and society.
Six topics stood out in over 120 presentations at the conference:
- Web3, Metaverse and DAOs
- Integration with current systems
- The multi-chain future
- Regulation and Sustainability
The future is Web3, NFTs and DAOs
Web3 continues to expand, driven by the boom in Non-Fungible Tokens (NFTs) and the development of Decentralised Autonomous Organisations (DAOs). “DAO-tools will enable democratic participation, while keeping efficient financial management structures,” says Max Hartmann, Head of Consulting at BLOCKCHANCE.
Integration with current systems
Decentralized technologies such as blockchain can be used to preserve liberal democracies rather than clashing with current systems. This is a move towards a more rationally based model of how blockchain can serve different sectors.
“For blockchain to arrive in the mainstream public, we need to educate them how blockchain can shape a positive and sustainable future,” explains Fabian Friedrich, CEO and Founder BLOCKCHANCE.
BLOCKCHANCE, together with European universities, is establishing the skill-building hub BLOCKCHANCEx, to raise a blockchain-savvy generation of students. “We need to empower the next generation who will live in a future we can barely imagine,” explains Fabian Friedrich.
Cross-chain solutions for an interconnected future
Interoperability will be a key topic in 2022. Cross-chain protocols allow exchange between application-specific chains. Ethereum, already a strong contender as the foundation for Web3, allows transactions between different blockchain applications and is already the dominant smart contract platform. Competitors such as Solana will continue to co-exist, providing a healthy balance in the market.
2022 – the year for DeFi?
Hindered by regulation and lack of trust, Decentralised Finance (DeFi) may see a comeback. Players such as AAVE, Compound, YFI and innovative projects such as Protocol Controlled Value (PCV) and Liquidity as a Service (LaaS) will continue to expand. New concepts will help resolve operational and regulatory barriers, causing further disruption in the finance sector.
NFT-trading and integration are expected to grow, not least as gamers will be able to own and monetise NFTs and the NFT-Art boom continues. “The NFT-infrastructure, competing marketplaces and the aggregation of a fragmented crypto space are developments we expect.”
Regulation and sustainability
As regulators zoom in on blockchain, many companies will aim to for more compliance and transparency.
With NFTs, cryptocurrencies and blockchain applications on the rise, so is their environmental footprint. Increasingly investors are looking for sustainable solutions, just as more blockchain companies are using renewables or tap excess energy directly from the producers.
With better governance and clearer regulations, institutional investors and the mainstream public may find themselves sooner rather than later in some corner of the metaverse.