10 Interesting Facts Everyone Must Know About Blockchain Technology
The inventor of the unique blockchain technology is Satoshi Nakamoto, and he is also famous as the ‘father of Bitcoin.’ Blockchain technology is not new for anyone living in the 21st century, whether it is a college student or IT personnel. Even many mobile application development companies are taking the path of commemorating blockchain technology in their processes.
There are numerous reasons for the increasing popularity of Blockchain and its applications. Some of them are,
- Decentralization for transaction approval. Users can verify and approve their transactions themselves.
- Blockchain technology provides the highest security level with encryption and notifies users if anyone tries to tamper with it.
- Due to this technology’s decentralized nature of approval and 24/7 service, the users get faster processing of data and transactions.
- Completely automated. This nature of automation can power many technologies by going fully-automated for all processes.
- You can stop worrying about encryption as Blockchain technology uses a high level of cryptography and attached digital signatures to all the data.
Top 10 Interesting Facts about Blockchain Technology
Blockchain technology is indeed a perfect way to shape emerging businesses, industries, and various organizations to secure all their transactions. Blockchain is disrupting all the sectors and reforming them with faster, secure, and efficient alternatives. Here are some of the interesting facts about this phenomenal technology,
Transaction Worth Millions
Since its inception, Blockchain has processed and distributed over $270 billion in transactions by the end of 2017. The blockchain market size is likely to increase from $708 million in 2017 to $60.7 billion by 2024. The reason for such growth is its increasing popularity and a higher level of application in various industries.
Companies Leveraging the Maximum Benefit
Almost all industries leverage the trends and applications of blockchain technology. Some companies are using cryptocurrencies to sell their products or services, while others are mining bitcoins to increase their profits. Many giant companies currently using blockchain technology are Unilever, Walmart, HSBC, Ford, DHL, Siemens, and many more.
Blockchain Technology has Applications in Electrical Companies.
In recent years, blockchain technology is making its place in developing applications for electrical companies. With blockchain technology, acquiring usage information from electricity customers is made automatic with enhanced security.
Adds Transparency to the Media Market
Companies are using blockchain to track their spendings on ads by recording data impressions and their payments. There can be an added layer of transparency with blockchain as all the transactions are in the ledger, ensuring easy tracking.
Blockchain Technology can Aid Scientific Research.
With blockchain technology in the picture, researchers can easily authenticate the information, share it with others, certify it, and complete their research faster. Out of all the data published each year, researchers can use specific data to authenticate and make their ongoing studies more insightful.
Creation of Digital Identification for People
In this era of digitization, it is quite crucial to have a digital identity. Blockchain can back the creation of digital identities for almost everyone. And Microsoft is currently working on a blockchain project that will achieve this task. This project aims to create identifiers that are decentralized and manage banking, travel, health insurance, etc.
Countries Adopting Blockchain Technology
The top countries adopting blockchain technology on a large scale are Malta, Switzerland, and Gibraltar. These countries allow trading via cryptocurrency, developing their crypto environment, all the more, Malta is known as the hub of blockchain development. Other countries in line to launch their cryptocurrency are the USA, UK, Japan, and Saudi Arabia.
Slurps up the IoT Market
Blockchain can be used extensively in various IoT applications and thus boost the IoT market’s overall performance. With the increasing use of IoT in designing homes, autonomous vehicles, etc., it is evident that blockchain technology can boost IoT with its features. The IoT applications can improve their efficiency by using blockchain features such as access management control, data management, etc.
Fast-growing in Global Market
Blockchain technology is currently in its infancy, and with constant progress in the development of features, it is growing fast in the global market. The reason being that almost all the industries are looking forward to incorporating blockchain technology into their business, which, in turn, will add to the global market.
Blockchain Techs, Healthcare, and Food Industry
The spectrum of blockchain technology applications’ applications is vast, but some of the fields currently using this technology are banks, food, and healthcare. In healthcare, blockchain technology helps in medical records management, while in the food industry, the supply chain management can also gain efficiency. Owing to faster and secure transactions, almost no transaction fees, etc. banks are looking forward to deploying blockchain technology in their processing.
- More than 40 million individuals are using blockchain technology.
- Bitcoin, based on blockchain technology, has over eight million accounts and is still growing.
- Blockchain resembles Google docs. All the participants can view and update the ledger and own their copies.
- More than 30% of C-level executives are using blockchain technology.
- VC’s across the globe have invested over $1 billion in the blockchain development companies.
Why Blockchain Technology is the Future?
The future awaits the rise of blockchain technology. Each sector and industry is under the influence of blockchain and its numerous benefits. A few reasons that account to the immense growth of blockchain technology in the future are,
- Blockchain Technology rules out all the middlemen due to its decentralized structure.
- A blockchain can be public, private, or a combination of both, just like the internet or intranet. So, everyone can deploy this technology.
- Many countries have started using cryptocurrency and even having their own. Many more of them are adding up in the blockchain band-wagon.
- Business biggies are turning towards blockchain technology. The business value of blockchain is exponentially increasing.
- Blockchain technology may give rise to national cryptocurrency and even integrate with government agencies.
Sum and Substance
With the increasing popularity and many new features that can revolutionize any industry, blockchain is slowly advancing towards conquering the world. Many companies can develop applications backed with blockchain for your business. So, if you don’t want to be left aloof of this fantastic technology, then start your research today!
Also Read: What are the Top Blockchain Technology Trends That Will Dominate in 2020?