Top 10 Interesting Facts about Blockchain Technology and Cryptos
Since its first advent technology has been evolving and upgrading at a rapid pace, especially in recent years. What’s new today can become old in a matter of months. This speedy evolution of technology has made it difficult to keep a track of all that is new. However, there is one tech that has set a trend, and as per experts is the next big thing after the internet, i.e., blockchain technology.
After officially making an appearance in 2008, blockchain has successfully disrupted all industries known to us in the past decade. There is indeed a lot of work going on in the blockchain and crypto space. However, there is still a lot of confusion and myths concerning this new-age technology and crypto as well. So here we are with some facts about that will help the readers understand it better.
Blockchain and Crypto Knowhow:
Though the idea of blockchain generated in the early nineties, the first successful implementation was through the launch of Bitcoin. The Distributed Ledger Technology debuted alongside the first cryptocurrency as a dazzling pair ready to revolutionize the world of technology. Since then it has become a global phenomenon that has disrupted all sectors and expedited the launch of new cryptocurrencies almost every month. Here are a few interesting facts about this revolutionary technology.
- Blockchain, Bitcoin and Satoshi Nakamoto: Satoshi Nakamoto is the creator of Bitcoin and the one to implement blockchain technology successfully. No one knows the identity of Nakamoto. However, people suspect that a man of Japanese-American origin from Temple City, Los Angeles named Dorian Satoshi Nakamoto is the father of Bitcoin. There are too many coincidences that have led to this suspicion. For example, a computer scientist Hal Finney, who happens to be his neighbor was the first to receive Bitcoin transactions. But as Dorian Satoshi Nakamoto denied it time and again and we are yet to discover the true identity of the creator of Bitcoin.
Read More: Satoshi, Bitcoin’s Smallest Unit, Is Now Added To Oxford English Dictionary
- Top 3 Blockchain and Crypto-friendly Countries: Switzerland, Gibraltor, and Malta are the three most blockchain and crypto-friendly countries in the world. Switzerland has the most stable economy in the world and has been very accepting of both blockchain and cryptos. Gibraltor was the first-ever country to regulate and facilitate trading via crypto by establishing a Financial Services Commission. The main role of the commission is to issue licenses for ICO operations. It also keeps track of the organizations that deal with crypto. Malta is famously known as the Blockchain Island and is considered the hub of blockchain development. It is the birthplace of several blockchains and crypto companies and is the first choice who wants to start a business and work in the blockchain sphere.
- Countries with focus on Official Crypto Development: Passing the phase of initial skepticism, governments all over the world are gradually realizing that having their very own crypto can be very beneficial. It does not take much to launch crypto as against physical currencies. They are safe, secure and environment-friendly as well. It is much more cost-effective than minting currencies. Presently there are over 15 countries including world economic leaders like the USA, the UK, Saudi Arabia, Japan, etc. that are interested to launch their official crypto.
- Boost to the IoT market: Increased use of blockchain technology is expected to boost the use of IoT through vehicles, household devices, etc. This will help the industry to reach $50 billion by 2020, as per recent market review reports.
- Blockchain Using Population: Blockchain might be one of the trending technologies of this era, but there is only a handful of the world’s population that is using the technology. The number stands around 40 million individuals. However, as per the market survey, the number will spike up to 80 percent in the next ten years.
- Growth of Global Blockchain Market: Blockchain development is still in its formative years, but the advancement is progressing fast. All known industries are working to incorporate this technology to transform legacy systems. As per the market survey and review, the blockchain market will grow to over $60 billion by 2024.
- Acceptance of cryptos by NGOs: Cryptos are gradually emerging as a valid currency for payment, especially when it comes to large sums of money. Even charities and NGOs are accepting cryptos for donations. In 2018, over $69 million was donated in the form of cryptos to such charitable organizations.
- Blockchain aiding medical record management: By the virtue of a distributed ledger blockchain can revolutionize the present ways of medical record keeping. The common problem with the accessibility of medical records is that it is spread across different medical organizations and professionals like doctors, hospitals, diagnostic labs, etc. However, the implementation of blockchain technology can make the same process more seamless and hassle-free for the patients. An individual will be able to get hands-on medical reports without having to call the doctor’s office or hospitals. Such a system will keep the access controls of the records in the hands of the patient and it will help them keep a better track of their health condition.
Read More: How a Blockchain Can Add Value To a Supply Chain and Build Customer Trust
- Blockchain in Food Supply chain: Blockchain is it just the thing to track bad food in the supply chain and Walmart has already implemented it? The multinational retail corporation is using technology to track fruits and other food products to determine food contamination. It has proved instrumental in the case of food recalls, by determining the exact food products that have gone bad and pose a threat of contamination. What used to take weeks, can now be done in a matter of seconds.
- Market Growth Rate of Blockchain Technology: The advancement of blockchain technology is happening fast and all the sectors are working on ways to implement it in their line of operations. It is expected that the blockchain market will increase to a value of $7.59 billion by 2024.
The way things are progressing blockchain technology is expected to take over the world completely, updating and upgrading the legacy systems into something better, faster and more flexible.