10 Facts About Blockchain Technology

E-Business Concept

A technology that is new on today’s date can turn old in just a few months. Technology evolution has taken place in a speedy manner in the last few years. But there is a technology that has actually set a benchmark. It is the upcoming big thing after the World Wide Web. This is Blockchain technology. Since its inception in 2018, people carry a lot of misconceptions about it. People also carry weird notions about how a Blockchain app development company works. So here we are accumulating some important facts about this new-age technology in this content.

Knowhow is important 

  • Use-cases – To understand blockchain, gaining deep insight about Blockchain technology objectives is important. A blockchain can be private, permissioned or public. We can understand this well from Facebook’s Libra. Libra is based on Libra blockchain, its control is in the hands of the Libra Association. The association includes Facebook & the member companies. They do not intend to operate Libra like Bitcoin which is a non-profit cryptocurrency.

Blockchain becomes versatile with this customization. This means it will incorporate non-fintech applications also. Few applications include keeping medical records, tracking smooth goods flow, etc.

  • Satoshi Nakamoto – The successful implementation of blockchain technology lies in the hands of Satoshi Nakamoto. He is the Bitcoin creator. But before implementing blockchain technology for small business, you might want to learn some interesting facts. Nobody is aware of the identity of Satoshi Nakamoto. People suspect that he is of the Japanese-American origin from the famous Temple City.
  • Emphasis on official crypto development – Governments are now overcoming the initial skepticism regarding blockchain technology potential. As a matter of fact, they are realizing how beneficial crypto is. Launching crypto is easier compared to physical currencies. These are safe & environment friendly. Also in comparison to minting currencies, these are cost-effective. In the current times, there are more than 15 countries like the USA, Japan, UK, and Saudi Arabia who are very interested in introducing their own official crypto.
  • No more middleman’s game – Data is saved across users or nodes and not at a single place. This is in context to Blockchain. Features of blockchain technology include using DLT or distributed ledger technology. Almost every blockchain application is pinned on this technology. As a result every user or node remains side by side throughout the various developments. Recording transactions takes place in the shape of blocks. These are then added after a validation & verification procedure. The procedure is implemented via Proof-of Work or Proof-of-Stake. Altering or removing blocks after adding is impossible which means blockchain is secure.

Due to this, there is no requirement for third-party auditors. No one can tamper with the data.

  • Population utilizing blockchain – The popularity of cryptocurrency blockchain technology is ever-increasing. But just a handful of the entire world’s population is currently utilizing this technology. The figure stands approximately 40 million people. However, as per few market surveys, the figure will boost to more than 80 percent in the upcoming ten years.
  • Ever-growing market size – Blockchain statistics seem very promising right now. As per the International Data Corporation, blockchain spending is anticipated to hike throughout the period of 2018-2023. There will be a 5 year compound annual growth rate of approximately 60.2%. The banking industry leads the spending. It will account for more than 30% of the entire global spending. In India as well, the blockchain market will bloom. The blockchain market will enhance to a value of approximately $7.59 billion by the year of 2024.
  • Blockchain assisting with medical record management – The prospects of healthcare blockchain technology is also quite promising. The current methods of medical record keeping can undergo changes. This change is due to the distributed ledger technology of blockchain technology medical records. Medical records are spread across numerous medical organizations. Blockchain technology makes the procedures easier for patients. A patient can receive hands-on reports and he doesn’t even need to visit the doctor’s office.
  • Boost to IoT market – These facts about blockchain technology are truly mesmerizing. As more industries employ this technology in upcoming times, there will also be a boost in the Internet of Things applications. Its use will be visible through household devices & vehicles. So it is anticipated that by the year of 2020, the industry will boost by approximately $50.
  • NGOs accepting cryptos – The advantages of blockchain technology for NGOs are many as well. Cryptos are now considered as a valid currency for disbursement. NGOs & charities are accepting cryptos as donations these days.
  • Food supply chain – Few big players of the market are currently using best blockchain technology for detecting food products that have undergone contamination. This process earlier took several weeks to complete but as you use blockchain technology, it can be finished in a few seconds.

Final Say

Legacy systems will soon turn faster & better due to increased use of blockchain safe wallet. Blockchain is all set to grow approximately by $176 Bn by the year of 2025. This exponential growth shows how promising the industry is. Hence, associate with a sound Blockchain app development company today. To know more, connect with us.