Blockchain Facts

Many are talking about Blockchains? Or Cryptocurrencies? In short, blockchain technology is the base for everything in cryptocurrencies.

Blockchains is defined as a system or process that runs transactions with ultimate security and privacy. The growth of any cryptocurrency depends on blockchain technology and mechanization.

All in all, you can’t have blockchains without cryptocurrencies. In essence, a cryptocurrency is a digital currency. And, the biggest difference is the transactions are verified by an uncentralized system rather than a central authority. Even believe it or not, social Networks are changing because of blockchain technology.

Blockchain arrived in the marketplace with a bang because of cryptocurrencies. Bitcoin started the revolution with cryptocurrencies in 2009.

The future of the world financial system and the way we use money is all about blockchains. Learn more interesting facts about blockchain technology and more below.

1. What is the idea behind Blockchain Technology?

Blockchain may at first seem like a complex idea of concept. The pure definition of blockchain is the following, “a system that records transactions completed with cryptocurrency and then are maintained across more than one computer and then linked or connected in a peer-to-peer network.”

In essence, then blockchain technology is merely a different kind of database.Security is key and that is what makes blockchain technology very special. Moreover, the transactions are completed quickly and instantaneously.

The transparent nature of the transactions of blockchains are key. Moreover, the ledger of the blockchain is updated automatically. As well, the only way to confirm or reveal the participants or authenticity is by an agreed group.

Blockchain permits cryptocurrencies to function without the need for a central authority.

2. Blockchain technology was founded and invented by various inventors

Blockchain technology initially came up for the first time in 1991. Two American researchers,  Stuart Haber and Scott Stornetta, wanted to put together and design a system where timestamps could not be changed or altered.

Then many years later the idea came up again with Blockchains around 2008. First, it was the mysterious Satoshi Nakamoto who developed Blockchain technology. As well, Satoshi Nakamoto is the name associated with developing bitcoin. As well, the innovation did not stop with Bitcoin but Blockchain was developed by Satoshi Nakamoto.

In the end, it was Nakamoto who came up with the first blockchain database.

3. Blockchain Technology reduces the amount of fees and costs

Overall, blockchain technology is very good for saving money and cutting costs. The lack of a need for a central authority decreases risk and common security issues but also removes a lot of the processing and transaction fees.

Blockchain technology is able to decrease costs by simplifying the supply chain system and network. Moreover, you have less concern for any diversion or “middleman” intervention.

Any business wants to save money and keep profits and blockchain technology is crucial.  Blockchain-based track-and-trace technology eliminates a lot of unnecessary steps and simplifies supply chains.

4. Blockchain technology and investment is expected to grow quite significantly by 2024

Many types of business and financial services will utilize blockchain technology. For example, manufacturers will use this for increased profit gain and investment firms and banks will reduce operating costs thus making everyone happy for the added savings.

For the whole industry growth, blockchain technology market capacity and potential will very likely increase $7.59 billion by 2024. The overall growth rate of blockchain technology yearly is expected to be around 37.4%.

Fast market growth is caused by more demand for this blockchain technology in various industries. The industries to gain most are the following; financial services, consumer and industrial goods, media, transport, healthcare, and public services.

5. There are countries that are ideal for Blockchains and Cryptocurrencies

There are certain countries that are better for blockchain companies or just places that are crypto-friendly. For example, if you want to be able to utilize cryptocurrencies then certain places will be best for you.

Switzerland is seen as a great country for blockchains and cryptocurrencies because of its stable market. Moreover, you are able to legally use cryptocurrencies with ease. The relatively strong and even market makes cryptocurrencies very attractive here.

Gibraltar is also a great place for cryptocurrencies because it was the first country to open to cryptocurrencies. For example, cryptocurrencies could establish easier in Malta while it was more problematic elsewhere. As well, Malta is a good and favorable place for blockchain development.

These countries of Malta, Switzerland, and Gibraltar are the ones that are trailblazing for Cryptocurrencies and blockchain technology success and development.

6. Many retail companies and food manufacturers are utilizing Blockchain technology

Not many would realize that food companies would be interested in this innovative technology, but the benefits save businesses money. For instance, Walmart is now using blockchain in the industrial food production area. This change will increase productivity overall.

Research has provided evidence that blockchain mechanization increases the overall productivity level of many companies. For example, you could trace or track items to the seller much easier with a blockchain and even identify the original maker, farm, or more in question.

Another example shows a food company and retailer, Carrefour, bringing blockchain to their company. The result of this change was able to help with supply chain issues and efficiency.

7. The biggest Blockchain Technology Company or Organization is located in China

Bitmain, a Chinese company is a primary manufacturer of application integrated chips that are used for bitcoin and more. For example, this company also does a lot for cryptocurrency mining as well as blockchain technology.

In general, Bitmain also is seen as the largest blockchain organization in the world by market valuation and production. Located in Beijing, Bitmain also operates some of the largest bitcoin mining pools that are driven by computing power.

Blockchain innovation and development as well as having a well funded company. Bitmain. Is a mining hardware powerhouse that has raised over $500 million in capital for research and development.

8. Social Media Networks are using Blockchain technology

Because the next massive opportunity for decentralization and control for users and companies is personalization. Therefore, there is a rise in social networks that are operated by such blockchain implementations.

For example, there is one site or network called Steemit. This is best described as a blogging network. What makes this site different is that users are rewarded for content and posts.

Blockchains work with these networks by utilizing crypto-coins. One instance of this shows how Steemit The network’s base token is called Steem coin. Thus, when a user or anyone would upload or post an article or even just write comments then there is a reward. This reward will interact to generate and earn a native token for this network.

In general, social media networks are growing and changing with blockchain technology. For example, the Steemit value is $0.1818, as a coin, in comparison to other crypto-coins. As well, blockchain in social media is becoming a rising cryptocurrency and reward and value generation.

9. Blockchain wallet users are increasing worldwide

The last data collected shows around 63 million blockchain wallet users worldwide. Many of those who use blockchain are influencing the way we do business worldwide.

By definition, a blockchain wallet is viewed as a digital wallet that gives someone the ability to receive, store, and spend various currencies. For example, a blockchain user may be able to request anyone to pay for an amount owed using Bitcoin, Dogecoin, or any other cryptocurrency.

Basically, when we do purchases it means every person has a  unique address generated for each payment or financial request. Users starting crypto transactions possess private keys that are only visible and known by the wallet’s owner.

10. IT and network professionals are the main driving forces for cryptocurrency and blockchain technology growth and investment

The variety of users who use cryptocurrencies is increasing but the single best group are IT professionals. This group is changing the way we spend money and invest in the future in general.

The growth in this investment is leading many to reconsider blockchain development as a way to save and do investment securely. There are also students and even others out of work investing in this technology so this is a technology that is for everyone.

Anyone who is willing would have to buy cryptocurrencies like Bitcoin or Dogecoin to spread blockchain income-generating assets. Furthermore, you can purchase exchange traded funds or stocks that will help companies who utilize blockchain.

11. The future of Blockchain technology will change society, government and business

The benefit of blockchain technology is clear because it has already proven to help with production, profits, and even security. Governments will use it to further develop efficient ways to save for their citizens. As well, blockchain’s potential will spur public and private investment.

The main benefits to come for any business and society in general will be security, efficiency, and speed. These three principles will drive interest in blockchain technology. The potential in the public sector through government will help drive savings as well for business owners and companies.

In the future, blockchain experiments and developments in government and business are growing incredibly fast globally.

Author: Jay Garr