Decentralization of the database has been one of the hottest topic of discussions forever amongst the tech wizards. With so much of activity happening around cryptocurrencies, blockchain has become the trending topic today.The impact of blockchain will be enormous in the near future as it is said that it will change the foundation of the social and economic systems. It enables one to track all the digital transactions made on the platforms. Blockchain technology brings to the end consumer transactions at a lower price with the elimination of middlemen and other intermediaries. This article gives more information about the Blockchain technology, its benefits and other interesting facts about the technology.
Let us first look at some of the Benefits of Blockchain:
- Blockchain development is the most secure technology.
- It reduces the cost of online transactions.
- It eliminates the need of of recolination bodies, payment processors and third parties.
- It is encrypted using cryptography so it is very secure.
- It has a lot of cyber security advantages.
Apart from the above advantages that Blockchain has lot of other interesting facts as well. Let us take a look at few of them:
- According to a study only 0.5% of the total population in the world use this technology. But it has a lot of potential as 50% of the population use internet.
- In terms of blockchain development, it stands where the internet was 20 years ago.
- Venture capitalist have shown great interest in the technology. They have invested over $1 billion on the blockchain companies in the last five years.
- Blockchain technology can be broadly classified into two categories; private and public like the intranet and the internet
- Connecting to a blockchain for the first time is vulnerable.
- According to sources, one third of the C level executives are ready to use or adapt the blockchain technology.
- Bitcoin, a money exchange system was the pioneer in the blockchain technology. Today it has more than 8 million accounts. It has grown more than 100% since its inception in the year 2010.
- A random survey states that 9 out of 10 people agree that blockchain is going to disrupt the banking and financial industry. It is expected that banks can save US $ 8-12 billion annually when they use the technology.
- The big ben companies like IBM and Microsoft have also invested considerable amount and resources in the development of blockchain technology.
- Blockchain technology is highly transparent as the entire chain can be tracked by the user.
- The global blockchain market is expected to be worth US $ 20 billion by the year 2024.
- Approximately 90% of the European and American banks are exploring the possibility of using blockchain technology.
If you are looking for the right time to learn about blockchain technology then today is the best day to start! The blockchain technology is booming now and is the right time to start using it for your business.
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