Blockchain is probably the widely popular enigma that continues to unfurl new wonders with every passing year. The popularity of blockchain technology is not new, although there were many apprehensions in the initial stages of the technology’s growth. On the other hand, awareness about blockchain facts can help better understand the potential of blockchain technology.
Many people still assume blockchain technology applications only in the field of cryptocurrency. However, there is more to the significance of blockchain than just the cryptocurrency hype. The following discussion offers you a detailed insight into various notable facts about blockchain technology that everyone must know.
Where Did It Start?
There have been many blockchain facts related to the origins of blockchain. Common knowledge indicates that blockchain evolved from cryptocurrencies. However, blockchain's first known conceptualization was the Crypto Block concept, which emerged first in 1991. The two scientists credited for the Crypto Block concept are W. Scott Stornetta and Stuart Haber.
The concept was primarily aimed at addressing the requirement for tamper-proof ledgers and documents. However, the idea never found practical implementation until 2008, when Satoshi Nakamoto introduced Bitcoin and blockchain technology. The interesting fact about the origins of blockchain is that no one knows about the identity of Satoshi Nakamoto. Although there have been many theories relating different people to blockchain, none have been successfully proved.
Is Blockchain a New Form of Database?
The next important mention among blockchain facts refers to its structure. Blockchains include blocks in which you can store data in linear containers that create a chain. Since users place data in the blocks, they can impose a unique signature on the block and access the block through private keys. Blockchain is a distributed ledger rather than the common assumption establishing it as a database.
Blockchain was never intended to replace the traditional database. On the contrary, it provides flexibility for new ways to recreate applications based onblockchain's state transition capabilities. Therefore, the fundamental structure of blockchain has disrupted the database transaction process methodology.
Growth of Blockchain
Blockchain is all set to be the most dominant technology of the future, and the numbers agree to the same. Almost 40 million people know about the potential of blockchain technology. Furthermore, many individuals and enterprises are adopting blockchain or considering its implementation for different business objectives. The number of people and enterprises interested in blockchain technology is expected to grow by around 80% in the coming 10 years.
Blockchain facts indicate that technology is undoubtedly growing at a rapid pace. Many enterprises have considered the implementation of blockchain technology to introduce transformations of legacy systems. With the radical move towards digital transformation, blockchain adoption is all slated to witness new growth levels. Furthermore, market research reports indicate that the global blockchain market would achieve over $60 million by 2024.
Emerging Applications of Blockchain
Another prominent mention among blockchain facts points out towards applications of blockchain. Although general assumptions state that blockchain is decentralized, it can also provide private, permissioned, or even a combination of flexibility for integrating one protocol over another. Facebook’s cryptocurrency, Libra, presents a perfect example of the diversity of blockchain applications.
With the foundation on Libra blockchain, Libra would be under control and monitoring by Libra association, thereby depicting a considerable deviation from Bitcoin and other cryptocurrencies. The Libra Association has Facebook and other member companies seeking profit from Libra compared to other non-profit cryptocurrency alternatives such as Bitcoin.
On the other hand, the options for customization point towards increasing versatility of blockchain. Therefore, blockchain is also finding applications across many other non-financial technology applications. Some of the common examples of the non-financial applications of blockchain include storage of medical records, conclusion of binding agreements, and storage of personal credit records or tracking the flow of goods.
Many Countries are Planning their Cryptocurrency
Do you know how many countries are realizing the value of blockchain technology? The most fundamental application of blockchain, i.e., cryptocurrency, is gaining recognition among different governments worldwide. Cryptocurrencies are a suitable alternative to virtual currencies with the assurance of safety and environmental friendliness. Furthermore, it also provides a cost-effective alternative to minting new currencies. More than 15 countries are planning the launch of their official cryptocurrency. Some of them include the USA, Saudi Arabia, China, UK, and Japan.
The different blockchain facts establish that blockchain technology would dominate the future of technology. The most striking highlight of blockchain is secure information transfer. It also assures flexible access to information and transactions without the need for intermediaries. Most important of all, blockchain is slowly moving out from the shadows of cryptocurrency applications.
In the long run, the adoption of blockchain technology would serve as a credible boost for businesses' sustainability in an era of digital transformation. At the same time, blockchain expertise can also spell out new and promising career opportunities. Therefore, it is important to know more about blockchain technology to make the most of it!