Popularized by the development of bitcoin, Blockchain technology is now the subject of much attention. Let’s see some interesting things about Blockchain you probably didn’t know so far.
1. The inventor of Blockchain and Bitcoin
The person behind the invention of Blockchain and Bitcoin currency is a mysterious Satoshi Nakamoto. His identity is still under the veil of mystery. All we know about him is that he is from a Japanese-American family from Los Angeles, but even this fact is not 100% verified.
2. Blockchain’s market growth rate
The implementation of Blockchain technology is taking place really fast, and all the fields of industries are working on methods to apply it in their operations. Forecasts say that the Blockchain technology will increase to a market value of $7.59 billion until 2024.
3. Blockchain technology isn’t just limited to finance
It can be applied to any transaction in several stages requiring traceability and visibility. In the supply chain, in particular, the Blockchain can make it possible to manage and sign contracts as well as to verify the origin of products. It could also be used as a voting platform, to manage titles and deeds and many other uses. The more the digital and physical worlds converge, the more practical applications of Blockchain will develop.
4. The most useful protection tool against frauds
New blocks are only added to a Blockchain after verification and if they match data already established in the chain. Thus, the longer the Blockchain, the more impressive the data it contains, as it all relies on mutual verification, in fact becoming a “single source of truth” for the provenance of the data, for example for process monitoring. manufacturing to fight against counterfeiting or validate signatures
5. The Blockchain can cut the intermediary
Blockchain technology enables you to set up and authenticate a P2P system (peer to peer) for payments, contracts, etc. It explains the panic that reigns among PSPs (payment service providers) and banks, whose business is based on being the trusted intermediary.
6. No political or economic interference
Another reason big fish are wary of Blockchain is that they can’t control them. Due to its distributed character, there is no single policy or ideology behind the Blockchain, unlike a for-profit or government systems that underpin payments and financial transactions. In addition to being neutral, this system also implies a reduction in costs for the trader.
7. Top 3 crypto-friendly countries
The first countries to welcome Blockchain and encourage people to invest in cryptocurrencies are Malta, Gibraltar and Switzerland. Gibraltar has recently even improved some law frameworks regarding the taxation facilitating its citizens investing in cryptocurrencies.
8. Blockchain technology isn’t necessarily just for the public sphere
It can be used in the private sector, where the nodes are simply the points of a private network, and the Blockchain is used as a distributed ledger. In particular, financial institutions are under heavy pressure to prove that they are complying with regulations, and many are leading the way in implementing Blockchain. Secure solutions such as Blockchain can be the key to lowering compliance costs.
9. Blockchain in Food Industry
The Blockchain has a huge role in the food supply chain industry so that many corporations such as Walmart or Nestle implement the Blockchain to easily tract the food sources and detect bad food on the market.
10. Blockchain in medical record management
As a distributed ledger, this kind of technology can completely change and improve the current ways of keeping medical records. These records are very often spread across various medical institutions and shared by many professionals and doctors and diagnostic labs. The Blockchain makes this process hassle-free for the patients enabling them to get hands-on reports without any need to contact the doctor or hospitals. It helps the patients to keep track of their condition and to doctors to better follow all the changes and implement them in further treatments.