10 Blockchain Facts that Could Change Your Future
You have probably heard about it, mostly when there’s talk about cryptocurrency. But what is blockchain technology? Read on to find out more.
10 FACTS YOU NEED TO KNOW ABOUT BLOCKCHAIN
For most of us non-techies, blockchain is synonymous with cryptocurrency. After all, it has always been associated with the creation of one of the most popular cryptocurrencies. Few people realize that it is a very revolutionary technology that could change the way we use the internet.
To give a simple yet apt description of what it is, blockchain is a secure distributed database that is spread out in a peer-to-peer network. Here are 10 facts you need to know about blockchain.
1. The concept and development of blockchain started in the 1990s.
2. The first actual conceptualization and use of blockchains occurred in 2008 with the creation of Bitcoin by Satoshi Nakamoto.
3. Satoshi Nakamoto is a pseudonym for one person or a group of people. His or their identity is still unknown.
4. It is a technology that involves things other than cryptocurrencies. Blockchain, although perfect for use in cryptocurrency, is also well suited in regard to other forms of data that need to be safely secured, widely distributed and easily accessed.
5. Blockchain can be used in a public environment like the internet or in a private or closed network such as an intranet.
6. In spite of its popularity, only 0.5 percent of the entire global population uses blockchain.
7. The development of blockchain is still at its infancy. It may be “big” in relation to cryptocurrency but users have only scratched the surface as to how far the technology can go.
8. Because of its potential, many tech company giants, such as IBM and Microsoft, are making huge investments in the development of blockchain technology.
9. Majority of financial institutions, especially banks in developed countries are now exploring the possibility of using blockchain solutions.
10. Because of the growing interest of many business entities, many experts predict that the market for blockchain technology will reach $20 billion in less than ten years.
Knowing the possible opportunities with the blockchain technology, it’s high time businessmen and prospective investors took it seriously. Moreover, some businessmen who have launched an initial coin offering consider integrating a payment system with easy-to-use API to improve liquidity.