If we talk about today’s times, so the market for blockchain technology has massive growth due to the usage of cryptocurrency transactions. In this post, I will share some interesting facts about blockchain technology that will leave you stunned.
Blockchain Technology Facts:
- The inventor of blockchain technology, as well as bitcoin, is Satoshi Nakamoto.
- Nowadays most of the countries focusing on official crypto development because it’s safe, secure, and environment-friendly too. There are more than 15 countries from the greatest economic nations like the USA, UK, Saudi Arabia, Japan, China, that are interested to establish their own official cryptocurrency.
- If we talk about the blockchain and crypto-friendly nations on the planet so the Switzerland, Malta, and Gibraltar will be very advocated in this matter. Comparing to other nations these nations have the most stable market in the world and have been accepting blockchain and cryptocurrency.
- Due to the increasing use of blockchain technology, it is expected to increase the adoption of IoT in the market through vehicles, household devices, etc.
- If we talk about banking industries so most of the banks such as American Express, ALFA banks have started exploring blockchains. Transactions that are performed on blockchain technologies is might save lots of transactions fee particularly for worldwide transactions and also it’s much quicker compared to the usual techniques.
- Nowadays companies like Nestle, Walmart have implemented blockchain into their food supply-chain industry to track bad food products.
- The current size of the Bitcoin blockchain is 324 gigabytes.
- In 2010, the first bitcoin transaction occurred, when two pizzas were bought for 10.000 BTC.
- It is expected that corporations will spend approximately $20 billion per year on blockchain by the end of 2024.
- Currently, more than 60% of blockchain’s worldwide market value accounts for the financial sectors.
- The costs of transactions by using blockchains are millions of times cheaper than the transaction costs in the traditional economy that’s why banking industries are exploring blockchains. They reduce the costs by 30%.
- One of the famous blogging networks (Steemit) is also run on a blockchain.
- There are more than 63,000,000 blockchain wallet users as of December 2020.
- Approx 15% of the IT professionals have invested in cryptocurrency. The retirees, students, and unemployed are also a constitute significant portion of crypto investors.
- Only 0.71 percent of the whole world’s population uses blockchain technology.
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- 91.5 percent of all investments in cryptocurrencies are made by men.
- Most of the bitcoin users are between the age of 25 and 34 years old.
- It is expected that the blockchain market will grow to $20 billion in annual revenues by the end of 2024.
- Blockchain can be private or public.
- You will be surprised listening that, The Bitcoin network is very powerful than the 500 supercomputers working together.
- Every 10 minutes, a new block of Bitcoin is solved.
So, the key issues that highly needed to be solved before blockchain technology becomes mainstream in the market are costs, performance speed, regulations, and collaboration.
We hope you enjoy reading these blockchain technology facts. If you liked this post, then also share it with your friends.