Tech: 10 Interesting Facts about Blockchain History that everyone should know
By Augos W.H
In recent years, the popularity of blockchain technology has grown tremendously due to being the core of cryptocurrency transactions and its potential to disrupt most industries.
Blockchain is an open ledger that has the ability to record transactions in a transparent and immutable way. Additionally, it is decentralized in nature meaning that it’s not controlled by a central point, therefore, eliminating the need for intermediaries during transactions.
Blockchain’s open ledger has numerous uses apart from recording bitcoin transactions. For instance, the decentralized nature of blockchain makes it possible for financial institutions and governments to use this technology as storage for various types of information exchange. Below is a list of some of the interesting facts that you should know about this revolutionary technology.
1. The identity of blockchain’s creator is not yet known
The first blockchain platform in the crypto sphere was invented by an individual or a group of people using the pseudonym Satoshi Nakamoto in 2008. Satoshi remained in the limelight until 2010 where they completely fell off the grid. Despite the numerous speculations over the years, no one has been able to figure out the real identity behind the pseudonym.
2. Bitcoin was the pioneer of blockchain technology
Bitcoin, which was initially a digital currency experiment, was the first major blockchain innovation. Currently, the Bitcoin’s market cap ranges between $10–$20 billion dollars and it being used all around the world to make payments in both large and upcoming merchant markets. A previous research indicated that most financial intuitions were carrying out research on blockchain and 15% of the banks were expected to adopt the technology soon.
3. 0.5% of the world population uses blockchain
It is approximated that 0.5% of the world population currently uses blockchain technology. From the creation of Bitcoin cryptocurrency in 2009, the number of blockchain wallets has been steadily increasing and by the end of September 2018, the users of Blockchain wallet had reached over 28 million. Cryptocurrency analysts have predicted that these numbers will rise with the increased popularity of blockchain technology resulting in an increase in value of up to $20 billion by 2024.
4. IBM Center for Blockchain Innovation
In July 2016, tech giant IBM launched a Blockchain Innovation Centre which was a collaboration between Singapore’s Economic Development Board (EDB) and IBM’s Research department. The main objective of this Center was bringing together government institutions, academic bodies and other players in the industry in efforts to increase the public adoption of blockchain technology and encourage FinTech innovation within Singapore.
5. Blockchain can be both public or private
A public blockchain like bitcoin doesn’t have any restrictions, anyone can be part of it, and the result of this is that there will be a large number of transactions, therefore, making the verification process to take a longer time. However, for private blockchains, they are controlled by a single entity that controls how the transaction will be carried out. Since the participants of such transactions are limited, the transactions are faster.
6. Major banks are exploring implementation of blockchain solutions
Transactions on blockchain are processed much faster compared to the traditional methods, which can save banks many fees especially for international transactions. This is one of the main reasons why some of the major banks like American Express are utilizing blockchain solutions for their transactions.
7. Blockchain has facilitated over $270 billion transactions
A research conducted by Gartner indicated that by the end of 2017, there were over 300 million transactions processed by blockchain technology in addition to the $270 billion assets managed by this technology.
8. Apart from being a cryptocurrency, blockchain has other use cases
Blockchain provides companies with various use cases. For example, companies could use blockchain on their platforms to ensure that their users’ information remains secure. Additionally, since blockchain is immutable, the medical industry could use it to store medical records so that they can be easily traced and accessed by the patients and the hospitals.
9. Compatible with Internet of Things (IoT) devices
By the year 2020, IoT devices are anticipated to reach 50 billion. Through integration with blockchain, these IoT devices will acquire the much need security levels and enable companies using the devices to track their products since they will have the ability to exchange information easily.
10. HetaChain is a solution to Blockchain’s flaws
Blockchain is not one without flaws, and Hetachain, established in 2018 by Relam Investment, is an innovative blockchain platform that seeks to address some of the challenges faced by the 1st and 2nd Generation Blockchain technology such as slow transactions, high energy consumption, exorbitant fees and network congestion. The features of HetaChain will be applicable in communities, governments and businesses. There’s one more interesting fact about HetaChain is that a big sum of $185.65 million is raised from its private sale recently.
From the above facts, it is clear that blockchain platform and its next generations are growing globally and its use cases will disrupt several industries. Similarly, its current use cases outside the financial sector highlight its potential to benefit both users in the private and public sector.
Author: Augos W.H