9 Remarkable Facts About Blockchain

“What the internet did for communications, blockchain will do for trusted transactions.” – Ginni Rometty, CEO of IBM

Trusted transactions, whether it be contracts, physical assets or financial transactions (cryptocurrency) are all in the midst of global transformative change. Ginni Rometty, and many others, understand that blockchain technology is going to impact numerous aspects of commerce and the magnitude of the coming changes will be felt worldwide.

While blockchain may seem like an overused buzzword with complex technical underpinnings, let’s keep it simple — a blockchain is a decentralized ledger that is highly secure.

What’s the big deal? Well… throughout history we have relied on institutions to maintain ledgers and trusted those institutions to serve as intermediaries in all aspects of commerce. When blockchains replace those institutional players — it will bring change to industries, markets and economies across the globe. These changes will produce winners and losers and people like Ginni Rometty want to be on the winning side.

The numbers tell the story:

• Blockchain will disrupt the banking and financial industry. It is estimated that banks could save $8–12 billion annually with blockchain technology.
• 90% of North American and European banks are exploring blockchain technology.
• IBM and Microsoft have significant investment in blockchain technology — IBM has dedicated 1,000 employees and $200 million.
• $2.1 billion has been spent globally on blockchain solutions in 2018.
• The number of blockchain related LinkedIn job postings more than tripled over the last year. Organizations are scrambling to hire blockchain developers and are setting up training centers, outsourcing, or even nabbing talent before they’ve graduated college.
• Over the last five years, venture capitalists have invested more than $1 billion into blockchain companies.
• There are 24 million blockchain wallet users as of March 2018.
• The global blockchain market is expected to be worth $20 billion by 2024 — that’s only six years away.
• In the United States, a $700 billion defense bill was passed last year to study blockchain applications for cyber security.

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