Blockchain is one of the most trending emerging technologies today. And, the impact of this technology will be enormous in the coming time. This is because it is changing the foundation of our social and economic systems and thus full integration into our infrastructure would take years not decades. In simple words, Blockchain development is a new form of decentralized database. It is a real-time digital ledger that can track down all transactions of all digital assets at a faster rate from music to messages.
Blockchain technology is revolutionizing the financial services and banking industry by empowering millions across the globe to authenticate and transact immediately without costly intermediaries. There are many benefits of blockchain technology that promise to revolutionize business and finance.
Some of the major benefits are mentioned below:
– Blockchain development is more secure than anything else.
– It reduces the cost of online transactions.
– It eliminates the need for reconciliation bodies, payment processors and third parties.
– It is encrypted through cryptography providing high security.
– It offers multiple cybersecurity advantages to banking applications.
Blockchain establishes a peer-to-peer network within one system. Thus it cuts out the costs and time of intermediaries and also the complexity of using disparate ledgers and processes throughout the lifecycle of any transaction. That’s why most companies are opting for Blockchain development today.
In this blog, I have listed 14 lesser known facts about Blockchain development which would surely help you make better sense of this new technology and also equip you for your next business exchange.
Here is the list:
1) As per the sources, only 0.5% of the world’s population is using this technology today. On the other hand, approximately 50% or 3.77 billion people use the internet.
2) In terms of Blockchain development, it is where the internet was 20 years ago.
3) VCs have invested more than $1 billion into blockchain companies over the last five years.
4) Bitcoin, a money exchange system, was a pioneer in blockchain technology and today has more than 8 million accounts and grew by more than 100% per year since it was initiated in 2010. The person or team behind the service is known by the pseudonym of Satoshi Nakamoto, but the real identity of the entity is secretly concealed.
5) According to some stats, 9 out of 10 agree that blockchain will disrupt the financial and banking industry. It is expected that banks could save $8-12 billion annually if they used blockchain technology.
6) As with the Internet, there will be jobs that become obsolete. Also, there will be new careers that we have not yet dreamed will be created as a result of the blockchain development and transformation.
7) Blockchain technology can be of two types:
– Public: like the internet
– Private: like the intranet
8) A blockchain is more vulnerable to a violation when it connects for the first time.
9) As per the given sources, One-third of C-level executives are going to adopt or use blockchain technology.
10) There is a significant investment by IT giants like IBM and Microsoft in blockchain technology. IBM dedicates approx. $200 million and 1,000 employees to projects driven by blockchain. The average investment in blockchain projects is $ 1 million.
11) Blockchain technology is highly transparent since it allows users to view the entire chain is they have access to a blockchain.
12) It is expected that the global blockchain market will be worth $20 billion by 2024.
Also watch: Blockchain development trends 2018
13) It is similar like a Google doc. All participants within a network see all changes to the ledger. The ledger is constantly updated and each participant has their own copy of it.
14) Approx. 90% of major European and North American banks are exploring blockchain solutions.
Blockchain Development Technology is quite booming nowadays, but people have many myths related to it. In this infographic, we are going to share some most common myths of Blockchain development technology.
So far we have seen some of the major and less-known facts about Blockchain development. It is the right time when you can learn a lot about blockchain technology and make your team working to figure out what opportunities this will create for your company or organisation.
If you want to boost your online business, then Block development can the best choice for this. You can contact us at PixelCrayons where we have a proficient team of blockchain web developers who can help you with your development needs.