What you don’t know about blockchain technology

There are many technologies making unimaginable impact in the world economy of today, undoubtedly blockchain technology has proven beyond all reasonable doubt that it should stand at the same stage with great inventions like artificial intelligence not by chance on any stage lower. Most people in the present time have become aware of this rising technology called blockchain and they can say a few things about it because, of recent blockchain has become a household name

What you know about blockchain technology

• Blockchain as we know is the technology behind cryptocurrency,
• It tracks crypto transfers and processes.
• Blockchain is not bitcoin but the technology was brought to light by bitcoin.

What you don’t know about blockchain

Beyond the above listed known facts about blockchain, the technology has other hidden facts that a vast majority of people are not aware of such facts are listed below

1. Its origin: The idea of blockchain has always been around for a long time, even long before the discovery of bitcoin technology . The concept of blockchain was first invented in the year 1991 by two scientists Stuart Haber and W.Scott Stornetta and its basis was simply on the need for tamper-proof documents and ledgers.

The Concept of blockchain technology though have been there since 1991 found its practical implementation in the year 2008

2. Global market size of blockchain: The technology would soon be a hotcake driving the economy of many major countries and the globe at large , there is an estimation that the global blockchain market is likely to grow from 3.0 billion USD in 2020 to a whooping sum of 39.7 billion USD by 2025 at an unchallenged Compound Annual growth Rate (CAGR) of 64.3% during 2020-2025.
3. Top countries that embraced blockchain technology: Switzerland, a country having a relatively stable Economy, Malta, and in the recent times El Salvador have proven to stand out in the act of embracing all that blockchain technology brings to the table. Malta as known to be called “the blockchain Island is thought to be the birthplace of blockchain and lots of cryptocurrencies,
4. Escalated adoption of blockchain in the future: So many people and high ranking billion dollar firms have ventured on a research into how to employ the blockchain technology. Based on industry survey it is assumed the market place for blockchain will rise around 60 million dollars by 2024.
5. Other uses of blockchain technology apart from cryptocurrency: Blockchain technology has exceeded the threshold of bitcoin and its like. This technology has found its use in food processing as many food processing companies have employed blockchain in their industry to detect bad food products. Blockchain has also proven invaluable in tracking valuable assets like real estate deeds and intellectual property rights. Blockchain technology can also be used to ascertain the authenticity of an employee’s résumé as it has access to verifiable academic records, employment records and references which are all stored in an unmodified digital ledger.

It has also been found useful by business men to keep track of the client information and consumer behavior and with this information, the business man can strategize. Blockchain has also found a great use in 3D printing and so many more.

One can say that blockchain as a technology might not have risen to a higher height but with the rapidity at which this technology is moving diving into all sectors and finding itself useful almost in all sector, still bearing in mind that so many discoveries can still be made relating to  the indispensable effect of blockchain, one can comfortably say that the future will definitely give this wonderful technology called blockchain a very wide stage.