Five Interesting Things to Know About Blockchain

News | June 6, 2022 By:

Throughout the last few years, the immense potential of blockchain technology has started to get recognized globally. Many platforms and institutions have begun to realize that this technology holds the capacity to revolutionize traditional industries thanks to its transparent, highly secure, and unalterable structure. 

A blockchain is a decentralized, shared ledger that records information in the form of data blocks linked together by advanced cryptography. Once a new block is added to the chain, it can not be changed, modified, deleted, or altered. 

Now let us look at some of the exciting and unique facts about blockchains that everyone should know about: 

1: The idea of “blockchain” was introduced long before cryptocurrencies came into the picture

Although blockchain technology only gained notable popularity with the advent of Bitcoin and other cryptocurrencies, its basic concepts were introduced way before. In 1991, Stuart Haber and W. Scott Stornetta were the first scientists who conceptualized a system of time-stamping documents, so that the data could not be tampered with afterward. In 1992, the concept of Merkle Trees was introduced to create a secure chain of data blocks, much closer to the contemporary idea of “blockchain.” However, this innovative distributed ledger technology received attention much later on with the launch of Bitcoin by Satoshi Nakamoto in 2009.

2: The blockchain market size is expected to grow significantly in the upcoming years

According to a market research report, the blockchain market size can exponentially grow from $4.5 billion in 2021 to $67.4 billion by 2026, showing a CAGR of 68.4%. Many factors can potentially drive this growth, such as the utilization of DLT (distributed ledger technology) in the financial sector, the adoption of blockchain solutions by government departments, and its increased implementation in multiple industries.

Another major contributor to this market’s explosive growth could be “cryptocurrencies” that are currently more than a trillion-dollar market. The crypto domain is continuously expanding as these blockchain-based digital coins have become easily accessible to everyone, thanks to countless operational exchange platforms. Bitnomics, for example, is a crypto exchange service with cutting-edge technology, advanced security protocols, and popular crypto assets to accommodate the needs of anyone who wishes to buy and sell crypto.

3: Blockchain has use cases in a wide range of sectors ranging from the food industry to the healthcare

The revolutionary use cases of blockchain in financial, banking, and cybersecurity spheres are well known; however, only a few know that DLT offers intuitive solutions to food, healthcare, and educational industries. For instance, the real-time traceability and greater transparency of blockchains allow food companies to track items from the original seller to the shelf. Similarly, healthcare authorities can avoid counterfeit equipment, medicines, and vaccines with the help of this technology. 

4: The environmentally detrimental effects of blockchains are being tackled by “Go-green blockchains.”

Some traditional blockchains consume a lot of energy and emit harmful gasses like carbon dioxide during their working (mining) process. However, the introduction of eco-friendly blockchains that rely on less energy-exhaustive protocols has greatly alleviated this problem. Ethereum, one of the leading blockchain networks, is also shifting towards a more sustainable system, Ethereum 2.0, to become a part of the go-green initiative. You can also be a part of this revolution by exchanging crypto to fiat (and vice versa) via platforms like Bitnomics, which integrates Ether, the native token of the Ethereum ecosystem, amid a secure and transparent environment.

5: Aside from immutability and high security, blockchain technology is also cost-effective 

While only the change-resistant properties of blockchain are frequently considered, it is noteworthy that using blockchain can also allow entities to save up on costs. With the integration of a simplified chain system and the absence of intermediary parties, this decentralized technology minimizes the procedures and slashes the fees.