9 Important Facts About Blockchain Technology to Know

Do You Know? Crypto Block Concept was first invented in 1991 by the two scientists – Stuart Haber and W.Scott Stornetta. The idea was based on the need for tamper-proof documents and ledgers. The idea may have been around for ages, but its actual implementation of blockchain – commonly called blockchain was introduced in the year 2008. After a year, Bitcoin has become the first cryptocurrency. Blockchain is not a new concept, but the idea continues to grow in terms of development and application.

In recent years, the market for blockchain technology has tremendous growth due to the usage of cryptocurrency transactions and it can destroy the other industries. The concept of blockchain is that it’s an open ledger that can store any kind of transaction data in a transparent and immutable way. Blockchain technology is a decentralized concept and it doesn’t need intermediaries during transactions. Ledger technology helps in many cases and also records bitcoin transactions.

The below-mentioned list is some of the interesting facts about the blockchain technology that everyone should know.

1. The Inventor of Blockchain and Bitcoin

Satoshi Nakamoto is the person who invented both bitcoin and blockchain technology. But nobody knows the identity of Satoshi Nakamoto. But, some of the people have imagined that a man of Japanese – American origin from Temple City, Los Angeles named Dorian Satoshi Nakamoto who is the father of Bitcoin. Many coincidences have happened at that time. For Example, a computer scientist – Hal Finney, who is the neighbor to Nakamoto was the first person to receive a bitcoin transaction. But Dorian Satoshi Nakamoto denied it at that time. So, we are yet to find the true identity of the bitcoin inventor.

2. Top 3 Crypto-friendly and Blockchain Countries

Switzerland, Gibraltar, and Malta are the three most recommended blockchain and crypto-friendly countries in the world. When it comes to the country Switzerland – they have the most stable economy in the world and also have been accepting of both blockchain and cryptocurrency. Gibraltar was the first-ever country to introduced and facilitate trading by the way of cryptocurrency for establishing a financial service commission. The main aim of this commission is to provide a license for ICO Operations. It also keeps on track of the organizations which deal with crypto. Malta is a famous place for blockchain and cryptocurrency. Malta is commonly called as the blockchain island and is considered as the hub for the blockchain development. It is considered as the birthplace for the blockchain and many crypto companies. It is the first choice who are ready to start your business and work in the blockchain sphere.

3. Countries Focusing on Official Crypto Development

Passing the phase of initial Pyrrhonism, governments all over the world are gradually realizing for having their crypto can be very useful. It doesn’t take much time to launch crypto against virtual currencies. They are safe, secured and environment-friendly as well. It is cost-effective than minting currencies. Currently, there are over 15 countries including the world’s best economic countries like the USA, UK, Saudi Arabia, Japan, China, Korea, etc, are interested to launch their official cryptocurrency.

4. Boost for IoT Markets

Increased use of blockchain is expected to increase the adoption of IoT through vehicles, household devices, etc. As per the market reports, it will help the industry to reach $50 billion by 2020.

5. Increased Usage of Blockchain

Blockchain will be one of the trending technologies of this era. As per the market survey, 40 millions of people have started to know about this technology and many of the started implementing for the business purpose. The number will get high up to 80% in the next 10 years.

6. Growth of Blockchain Technology in the Global Market

Blockchain development is still in its formative years, but the advancement is progressing fast. Most of the companies have started to implement this technology to bring out the changes to transform legacy systems. As per the market survey and review, the market for blockchain will grow up to $60 million by 2024.

7. Blockchain can either be Public or Private

A public Blockchain like bitcoin doesn’t have any kind of restrictions, anyone who is in the network can be a part of it, and the result is that there will be a large no of transactions. In a public blockchain, the verification process takes a long time. When comes to the private blockchain, it is controlled by the single entity and the transactions will be easily carried out and faster.

8. Most Bank Industries Started Exploring Blockchains

Transactions carried out on blockchain technology is much faster when compared to the traditional methods, which would save many transactions fee especially for the international transactions. This is the main reason that many banks like American Express, ALFA banks have started incorporating blockchain to make their services efficiently.

9. Blockchain in Food Supply-Chain Industry

The major reason for incorporating blockchain technology in the food supply-chain industry to determine food contaminations. Many multinational companies like Nestle, Walmart have implemented blockchain into their industry to track bad food products.

Conclusion:

From the above-mentioned facts, it is clear that blockchain technology will be the trending technology and it is expected to take over the entire world completely in the upcoming years. Looking to integrate blockchain technology in your industry? Choose the front-runner blockchain development company which can be easily able to get the best solutions for your major issues and enhance your business to an extent level.

Top Emerging Blockchain Trends in 2020

It is notified that blockchain will be going to transform each operation and process across many government sectors and industries only they have adopted to it. But, this kind of adoption requires time, efforts and money. In addition to the blockchain technology, it will enhance more peoples to learn more skills, each kind of traditional business will need to entirely reconsider these processes to get the maximum benefits from using this technology.

The below-mentioned trends of blockchain technology in 2020 are as follows:

1. Blockchain as a Service (Baas)

One of the most eminent technologies of blockchain trends in 2020 is Baas. It is a newly trended blockchain technology that is currently integrated with several startups as well as enterprises. Baas is nothing but a cloud-based service that allows users to build their digital products by incorporating with the blockchain technology. The digital products might be Dapps, Smart Contracts or any other services that can work without setting up and requirements of the complete blockchain-based networks. Some of the companies developing blockchain networks that provide Baas services are Amazon, IBM, and Microsoft, consequently shaping the future of blockchain applications.

2. Federated Blockchain Networks

Blockchain networks are classified into, private, public, federated or hybrid. The term “Federated (or) Hybrid” Blockchain can be referred to as one of the lastest blockchain trends in the tech-based industry. It was an upgraded form of the basic blockchain model, which makes it more ideal for many specific use cases. In this blockchain type, multiple authorities can control the pre-selected nodes of blockchain, instead of only one organization. Now, the selected various nodes will validate the block so that the transactions can be processed further. In the year 2020, there will be a change in the usage of federated (or) hybrid blockchain as it provides private blockchain networks.

3. Stablecoins

When comes to bitcoin, generally it has highly volatile. To avoid this stable coin enters the market strongly with the stable value associated with each coin. As of now, stable coins are in the initial stage and it is to be predicted that in the year 2020 stable coins will achieve their all-time high value.

4. Social Media Meets the Blockchain Technology

Approximately, there are around 2.77 billion social media users around the globe in 2019. Introducing blockchain in social media will be able to solve problems like privacy violations, data control, and content relevance. Therefore, merging the blockchain technology with social media is another trendsetting technology in 2020. By implementing this technology in social media, it can be ensured that all your social media data remains untraceable and also cannot be duplicated, even if you delete the data. Moreover, users can store the data more secure and also maintain their ownership. This technology makes users feel more safety and also they can control the data like what others want to see.

5. Blockchain With IoT

The Internet of Things (IoT) market will looking for a renovation and also mainly be focussing on security as complex safety challenges nowadays. The amount of internet-connected devices has reached more than 26 million. The hacking of device and IoT networks have become common in 2020. It is up to the network operators who are all need to stop the intruders from doing their business. The current architecture with IoT is one of the main reasons for the weakness of IoT networks. With the billions of devices are connected to this network and more to be added causes cyber-attacks, which is extremely important to make your network more securable. Blockchain technology gives hope to the IoT networks for many important reasons. The first thing is blockchain is a public network, everybody would participate in the network of nodes of the blockchain network can see th blocks and the transactions are stored and approved by them, users can still have private keys to control their transactions which occurs in the network. The second thing is that blockchain is decentralized so that there is no single authority that can approve the transactions to avoid SPOF weakness. Third and most important is, it secures th database only be extended and the previous networks in the records cannot be changed. Many IoT based companies and industries adopt blockchain technology for their business solutions.

6. Blockchain With AI

Integrating AI with blockchain technology will make development much better than before. This integration will show a level of improvement in blockchain technology with an adequate amount of applications. The IDC suggesting that the global spending on AI will reach $57.6 billion in 2020 and 51% of the businesses will be making the transactions to AI with blockchain integration. Moreover, AI helps to enhance the blockchain efficiency much better than humans, or even standard computing. Additionally, blockchain can also make AI more coherent and understandable and also can able to trace and find why this decision is made in machine learning. Because Blockchain and its ledger can store all the data that go through a decision made under machine learning. Some of the examples of the applications of AI in Blockchain are Smart Computing Power, Data Protection, Trusting AI Decision Making, and Data Monetization.

Conclusion:

The above-mentioned details show the top blockchain trends in 2020. Blockchain is going to be a trendsetting technologies in the upcoming days. It has many features like security, safety, and reliability. Blockchain technology keeps your business data more authorized and highly-confidential. Looking to integrate blockchain technology into your business, choose the foremost blockchain development company to transform your businesses more safely. Blockchain technology would be the emerging ones and eventually continue to grow since 2008.