6 Things You Didn’t Know About The Blockchain Technology

Many people still don't know about these seldom discussed facts about blockchain technology.

facts about blockchain
Shutterstock Photo License - Lerbank-bbk22

Even though blockchain’s been out there for more than a decade, many people still don’t have much of an idea about it. But, we’re here to change that.

In this blog, we’ll talk about some facts that you probably didn’t know about blockchain technology. So, buckle up your belt and let’s get to reading right away!

Astonishing Facts About Blockchain

If you’re a tech-aficionado, you probably already had an idea about the relationship between blockchain and the decentralized Crypto-trading platforms, like crypto boom.

However, there are some other facts that you probably didn’t know.

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1. Blockchain Can Be Used To Authenticate A Research Module.

According to HEC, almost 2.5 million research papers are done and published every year. But only a few of them get authenticated by an authoritative figure. 

And, that’s why the results of the same are considered to be highly doubtful in most cases.

But, with blockchain, it’ll be much quicker and easier to authenticate a research paper. Also, if someone can integrate AI and machine learning with it, there won’t be any errors either.

2. The Blockchain Market Will Exceed $60 Billion By 2024.

At the beginning, the blockchain market had a share of less than one US dollar. However, as the popularity of Bitcoin went up, its value began to increase as well.

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Thanks to that, it had a market value of $708 million in 2017. 

And, as per reports, it’ll grow to be worth over $60 billion within a year or two. The majority of such growth will be driven by the financial and the tech sector.

3. World Bank And CBA Issued The Very First Blockchain Bond.

In 2018, the Commonwealth Bank of Australia collaborated with the World Bank to issue the bond-i, or blockchain-operated new debt instrument.

It’s the very first blockchain-based bond that’s been allocated, created, transferred, as well as managed by using distributed ledger technology. 

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And, within two years, it raised A$110 million pretty efficiently. Hence, seeing the popularity of the bond, a secondary market was created to allow trading for the users.

4. Say “No” To Corruption With Blockchain.

Thanks to the design of the ecosystem, blockchain can keep almost each and every data in a subtle block format. Hence, if you need something, you’ll find the same right away here.

This, in turn, can reduce the risk of corruption being made in the same environment. This is one of the reasons so many businesses are using it. However, non-profit and government organizations can use blockchain as well. So, if the government wants, they can use it in the voting system to make it fair and square.

Also, the technology can improve the traceability of a supply chain. Hence, even if something goes missing, you’ll be able to easily discover it as long as it’s implemented in your system.

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5. It’s Making Media-Buying Much More Transparent.

Companies like Unilever and Salon Media Group are using blockchain technology to record their ad-buying transactions accordingly. It’s helping them evaluate all of their transactional inadequacies perfectly and taking out the mistakes or errors out of the book.

They’ve already integrated this system into their –

  • Impression data.
  • Contracts. 
  • Revenue, and
  • Data.

However, they’ll add more to the portfolio in the future. So, you can wait till then and check if the technology is working as we’re intending it to be.

Bonus: It Can Help People Have Digital IDs.

According to a report, Microsoft is currently working to develop a blockchain project to offer each individual with an identifier. This, in turn, can be used for –

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  • Banking.
  • Insurance.
  • Travel.

… and much more. However, the developmental phase of the same is still in its infancy. So, it might get even better after a while. So, let’s keep our eyes out for that as well.

Blockchain is Leading to Some Major Changes!

Blockchain is quite a mystery to almost everyone, even following a decade of its existence. It is still in the developmental phase, so that’s quite natural. But you can expect to see more and more blockchain in almost every segment available out there in the future.

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In any case, we hope we could offer as much information as you were looking for from here. But, if you have even a question regarding the same, please comment below. We’ll try to get back to you as soon as possible. Thanks for reading till now!

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Toni Allen is the general manager and editor of WhoIsHostingThis.com, she has two decades of experience running online businesses with a focus on web hosting technologies.