By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    football analytics
    The Role of Data Analytics in Football Performance
    9 Min Read
    data Analytics instagram stories
    Data Analytics Helps Marketers Make the Most of Instagram Stories
    15 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    What to Know Before Recruiting an Analyst to Handle Company Data
    6 Min Read
    AI analytics
    AI-Based Analytics Are Changing the Future of Credit Cards
    6 Min Read
    data overload showing data analytics
    How Does Next-Gen SIEM Prevent Data Overload For Security Analysts?
    8 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: 6 Things You Didn’t Know About The Blockchain Technology
Share
Notification Show More
Aa
SmartData CollectiveSmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Blockchain > 6 Things You Didn’t Know About The Blockchain Technology
Blockchain

6 Things You Didn’t Know About The Blockchain Technology

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

Toni Allen
Last updated: 2022/08/23 at 8:34 PM
Toni Allen
6 Min Read
facts about blockchain
Shutterstock Photo License - Lerbank-bbk22
SHARE

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.

Contents
Astonishing Facts About Blockchain1. Blockchain Can Be Used To Authenticate A Research Module.2. The Blockchain Market Will Exceed $60 Billion By 2024.3. World Bank And CBA Issued The Very First Blockchain Bond.4. Say “No” To Corruption With Blockchain.5. It’s Making Media-Buying Much More Transparent.Bonus: It Can Help People Have Digital IDs.Blockchain is Leading to Some Major Changes!

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.

More Read

what to know about blockchain

Facts About the Blockchain that Crypto Investors Must Know

The State of Blockchain Programming In 2023
How is Blockchain Likely to be Used in Different Industries in 2023 and Beyond?
A Year After: Has Blockchain Changed Advertising by 2022?
Top 4 Blockchain Trends Shaping Business in 2022

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.

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. 

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.

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 –

  • 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.

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!

TAGGED: Blockchain Explained, blockchain technology
Toni Allen August 22, 2022
Share This Article
Facebook Twitter Pinterest LinkedIn
Share
By Toni Allen
Follow:
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.

Follow us on Facebook

Latest News

Shutterstock Licensed Photo - 1051059293 | Rawpixel.com
QR Codes Leverage the Benefits of Big Data in Education
Big Data
football analytics
The Role of Data Analytics in Football Performance
Analytics Big Data Exclusive
smart home data
7 Mind-Blowing Ways Smart Homes Use Data to Save Your Money
Big Data
ai low code frameworks
AI Can Help Accelerate Development with Low-Code Frameworks
Artificial Intelligence

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

what to know about blockchain
Blockchain

Facts About the Blockchain that Crypto Investors Must Know

11 Min Read
blockchain programming
Blockchain

The State of Blockchain Programming In 2023

5 Min Read
How is Blockchain Likely to be Used in Different Industries in 2023 and Beyond?
Blockchain

How is Blockchain Likely to be Used in Different Industries in 2023 and Beyond?

6 Min Read
blockchain is changing the state of advertising
Blockchain

A Year After: Has Blockchain Changed Advertising by 2022?

10 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?