Interesting Facts About Blockchain Technology

Blockchain is something that is becoming more and more popular in the technological society we live in. In fact, cryptocurrencies and blockchain technology are starting to have an impact on all aspects of our lives; and this is not only in the online gambling and entertainment industry, but even unlikely areas like disaster recovery and architecture as well. So, although we may know the basics of blockchain, there are still things coming to light and new uses for blockchain technology being established every day. Here are some interesting facts about blockchain technology that you may not know yet.

Interesting Facts About Blockchain Technology

Fact #1- The creator of blockchain is still unknown

The creator of blockchain technology is known as Satoshi Nakamoto. The true identity of the creator is still unknown, and it is still up for debate whether Nakamoto is an individual or a group of people. They were active in the beginning years of blockchain and then disappeared in 2010.

Fact #2- Bitcoin is limited

There are many rules in the production of Bitcoin, and one of those rules is, that only 21 million bitcoins can be produced. This prevents an overproduction of the cryptocurrency, which in turn will prevent the value of the currency from decreasing.

Fact #3- Bitcoin Mining has high electricity consumption

Bitcoin Mining requires many computers around the world to get the job done. This causes a lot of electricity to be used in the process as the more people there are trying to mine Bitcoin, the more computing power is used, therefore causing more electricity to be used. It is said that the amount of electricity used to mine bitcoin, is equivalent to the electricity usage of Ireland.

Read full article:- Bitcoin Mining Consumes Electricity More Than Ireland

Fact #4- Blockchain has many uses, besides cryptocurrency 

Many companies are trying to find ways to incorporate blockchain technology into their respective industries. An example of this would be cybersecurity. This is because blockchain is so secure, that it could be used on many platforms to ensure the cybersecurity of its users.

Also Read:

  • How Is Blockchain Technology Revolutionizing Small Businesses?

Fact #5- Blockchain has the potential to save banks money

There are certain banks, like American Express, have implemented the use of blockchain for international transactions. It allows for international transactions to be processed much faster, almost instant, due to blockchain technology. This could potentially save banks billions in fees.

Fact #6- Blockchain used in the medical industry

Due to the tamper-proof nature of blockchain, it could be used to transform the way in which medical records are kept. Keeping medical records in a blockchain system would not only be secure but will allow all records to be kept in one place. It will also allow patients access to their own medical records. This is extremely valuable as medical records can be lost and difficult to keep track of.

Fact #7- The Internet of Things (IoT) will benefit greatly from Blockchain Technology

The Internet of Things (IoT) devices are projected to reach in excess of 31 billion in the next few years. Blockchain would therefore allow the IoT platform to have a greater level of security. Not only that, but companies will also be able to track any information relating to their products much more easily due to the ease that blockchain allows information to be exchanged.

As you can see, blockchain is still developing and has a lot of potential for everyday use. There is a great future ahead for blockchain and it can improve daily life in both the private and public sector. It also has many uses outside of the finance industry.

 Read more about Blockchain Technology and it’s real world application and uses cases.

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