Let’s be honest and admit that as soon as we accept the reality that we live in, the sooner we would progress even more as a society. Even though this may sound like some philosophical quote, this statement best describes every single pore of our civilization. We can use the same statement to describe the technology and how fast we adapt to all the new changes, or, to be more precise, whether we are adapting to the new tech developments at the very same pace as it is progressing itself. Well, isn’t this great food for thoughts, but today, we simply cannot avoid certain topics, like the one about blockchain, so let’s take a look at some of the most interesting facts about it.
The number of industries that use blockchain
Yes, the blockchain may still be considered new, but when we look at how much the tech is advancing lately, we cannot say that about something that’s been with us for more than a decade. The blockchain started in 2008 as a distributed ledger behind crypto transactions, and many people are aware of that, but since then, and especially after 2014, people have seen its full potential, which is why today, its usage is implemented into many industries, globally. Namely, financial institutions use this tech, and no, we are not talking solely about banks. Furthermore, it’s used in education and healthcare, and with COVID-19 and everything going on in the world, it would be much worse if there weren’t for blockchain. As for other industries, blockchain is widely used by insurance companies, travel and transportation, media and other sources of information and entertainment, automotive, and, of course, manufacturing. As you can see, blockchain has already spread across all important industries, but now, let’s focus on the numbers for a second, as they will perhaps best describe the overall impact that blockchain has.
The number of blockchain users
If we say that half percent of the whole world uses blockchain in some form, most of you would think that it doesn’t sound that much, but if we know that there are more than 7.5 billion people on this planet, we get a number of more than 35 million active blockchain users. But, remember that this was accomplished in just a matter of years, and, by some estimations, by the end of 2030, more than 80% of the entire population will use this technology.
Knowing this and knowing how blockchain is changing the whole course of tech development, it’s nothing unusual that every industry that can switch to this tech will do so. Those who are involved in all this are already aware of how beneficial blockchain can be, and the rest of us are yet to realize all the wonders that come with blockchain.
Blockchain can be both public and private
We all know about the blockchain as a public network without restrictions where every person can make changes and be a part of it. In this type of network, transactions can last for a while, but everything is transparent and safe, and everyone who made the account can access it. On the other side, we have private blockchain networks, and many people haven’t heard about them at all. Private blockchain networks are controlled by a single entity, and people can access them only if they get an invitation. These networks are much faster than the public ones and more secure.
There are different forms of blockchain wallets
We all know that we need to have some wallet if we want to use any cryptocurrency because we need a place to store it like any other currency. When it comes to cryptos, these wallets are not like regular ones because they store digital money, but we can still carry one of its forms in our pockets. Regarding it, we have hot and cold wallets, and the main difference between them is that hot ones need to be connected to the internet, while cold ones do not need the internet connection to store digital money. The most popular ones among people are mobile wallets, and more than half of users use them because they can access them via mobile phones.
Many central banks consider the option to publish their cryptocurrency
The popularity of blockchain technology can be seen in the fact that more than 80% of banks in the world are thinking and trying to implement their cryptocurrency in the offer. Until now, only USA, China, and a few countries in Europe met the necessary requirements when it comes to technology, infrastructure, and resources, but the great thing is that other countries are trying their best to catch up.
