You might have heard about the Blockchain technology through its well-known benefit known as the cryptocurrency and now, we are here to know more about it through these 5 amazing facts!
There is a powerful reason for these digital currencies to be glorified everywhere, which is the impregnable nature of the technology that produced them! Yes, to deal with these digital currencies, the respective entry has to be made into the system aka the Blockchain, which cannot be tampered by anyone, no matter how genius they are. It is because to tamper with an entry means modification of all other entries following it, which is mathematically an impossible process.
As stated earlier, anybody accessing the technology is expected to make their entry into the system, which means, all details are available to the concerned. A bonus news on this, the anonymous founder Satoshi Nakamoto mined the first-ever Block 0 in 2009, which contains the message “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks”. These transparent natures of the system, negates the success of the scammers and therefore, no wonder the experts highly favor the technology!
It’s not limited
The world got to know the powerful nature of the technology only through the cryptocurrency (Bitcoin) and it is only natural to limit the benefits of the technology to the digital currencies. But, fortunately, the technology’s benefits are unlimited such as running the smart contracts in the case of Ethereum, curbing the fraudulent electoral voting activities and so on that can offer great benefits to the humankind and their world, indisputably!
It’s growing very quickly
Although only 0.5% of the world’s population is using this technology, it is expected to grow massively to reach a market worth of $20 billion by 2024. The growth of its pioneer cryptocurrency Bitcoins serves as a proof to this statement, where more than 8 million Bitcoin accounts are in use today, astonishingly! Yes, since its inception in the year 2010, the Bitcoins were keeping on growing more than 100% per year to reach this at present favorable situation and therefore, understand how the favorable growth of its source aka the Blockchain technology could be in the future with all those varying benefits identified?
It’s decentralized yet, centralized
Well, don’t be confused before reading what we are about to say. In a ‘Public Blockchain’ all the users are allowed the access and therefore, it is decentralized in nature. Whereas in a ‘Private Blockchain’, the access is restricted to a group of members, and therefore, its ways are centralized!