Do You Know? Crypto Block Concept was first invented in 1991 by the two scientists — Stuart Haber and W.Scott Stornetta. The idea was based on the need for tamper-proof documents and ledgers. The idea may have been around for ages, but its actual implementation of blockchain — commonly called blockchain was introduced in the year 2008. After a year, Bitcoin has become the first cryptocurrency. Blockchain is not a new concept, but the idea continues to grow in terms of development and application.

In recent years, the market for blockchain technology has tremendous growth due to the usage of cryptocurrency transactions and it can destroy the other industries. The concept of blockchain is that it’s an open ledger that can store any kind of transaction data in a transparent and immutable way. Blockchain technology is a decentralized concept and it doesn’t need intermediaries during transactions. Ledger technology helps in many cases and also records bitcoin transactions.

The below-mentioned list is some of the interesting facts about the blockchain technology that everyone should know.

1. The Inventor of Blockchain and Bitcoin

Satoshi Nakamoto is the person who invented both bitcoin and blockchain technology. But nobody knows the identity of Satoshi Nakamoto. But, some of the people have imagined that a man of Japanese — American origin from Temple City, Los Angeles named Dorian Satoshi Nakamoto who is the father of Bitcoin. Many coincidences have happened at that time. For Example, a computer scientist — Hal Finney, who is the neighbor to Nakamoto was the first person to receive a bitcoin transaction. But Dorian Satoshi Nakamoto denied it at that time. So, we are yet to find the true identity of the bitcoin inventor.

2. Top 3 Crypto-friendly and Blockchain Countries

Switzerland, Gibraltar, and Malta are the three most recommended blockchain and crypto-friendly countries in the world. When it comes to the country Switzerland — they have the most stable economy in the world and also have been accepting of both blockchain and cryptocurrency. Gibraltar was the first-ever country to introduced and facilitate trading by the way of cryptocurrency for establishing a financial service commission. The main aim of this commission is to provide a license for ICO Operations. It also keeps on track of the organizations which deal with crypto. Malta is a famous place for blockchain and cryptocurrency. Malta is commonly called as the blockchain island and is considered as the hub for the blockchain development. It is considered as the birthplace for the blockchain and many crypto companies. It is the first choice who are ready to start your business and work in the blockchain sphere.

3. Countries Focusing on Official Crypto Development

Passing the phase of initial Pyrrhonism, governments all over the world are gradually realizing for having their crypto can be very useful. It doesn’t take much time to launch crypto against virtual currencies. They are safe, secured and environment-friendly as well. It is cost-effective than minting currencies. Currently, there are over 15 countries including the world’s best economic countries like the USA, UK, Saudi Arabia, Japan, China, Korea, etc, are interested to launch their official cryptocurrency.

4. Boost for IoT Markets

Increased use of blockchain is expected to increase the adoption of IoT through vehicles, household devices, etc. As per the market reports, it will help the industry to reach $50 billion by 2020.

5. Increased Usage of Blockchain

Blockchain will be one of the trending technologies of this era. As per the market survey, 40 millions of people have started to know about this technology and many of the started implementing for the business purpose. The number will get high up to 80% in the next 10 years.

6. Growth of Blockchain Technology in the Global Market

Blockchain development is still in its formative years, but the advancement is progressing fast. Most of the companies have started to implement this technology to bring out the changes to transform legacy systems. As per the market survey and review, the market for blockchain will grow up to $60 million by 2024.

7. Blockchain can either be Public or Private

A public Blockchain like bitcoin doesn’t have any kind of restrictions, anyone who is in the network can be a part of it, and the result is that there will be a large no of transactions. In a public blockchain, the verification process takes a long time. When comes to the private blockchain, it is controlled by the single entity and the transactions will be easily carried out and faster.

8. Most Bank Industries Started Exploring Blockchains

Transactions carried out on blockchain technology is much faster when compared to the traditional methods, which would save many transactions fee especially for the international transactions. This is the main reason that many banks like American Express, ALFA banks have started incorporating blockchain to make their services efficiently.

9. Blockchain in Food Supply-Chain Industry

The major reason for incorporating blockchain technology in the food supply-chain industry to determine food contaminations. Many multinational companies like Nestle, Walmart have implemented blockchain into their industry to track bad food products.

Conclusion:

From the above-mentioned facts, it is clear that blockchain technology will be the trending technology and it is expected to take over the entire world completely in the upcoming years. Looking to integrate blockchain technology in your industry? One company- Blockchain Development Company can easily be able to get the best solutions for your major issues and enhance your business to an extent level.

Top 9 Interesting Facts About Blockchain Technology to Know 1
About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 43,397.00
ethereum
Ethereum (ETH) $ 3,056.59
cardano
Cardano (ADA) $ 2.27
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 349.69
xrp
XRP (XRP) $ 0.945128
solana
Solana (SOL) $ 139.21
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 29.55
dogecoin
Dogecoin (DOGE) $ 0.207495
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 43,397.00
ethereumEthereum (ETH)
$ 3,056.59
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 513.88
litecoinLitecoin (LTC)
$ 151.89
bitcoinBitcoin (BTC)
36.972,94
ethereumEthereum (ETH)
2.604,12
tetherTether (USDT)
0,851970
bitcoin-cashBitcoin Cash (BCH)
437,81
litecoinLitecoin (LTC)
129,41
bitcoinBitcoin (BTC)
31,666.14
ethereumEthereum (ETH)
2,230.35
tetherTether (USDT)
0.729685
bitcoin-cashBitcoin Cash (BCH)
374.97
litecoinLitecoin (LTC)
110.83

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin43,322 0.37 % 1.39 % 10.25 %
Ethereum3,048.8 0.11 % 4.90 % 11.05 %
Cardano2.270 0.66 % 6.31 % 4.39 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin348.42 0.41 % 0.50 % 15.33 %
XRP0.9433 0.51 % 0.06 % 12.32 %
Solana138.75 0.60 % 0.62 % 18.44 %
USD Coin1.000 0.09 % 0.23 % 0.20 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2069 0.32 % 1.54 % 14.45 %

bitcoin
Bitcoin (BTC) $ 43,397.00
ethereum
Ethereum (ETH) $ 3,056.59
cardano
Cardano (ADA) $ 2.27
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 349.69
xrp
XRP (XRP) $ 0.945128
solana
Solana (SOL) $ 139.21
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 29.55
dogecoin
Dogecoin (DOGE) $ 0.207495