Blockchain Facts, Stats, And Trends That Will Make You Think
Many people associate blockchain with cryptocurrency. However, this technology has moved far ahead, and recent blockchain news confirms that this trend has long been living outside of the digital currencies sector. In this post, we have collected some curious facts about this revolutionary technology and its development trends you can count on.
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Some Interesting Stats about Blockchain of 2019
Did you know that the global blockchain technology market size is expected to reach more than $57,641,3 million in just 5 years? That’s an impressive number, agree? We have collected some other interesting facts about this technology:
- 0.5% of the world population uses blockchain;
- 71% of banks state that blockchain technology and the solution of smart contracts will be critical for their organizations over the next years (Accenture study);
- According to the Gartner research data, blockchain will generate $3.1 trillion in new business value by 2030;
- According to the World Economic Forum, the removal of barriers due to Blockchain could result in more than $1 trillion of new trade in the next decade.
Blockchain transactions are growing
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Gartner research shows that at the end of 2017, over 300 million transactions with Bitcoins totaling at $708 billion were conducted through the blockchain. And it is not the limit – by 2024, the blockchain solutions market will grow to $600 billion. Interestingly, the first real purchase with Bitcoins was made in 2010, when the pizza was bought for 10 thousand Bitcoins.
Blockchain is used against cyberattacks
According to Forbes, blockchain has a great potential to safeguard businesses from cyberattacks and change data transactions in the future, making them more secure and permission-based. Understanding this fact has caused a great rise in the cost of cybersecurity. Thus, the use of technology to solve these issues has doubled. It is expected that by the end of 2020, the number of companies to employ this technology will raise significantly.
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Blockchain is used in the electricity segment
With the help of blockchain, stable relations between electricity segment participants can be easily established. An example is Brooklyn, where solar owners sell energy to neighbors. The blockchain is used in the calculation process, which allows for transparency of operations conducted by market participants.
Bitcoin technology and transportation
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It is difficult for companies to control the delivery of goods around the world. However, using a distributed registry, this process can be streamlined. Digital workflow allows for a technological revolution in the logistics area. In the 60s of the last century, the standardization of freight containers was carried out, which helped to conduct business. The introduction of blockchain technology helps reduce the cost of transportation around the world and makes them more open.
Predictions for 2020 & Beyond
There are many different sectors that create development potential for blockchain technology; here are some of them we can expect in 2020 already:
- The blockchain will be integrated into the process of counting votes. The distributed register will record the election results once and will not allow them to be changed or deleted unnoticed by other participants. A similar blockchain solution is offered by Agora Technologies;
- The blockchain technology will be used as an accounting registry for authenticating academic data. Technology will serve as a tool to confirm the degree or certificate of completion of the curriculum. In 2017, Sony and IBM joined forces to create such a system;
- Real estate transactions will automatically be recorded on the blockchain. The transfer of property rights will occur not only with the participation of a notary and the registration chamber. The blockchain will act as an independent core for accounting data on transactions and their participants. A similar service was introduced by Ubitquity.
The global scenario for blockchain development is highly dependent on the world community being ready for technology progress.
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Blockchain Trends Expected in 2020
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With the technology potential, we can definitely count on the increase of the investment flow. Obviously, the blockchain sphere is moving further, and many enterprises see a perspective in it. And cryptocurrency experts define current blockchain trends as follows:
- Security support – The industry is becoming more prospective after a wave of scammer projects, providing greater awareness to those who use technology;
- The actual need for projects related to cybersecurity – The project of quantum blockchain will receive great support in the condition of the development of a quantum computer;
- Simplification and perfection of the operation of modern blockchain services;
- The chances of the rivalry between states in the segment – At the same time, some countries will be still hostile to technology;
- The transition from experimental projects to full-fledged production;
- The connection of blockchain and artificial intelligence – If AI technology merges with the blockchain, the results can be astounding. Blockchain can help everyone easily and economically share such data. Furthermore, big data providers can easily contact AI developers to create sophisticated machine learning algorithms.
- Blockchain entering the Asian and Middle Eastern markets – According to current forecasts, the blockchain will be very popular in Asia and the Middle East since the local consumer has shown considerable high in this technology. The banking sector has already begun to use blockchain in an experimental mode.
In the coming years, we will see which of these alleged trends will become a reality.
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As you can see, blockchain has a great future. This revolutionary technology will positively affect not only the work of enterprises but also the daily life of a person. People will be inspired to create new cryptocurrencies and exchange platforms. The connection of the blockchain and the Internet of things will bring the IT-sphere to an unprecedented height. Therefore, it is very important to follow the latest trends and news in the field of blockchain.