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.
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:
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.
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.
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.
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.
There are many different sectors that create development potential for blockchain technology; here are some of them we can expect in 2020 already:
The global scenario for blockchain development is highly dependent on the world community being ready for technology progress.
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:
In the coming years, we will see which of these alleged trends will become a reality.
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.