10 Blockchain facts you may not know

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By Kelvin Boateng

Significantly, as a tech-oriented person, you already know what a blockchain is. Yet, some of you may not know about it exactly. The blockchain technology is a digital record-keeping procedure or ledger that is decentralized and public (sometimes) and used to keep the cryptocurrency transaction records. That’s the overall basic funda for blockchain. But today, we not going to focus on that. Momentarily, you will witness fascinating exciting and amusing parts of the blockchain. With that in mind, presenting, ’10 Blockchain facts you may not know’. Let’s get started.

  1. The origin:
    The word “Blockchain” is first discussed at BitcoinTalk. The BitcoinTalk is the world’s most comprehensive forum regarding bitcoin.
  2. Remarkably cheap:
    When anyone conducts a transaction using blockchain, it’s millions of times cheaper than the normal bank transaction. The decentralized and public mode is the key to its affordability.
  3. Research and developments:
    It’s anticipated that the big enterprises will spend around $20 billion per year for developing and maintaining the blockchain technical services by the end of aa
  4. Largest blockchain organization:
    Bitmain (a Chinese company) was recognized as the biggest blockchain company in the world by considering the market valuation. Founded in 2013, Bitmain was the manufacture of electronics-chips for cryptocurrency mining. But sadly, they lost nearly $500 million in 2019.
  5. Banks too:
    “if you can’t beat him, join him”- by following this policy more than 20 different countries including the USA and EU banks are exploring the potential in blockchain technology!
  6. Mobiles are smart:
    Well known electronics manufacturer Lenovo launched a smartphone that has ‘Z-space’, which is a blockchain-based payment mode. Not to mention, the ‘Exodus 1’ is a blockchain-focused smartphone by HTC, that was launched in 2019. You can buy this phone only using the cryptocurrency for 4.78 ether tokens or 0.15 bitcoins.
  7. Gamers:
    The gamers are well-known for their latest computer gears and tech-focus, and now they are also into the blockchain business. It’s estimated that approximately 45% of gamers traded or purchased games using blockchain technology till 2020.
  8. Social network:
    Steemit is a social media platform for blogging and it’s blockchain-based. Alike the monetization system for the video view on social media like Facebook, they also reward their uses for creating unique posts, manage and administer the topics correctly. The website is powered by Steem, and their currency is named as Steem coin. With approximately 1238717+ registered users, the Steemit is booming day by day.
  9. Hackers:
    When something is digital and profitable, talented hackers will try to get their hands dirty. The biggest recorded hacking incident was seen at the “Mt. Gox cryptocurrency exchange” in 2014. At that time, they are handling approximately 70% of the total world’s bitcoin exchanges. They lost around $350 million in conventional currency or 750,000 BTCs. This unexpected security breach and incident will lead them to bankruptcy and total shutdown.
  10. The superhero blockchain:
    Blockchain technology is so beneficial, that different fields like- agriculture industry, food market, keeping medical records, storing credit records, tracking goods, etc can be achieved using it. Only in agriculture and food markets, they seem to invest $1.4 billion by 2028 for blockchain.

Conclusively, these are a few facts that are interesting and I’m sure will bring up curiosity for any normal person. May the blockchain be with us!

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