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This post is a overview of blockchain technology with facts and statistic.
What is blockchain technology?
It can be technically defined as “a distributed, decentralised database technology that maintains a growing list of transactions and, through encryption and other activity, verifies their permanence.”
Blockchain Technology has the ability to create a distributed ledger of transactions made in cryptocurrencies (subset of digital currency), of which all participants have an identical copy that can be accessed in real-time.
The entire ledger with all of its transactions is distributed across a network of computers, all of which must approve a transaction has taken place before it is recorded, in a “chain” of computer code. The computers are all cryptographically interconnected.
More simple, blockchain is a way to organise and structure data. By using “blocks” of transactions which contains information (a proof of transaction or a contract) the blockchain creates a digital ledger of transactions made in any digital currency.
- The blockchain database isn’t stored in any single location, meaning the records are public. Is hosted simultaneously by millions of computers, its data is accessible to anyone on the internet. The technology uses decentralized consensus to maintain the network, which means there’s no central authority (it is not centrally controlled by a bank, corporation, or government )
The larger the network grows and becomes increasingly decentralized, the more secure it becomes.
9 facts and statistics to help you understand Blockchain Technology
The global blockchain market is expected to be worth more then $3 trillion by 2024.
The first revolution signs are starting to appear, in the last 12 months the Total Market Criptocurrency Capitalization growed up with 21%... Boom!
- On 26 November 2016 the Total Cryptocurrency Market Capitalization was $13.7 bilion, and currently on 26 November 2017, is up to $285 billion.
A blockchain is most vulnerable to a breach when it first come online.
Biggest challenge with digital money is to ensure that they are used fairly, there is a solution in blockchain technology, wich and it guarantees honesty using cryptographic techniques that are widely thought to be unbreakable, except by brute force attacks.
- Force attacks are difficult for classical computers but will be easy for the next generation of quantum computers. The vast number-crunching power of these devices mean that as soon as they are available, cryptocurrencies will be more vulnerable to attacks.
The first quantum-secured blockchain technology has been tested in Moscow
Only 0.5% of the world’s population is using blockchain today, but 50% or 3.77 billion people use the internet.
Private and public transactions on the Blockchain
There are two types of blockchains: centralized and decentralized:
A public blockchain allows everyone to see all the transactions made on the blockchain, everywhere in the world.
In the private blockchain, the permission is restricted and only of group of members can access the blockchain( ex. organization, bank, goverments) they own the information.
The Blockchain is not just about Digital Currencies
The Blockchain is not only used to send or receive cryptocurrencies value. For instance, it is currently used to limit the voting fraud, for transfer of assets including real estate or securities concerning banks and insurances, for track ownership..
In healthcare, blockchain technology is being used in the US and Estonia to prevent the theft of pills through the supply chain and give medical history ownership back to patients. Blockchain technology is being considered also a solution to the counterfeiting of drugs.
Digital content like music, movies, and online ads could use blockchain to prevent piracy. By using new file formats that can play the media and encode blockchain data that reflects intellectual property and payment history.
Microsoft Joins Blockchain
In May 2016, Microsoft has joined the Chamber of Digital Commerce, the world's largest trade association representing the digital asset and blockchain industry, focused on promoting distributed ledger technology.
- One month later in april 2016, the giant tech made another move by entering into a partnership with R3, a consortium of more than 100 banks, of the world's biggest financial institutions in research and development of blockchain database usage in the financial system.
R3 (company) or Chamber of Digital Commerce
Microsoft announces strategic partnership with R3 blockchain consortium
The Total number of Blockchain wallet users worldwide
On 26 November 2016, the number of Blockchain Wallets Users were 10 milion and currently on 25 November 2017, is almost double, numbering 19 million Blockchain wallet users.
- The statistic presents the total number of Blockchain wallet users worldwide, over one year periode. (26 November 2016 - 25 November 2017)
- Yet it is unclear how many are active or actually have any digital coin in them (more on this in a future post)
IBM and Oracle have announced commercial offerings of blockchain-related services this year.
There is significant investment by IBM which dedicates $200 million and 1,000 employees to blockchain-powered projects.
- IBM released a framework and new services for securely running blockchain networks in the cloud. The company looks to court firms in sectors ranging from finance to healthcare to government to get on board with the potentially disruptive tech.
Oracle is jumping on board the blockchain bus
IBM Blockchain
IBM: Build a Blockchain in Our Cloud
Approximately 90% of major North American and European banks are exploring blockchain solutions.
A survey conducted by professional services firm Accenture has revealed that nine out of 10 major U.S., Canadian and European banks are currently exploring blockchain technology in the field of payments.
30% of those major banks are already involved in developing or undertaking proof-of-concepts of distributed ledger solutions for payments.
A further 13% of the surveyed banks have engaged in implementing their blockchain-based products.
17% of the banks are at “the forefront of revolution”, according to the report, ostensibly meaning those solutions are already in use.
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9 out of 10 agree that blockchain will disrupt the banking and financial industry. It is estimated that banks could save $8-12 billion annually if they used blockchain technology.
There is much more to know about blockchain technology, this is only a short overview and you should research more for a better understanding.
Here are links you may need:
- Blockchain Technology
- Blockchain transform financial services
- Wikipedia Blockchain
- Microsoft wants to make blockchain networks enterprise ready with its new coco framework
- IBM global payment blockchain project international trade
- Blockchain speeding-up and simplifying cross border payments
Let me know your thoughts in the comments section below.
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