The Blockchain is an incorruptible Digital Ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
https://hbr.org/2017/01/the-truth-about-blockchain
Features of the Blockchain:
Everyone should know these 14 features that sets blockchain technology apart. These facts will not only help you make better sense of this new technology, but it may even equip you for your next trivia hour or business exchange.
You can think of Blockchain as the “internet of value.” It’s a real-time ledger of anything that can be recorded (financial transactions, contracts, physical assets, supply chain info, etc.) but there is no one person or organization in charge of the entire chain. In fact, it’s open and everyone in the chain can see the detail of each record — what’s known as a block.
Bitcoin, a money exchange system, pioneered blockchain technology and today, it has more than 20 million accounts and grew by more than 100% per year since it began in 2010. The person or team behind the service is known by the pseudonym Satoshi Nakamoto, but the entity’s real identity is cloaked in secrecy.
Blockchains can be public (like the internet) or private (like an intranet).
In terms of its Development, Blockchain is where the Internet was 20 years ago.
Only 0.7% of population of world’s is using blockchain today, but 50% or 3.77 billion people use the internet.
There is significant investment by today’s tech giants such as IBM and Microsoft in blockchain technology. IBM dedicates over $200 million and over 1 000 employee to blockchain-powered projects. The average investment in blockchain projects is $1 million.
The global blockchain market is expected to be worth $24 Billion by 2024.
90% of major North American and European banks are exploring blockchain solutions.
Blockchains are highly transparent, because anyone with access to a blockchain can view the entire chain.
Similar to a Google doc, all participants within a network see all changes to the ledger. The ledger is constantly updated and each participant has their own copy of it.
A Blockchain is most vulnerable to a breach when it first come online.
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.
One-third of C-level executives are considering adopting or are using blockchain technology.
Just like with the internet, there will be jobs that become obsolete. But, there will be new careers that we haven’t even dreamed up yet that will be created as a result of the blockchain transformation.
What do you think about this blockchain phenomenon ?
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Blockchain is the leader of everything in upcoming years!