5 Interesting Facts About Blockchain Technology

Do you know that the concept for crypto blocks was first introduced in 1991? Stuart Haber and W. Scott Stornetta, the two scientists behind the idea, envisioned the use of a chain of blocks used to verify and secure documents. The idea was based on the need for tamper-proof documents and ledgers.

The idea may have been around for ages, but an actual implementation of blockchain – formerly known as block chain – was first seen in 2008. Not too long after, Bitcoin became the first crypto-based currency.

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Blockchain may not be a new concept, but it is a concept that continues to grow in terms of development and application. Used as the foundation of many new applications, there are some interesting facts and developments about blockchain technology, and we are going to review five of those interesting facts in this article.

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Going Mainstream

Banks and mainstream financial institutions have been researching blockchain technology and how it can be adopted as a way to process transactions. The enhanced security measures and tamper-proof nature of blockchain are certainly interesting for banks and other financial institutions.

In fact, some banks are already testing the use of blockchain as part of a bigger financial system. UBS, for instance, has a dedicated research wing that focuses on developing blockchain technology for banking. Other stakeholders like IBM are supporting the move as well.

Hundreds of Coins

Bitcoin and Ethereum may be the most popular blockchain-based cryptocurrencies, but they are certainly not the only ones on the market. In fact, there have been some prominent rivals of BTC and ETH over the years, with more coming in the near future.

Coins.live, the leading site for cryptocurrency market prices, lists more than 2,000 cryptocurrencies and their values. The live prices of cryptocurrencies get updated in real-time on the site, allowing you to stay up to date with market changes.

Blockchain in More Devices

While Bitcoin maintains its status as the original cryptocurrency – and the one with the largest market cap today – other coins are stealing the attention of investors and stakeholders. Ethereum is one of the fastest-growing cryptocurrencies in terms of last-mile application.

In a rather surprising move, Samsung showed support for cryptocurrencies (and blockchain in general) by including a built-in Blockchain Keystore wallet in the new Samsung GALAXY S10 devices. The move is said to be the beginning of mainstream use of blockchain.

The Smart Contracts

One of the major features of blockchain is its support for smart contracts. A smart contract runs on top of a blockchain network and contains a series of codes that will be executed when the parameters for the contract are met.

Smart contracts are said to be the foundation for many blockchain applications, including future applications designed to do different things. There are studies on how smart contracts can be implemented to create safer marketplaces, faster transactions, and even a more robust job market.

Blockchain Digital IDs

One of the most interesting development projects in the blockchain landscape is one led by Microsoft. Microsoft is trying to develop a single digital ID that relies on the security and reliability of a blockchain network. This may not seem much at first, but a blockchain ID system could transform the world.

Everyone can have a single blockchain-based user ID, and then use it for everything from healthcare to banking. A decentralized user ID system could also be used to eliminate the need for passports and make traveling a breeze.

There are so many other interesting facts about blockchain technology. In the cryptocurrency industry alone, the market is growing at a staggering rate; you can expect to see a total market cap of more than $60 billion by 2024. Blockchain technology will soon fuel bigger changes across many industries.

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