Here are 9 interesting facts about the most talked about technological advancement that the world has witnessed thus far; The Blockchain –
- It can be used to assess scientific research claims.
- Blockchain technology has managed and distributed more than $270 billion in transactions.
- Blockchain’s market size will be $60 billion by 2024.
- Some tech companies are making money from the trend, but they remain cautious – NVIDIA Corporation and Advanced Micro Devices sell their graphics processing units (GPUs) to companies and individuals who use them to mine cryptocurrencies, like bitcoin. But the processors can also be used for blockchain ledgers.
- It’s being used to add transparency to media-buying.
- The tech can be used to manage power usage by electric companies.
- Blockchain adoption could revolutionize the global shipping industry.
- The U.S. government could use it to manage wireless spectrum.
- It’s being used to create digital IDs for people.
Blockchain is still in its infancy, and there are plenty more ways it can be used. Many companies are just getting started with their blockchain strategies, but as this trend continues, we’re bound to see companies invest in it much more. While it clearly has lots of potential, I wouldn’t make any investment decisions based solely on blockchain right now. There’s still a lot of hype around the technology, and that sometimes leads investors to buy shares of a company simply because it dabbles in blockchain.