16 Mind Blowing Facts About Blockchain

Introduction

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Blockchain is changing the world as we speak.

In its most basic form, the fifth evolution of computing blockchains is the most accurate database you can imagine.

 

It’s considered to have a value ten times higher than the internet, and it’s not that difficult to understand. 

A user requests a transaction that is transmitted to the network. The request is validated.

If successful, it gets added to the current block of transactions chained to older transactions and finally confirmed. 

The record of transactions from day to day is meticulously kept.

If the transaction is not valid, it’s declined.

Don’t make the mistake of thinking blockchain and bitcoin are the same things. 

Bitcoin uses blockchain technology, to work and be effective. 

So, with that out of the way let’s delve into a few of the many things, you don’t know about blockchain.

Without wasting any time further, let’s dive into the topic, “16 Mind Blowing Facts About Blockchain“.

Satoshi Nakamoto

The inventor of bitcoin is not the inventor of blockchain. 

There’s a common misconception that the inventor of bitcoin is also the inventor of blockchain.

But as we mentioned in our article How Blockchain is Changing the World.

The idea of blockchain technology was first described in 1991 by Stuart Haber and W-Scott Stornetta. 

They introduced an easy computer solution to timestamp digital documents, to avoid them being tampered with.

It wasn’t until 2008, that Santoshi Nakamoto became synonymous with blockchain technology.

Blockchain is the Best Bookkeeper that’s ever been created.

When you think of what blockchain is? 

It’s a data structure enabling one to create a digital ledger of data, that one can share among a network of independent parties. 

You can fully grasp the concept of it being the most reliable and efficient bookkeeper, nothing can get lost in translation or misinterpreted.

As we describe the process in our intro, if something doesn’t add up in the transaction requests, the request is denied.

So, everything that is punched in, needs to be 100% accurate.

The beauty of blockchain is that everything is 100 transparent, creating a paperless environment that stores a record of everything, like assets, liabilities, cash flow and reconciliation. 

Cooking the books will not happen anymore when blockchain technology is in place.

Blockchain is being used to create Digital ids for people.

In many countries, getting an official id for yourself can be a challenge.

Those living in rural areas often don’t have the means to get to an official id from the registration office.

Many are too poor to afford one, while others are lost in natural disasters.

There are many reasons, and this leads to roughly 1.1 billion people being unable to identify themselves.

Despite that, over 60 per cent of those people have a mobile device and access to some form of internet.

Digital ids will undoubtedly benefit and protect people online, but it’s an option for many who can’t prove who they are, due to a lack of proper identification.

When they finally have an official digital identity, they would then open a bank account and become a property owner.

Without an id in the government’s eyes, you’re not an official person, and blockchain can change that.

Luxury Brands love Blockchain.

Blockchain is going to change the way, luxury brands will do business.

For a start, you’d be able to create a digital identity for your valuables and prove that you are a legitimate owner of the items.

It’ll also help curb the booming counterfeit industry and reduce payment risks online.

Brands like Moet Hennessy Louis Vuitton or LVMH developed Aura.

They use blockchain to ensure that fashion and luxury goods are authenticated.

This would make them the first luxury goods group to use the technology to combat counterfeiting.

They’ve partnered with consensus and Microsoft to launch aura, which uses Ethereum blockchain technology to track and trace services. 

With this service, customers can track and trace the history of products, right from where and how the raw materials were sourced, all the way to the sale. 

The same principle applies to De Beers, the world’s leading diamond company, which uses blockchain technology to authenticate diamonds customers.

The blockchain keeps track of the diamond’s journey from the mine to the purchase, thus ensuring everything is above board with the purchase of their forever diamond.

Blockchain is the Future of Storing Value.

Cryptocurrencies are powered by blockchain.

You are breaking away from the need to depend on banks and away from the influence of governments in its basic form. 

It gives you more control over your own money. 

As Forbes writes, blockchain is a single version of the truth.

But, no single point of failure change one block, and you’ll need to change every subsequent block before new blocks could be mined.

So, if anything stored is captured with even the slightest error, the blockchain picks it up and accepts it, leaving no room for mistakes or fraudulent behaviour to store value on the blockchain in the future.

Less than 1% of the Population Currently uses Blockchain.

Don’t let that figure deceive you, because it’s going to skyrocket as it becomes mainstream and infused into technologies, where you don’t even realize it’s blockchain. 

In the medical field, blockchain will transform, how we visit doctors.

With a record of every single visit medication and diagnosis available to any doctor, with a click of a button, blockchain will cut out the middleman.

Thus, saving us unnecessary costs will keep our valuables safe, provide ways for everyone to invest in property to be identified, improve cybersecurity, protect intellectual copyright, and an absolute bonus that we’ll share next.

Blockchain Leaves Corruption with Nowhere to Hide.

There are very few governments, where corruption does not exist.

But, with blockchain, that will be a thing of the past. 

Because of its transparency, governments will no longer be able to funnel funds.

It’s this transparency that is one of the biggest promises, that blockchain technology gives its customers.

Blockchain can provide a fully auditable and legitimate ledger of transactions.

The blockchain storing the information is tamper-proof.

If the information doesn’t add up, the technology won’t accept it.

It’s much harder to hide things while using blockchain.

Each transaction made is irrevocable, and the transaction has a detailed history of who and when it was done. 

Consumers can potentially track everything across the supply chain, from banking transactions to charitable donations and even tracking where your food comes from. 

When it comes to governments, using blockchain technology will make governments accountable for their spending, leaving no room for doubt, ambiguity or concerns about where the funds are used.

Blockchain will facilitate the Internet of things (IoT) Revolution.

The internet of things or IoT, refers to every single device connected to the internet or uses advanced technology.

There are billions of them. 

It’s not just mobile phones and computers, but things as small as a pill or as large as an aeroplane.

They all form part of the IoT.

So, by definition, the IoT is distributed to consumers. 

Therefore, blockchain becomes an online ledger for where technology is, how it communicates with each other and how it’s handled. 

Blockchain and IoT will shift, how all things digital function from intelligent buildings to the energy industry, from manufacturing to security and everything in between.

Decentralized Autonomous Companies and Smart Contracts will be the Norm.

Blockchain will revolutionize the way that companies operate.

Decentralized autonomous organizations will become the norm. 

An excellent example of one such company right now is Digix.global, along with the cryptocurrency dash, the company’s rules, like any Decentralized Autonomous Companies or DACs, are all enforced digitally.

Shareholders or directors own a certain number of tokens or smart contracts and can then vote on decisions. 

Rules are pre-programmed to describe, what can occur in the system, and some being hard-coded and cannot be altered. 

For example, a set amount for a payout to a particular person cannot be changed, so someone can’t pay themselves more without it, altering the system or refusing the payout.

However, decisions like paying for a contract can be made, but all token holders must cast their votes to let that go through. 

Everyone in the company is in the loop of decisions made, leaving no room for dishonesty or fraud. 

Experts Think the Price of Bitcoin Will Hit 100,000 Dollars in the next 24 months.

However, they project bigger and better still, that bitcoin will hit 1 million in this decade, and that’s per unit.

But don’t let that large amount fool you into thinking that you could never afford to buy bitcoin because, as we mentioned in our article biggest misconceptions about bitcoin, it’s not like a dollar with only 100 cents in it.

It can be divided into as many as 100 million pieces.

Meaning you can own a fraction of a bitcoin with only a tiny investment, and you can also sell, pay, and send these small bits and pieces of bitcoin to others and elixirs.

Regardless of if you’re interested in investing serious cash into bitcoin or want to dabble a little with this modern technology, the first thing you need to do is get educated, and we’ve got you covered. 

Blockchain could make Election Fraud a thing of the Past.

If the election count in the USA is anything to go by then, we hope that blockchain will be utilized sooner rather than later. 

Accusations of voter fraud and miscounting are still making the rounds, and when recounts were done, the results did change but not in favour of the existing president who made the claims. 

Trump was quoted as saying it’s statistically impossible that “I lost! well, blockchain would change that.”

There’s little room for error with blockchain technology, and elections could be run with legitimacy and honesty.

Voters could vote from their electronic devices, using verified login details with additional authentication factors if needed, such as fingerprints or eye recognition.

The Global Crypto Market is Worth over 500 Billion Dollars.

Bitcoin’s price fluctuates a lot based on speculation and hype from people, who don’t understand how it works. 

If you remember, just a few years back, people sold their houses to buy bitcoin at twenty thousand dollars.

Still, regardless of the speculative hype, the global crypto market sees a cap of 574 Billion US Dollars as of writing this article. 

As you might have guessed, bitcoin is the big chunk with a cap of 358 Billion US Dollars. 

If you go to Coinmarketcap.com, you can track the charts yourself in real-time. 

So, blockchain technology is not going anywhere.

A Blockchain Node is Orbiting the Earth.

Space chain launched a crypto wallet into the stratosphere onboard the Falcon 9 rocket at the end of 2019, weighing just one kilogram. 

The node was, officially the first active bitcoin node at the international space station. 

Space chain is working on creating a robust decentralized blockchain infrastructure in the stratosphere, taking it beyond the jurisdiction of any country and immune to hacking. 

This one day can become a Billion Dollars Ideas (Part 1 and Part 2)

Zee Zheng space chain’s CEO and co-founder said we see so many crypto exchanges get hacked. 

Within two minutes, the funds of millions of dollars get transferred, by utilizing this channel, we can not only secure transactions but have a chance to intercept suspicious ones.

In Developed Countries, you can Pay Your Taxes via Bitcoin and other Cryptocurrencies.

Places like Switzerland or Estonia is using blockchain technology, to allow people to pay their taxes using bitcoin. 

Switzerland’s canton of sug confirmed that from 2021 they would start accepting cryptocurrency for tax payments. 

Their new tax season begins in February when the new payment method will take effect and come up. 

There’s a micronation you may want to move to where the official currency is bitcoin but first, let’s head to mars. 

Money on Mars will be on the Blockchain instead of Paper.

It would be a bit difficult to grab your wallet and hand over a few dollar bills, if you’re living on Mars.

So, the answer to that is blockchain because mars are so far away; the one area of concern is the transactions might take too long. 

So, for Mars, a “Mars Coin” could be created. 

The Mars Coin transaction could then be settled using bitcoin’s blockchain, making bitcoin the first official universal currency.

So, where do you think blockchain technology is needed the most, and how do you believe it’ll benefit us in the long run? 

Let us know your thoughts in the comments section. 

Now, of course, you stuck with us until the end we owe you a bonus.

Bonus Fact

Suppose you’re all in for blockchain and crypto.

In that case, there’s a micronation you might want to move to between Croatia and Serbia called Liberland, founded by politician Vit Yadlichka.

The official currency of his micronation is bitcoin the free republic of Liberland, is only seven square kilometres, making it the third smallest sovereign state, after the Vatican and Monaco. 

No need to pack a mask, if you decide to go that route currently. There are no official residents.

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