The cryptocurrency is hardly a few decades old, it was in 1991 the concept of crypto blockchain technology was invented by Stuart Haber and W. Scott Stornetta. The invention of digital currencies has brought a revolution in terms of investing and earning high returns. It is a peer to peer contribution to networks around the world.
It has brought a transformation to the world of investing and earnings. According to crypto nation pro, blockchain has both positive and negative effects on investors. But the popularity has been increasing due to the ease of investments compared to the traditional financial systems of earnings.
Apart from it, blockchain technology has few more interesting facts that are as follows:
1. Crypto friendly user countries
Cryptocurrency is not popular worldwide due to less knowledge of technicalities. The crypto-friendly countries are Switzerland, Malta and Gibraltar. These three countries are running a stable economy with blockchain technology. They accept both the digital currencies in blockchain and cryptocurrency. Among the three countries, Malta is the centre that deals with blockchain development.
2. Blockchain use increased
The use of blockchain is increasing due to the fast transaction processes. It can connect worldwide technology with the peer to peer management of trading. Though only a few populations are aware of working with cryptocurrency and blockchain. It is slowly increasing its popularity. The global market of blockchain technology expects to use 90 %, by the banks of North America and Europe.
3. Available for both Public and private
As per Bitcoin Prime Website, there is a revolution in the world of cryptocurrency and blockchain. It is due to the utility of the digital currencies and the profits with the rotation of financial investments that have been beneficial to banks. Both public and private banks are now using cryptocurrency to deal with transactions.
4. Many businesses use blockchain
While looking into the transactions in the blockchain, worldwide businesses are using the technology. Compared to the traditional methods, it is found that blockchain technology ensures fast and quick transactions. Apart from it dealing, with large scale and small scale business has become easy with connectivity and exchanging of money through fiat currencies through banks.
5. 0.5 % uses blockchain
About 0.5 % of the world uses blockchain technology. The users of blockchain are investors who invest to earn good returns. Businesses run with easy and quick transactions, as far as there are billions of people who use the internet. Daily internet users are not comfortable using blockchain technology.
6. IBM sponsors blockchain
IBM dedicated about $ 200 million to blockchain technology. About 1000 employees work to support blockchain technology. Apart from IBM, another major technology company is Microsoft that is investing in blockchain. $1 billion is invested in blockchain companies by the VCs in the last few years.
7. Discoverer of Bitcoin
As most of us know, Bitcoin was invented in 1991, but the inspiration for digital or ledger technology was from Satoshi Nakamoto. He was a Japanese from Los Angeles who is known as the “Father of Bitcoin”. Later bitcoin technology was executed by the two scientists.
8. Traditional finance may disrupt
There is a slow rise in the financial status of Blockchain technology. But with time, as the utility in different sectors will increase traditional financial system will experience a downfall. Blockchain technology will see a good peek in graphs as the transaction and business increases worldwide. In the coming years, cryptocurrency will progress to a far extent.
9. Blockchain investment in the Health industry and Food supply
The food industry is using blockchain technology to reduce quality problems and issues. Food products are often facing quality issues. The technology supports in detecting problems. Apart from it, the data stored can be used for future use and recover from any food contaminations.
Even the health industry uses blockchains that help in the transactions and tracking records of the medicines. All kinds of technological detections and record data are stored in the blockchain which makes the work easy and quick.
Blockchains are growing popular due to the conveniences provided by the digital currencies in different sectors and help people grow their businesses.