Innovations in technologies are always around the corner. Everyone these days is talking about blockchain technology, the latest addition to the list of technologies. It has become essential to understand and keep up with the latest trends. 2021 is the year blockchain businesses begin to scale up. The climb will start with the recent rise in Bitcoin’s price, but it will move forward nonetheless. Observing the blockchain stats we can say that it has the potential to change the way the world approaches big data.
Computer scientists and business leaders believe that it can transform global commerce, law, politics, and more. For instance, with blockchain technology, each vote could be recorded without any modifications during elections. Thus the final results would be with no possibility of human tampering.
According to IBM, “Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.”
Blockchain technology consists of three essential concepts:
Every chain contains many blocks, and each block has three essential elements.
A 32-bit whole number is known as a nonce. A block creates a nonce, which later generates a block header hash.
The hash is a 256-bit number united with the nonce. It must start with a massive number of zeroes, which means it will be tiny.
When the first block of a chain is created, a nonce generates the cryptographic hash. Subsequently, this data in the block is considered, signed, and forever attached to the nonce and hash unless it is mined.
Miners create new blocks on the Blockchain through a process termed mining.
Within a blockchain, each block has its unique nonce and hash. But it also references the previous block’s hash in the chain; thus, mining a block is not easy, especially on large chains.
Miners use special software to answer the complex math problem of finding a nonce that generates an accepted hash. Since the nonce is only 32 bits and the hash is 256, approximately four billion possible nonce-hash combinations must be mined before the correct one is found. When the miners discover the golden nonce, their block is then added to the chain.
Modifying any block earlier in the chain needs re-mining the block with the change and all the blocks that come after. That is why it’s challenging to manipulate blockchain technology.
Once a block is mined, the change is accepted by all the nodes on the network, and the miner is rewarded.
Another important concept in blockchain technology is decentralization. Neither a single computer nor an organization can own the chain. Instead, it is a distributed ledger through the nodes connected to the chain. Nodes are any electronic device that maintains copies of the Blockchain. They keep the network functioning.
Business operations often waste efforts on duplicate record keeping and third-party validations. The record-keeping systems are vulnerable to fraud and cyberattacks. Limited transparency can slow data verification. Also, with the arrival of IoT, transaction volumes have increased.
A better way to keep businesses running is by entering Blockchain. The benefits are:
Being a member of a members-only network, Blockchain can assure that you are receiving accurate and timely information. Also, your confidential blockchain records will be shared only with network members to whom you have granted access.
All network members must agree on data accuracy. All validated transactions are unchangeable because they are recorded permanently. No one, not even a system administrator, can delete a transaction.
The distributed record shared among network members helps cut time-wasting and record reconciliations. Also, to speed up transactions, a set of rules called a smart contract can be saved on the Blockchain and executed automatically.
Here are the top 10 helpful Blockchain stats:
The banking sector alone could generate up to $1 billion in revenue from blockchain-based cryptos.
Blockchain has begun to disrupt the traditional financial system. It’s a matter of time when it will take complete control. As per the blockchain stats, this technology is being merged into the global financial sector. Banks are already accepting cryptocurrency transactions as part of their system in countries like Japan, the US, Belarus, Switzerland, and a few others, and more will follow shortly.
20% of IoT technologies had Blockchain-enabled services in 2020.
The IoT industry is a billion-dollar industry. It has billions of IoT devices spread all over the world. These IoT devices were built to upgrade the human experience and improve specific tools’ efficiency and automation processes. Statistics of Blockchain show that adopting Blockchain will enhance the security of data exchange between connected devices and the IoT platforms. Also, there is an added advantage of automated backup files in case of a successful breach. The millions of individual nodes take this care in the Blockchain that helps to store system data.
The global blockchain market to grow at a CAGR rate of over 69% from 2019 to 2025.
Every year there is a significant rise in the growth rate of blockchain technology. Blockchain stats for 2021 display that Blockchain will become a backbone across major industries. As of 2017, Blockchain was growing at a CAGR rate of 35.2%. In 2018, this number increased to 41.8%.
There are more than 70 million registered blockchain wallets.
Blockchain wallets are digital wallets. These enable you to store and manage your cryptocurrency transactions. As per the blockchain wallet statistics, in Q4 2016, there were 10.98 million blockchain wallets present. Proceeding forward to halfway through 2021, and over 70 million wallets had already been made. Yet again, this goes to show how vital Blockchain has become in the past few years.
The transaction rate per second in June 2021 is 2.58.
A mempool is the holding area of all pending cryptocurrency transactions in a node. All transactions that build up a blockchain block first remain in the mempool before miners collect them up.
As per the statistics, the least number of mempool additions ever recorded was 1.133 transactions per second on January 27th, 2018. The highest value ever recorded was 7.56 transactions per second recorded on May 2nd, 2019. As of June 22nd, 2021, the rate stands at 2.58 transactions/second.
Companies are producing Blockchain focused mobile devices.
Lenovo launched a mobile device that features “Z-space,” a Blockchain-based payment system. HTC has also introduced its Blockchain-focused phone.Statistics show that mobile phone users will reach 7 billion in 2021. This is a vast, attractive market for blockchain innovators. Hence, companies are now focusing on implementing this technology in this industry.
40% of top health executives see Blockchain as their top 5 priorities.
According to blockchain healthcare statistics, Blockchain can allow for interoperability and effortless transfer of patient information from one health center to another without any complication or misinformation. The confidentiality of patient information is also maintained.
Blockchain technology will be worth $20 billion in the next five years.
The increasing businesses have realized Blockchain’s potential to disrupt all industries across the world. Nonetheless, its total investments on the global level are expected to boom.According to blockchain industry trends, blockchain technology will become more in demand in the future.
13% of senior IT leaders plan to put in place Blockchain in everyday business operations.
IT is yet another industry that is going to use the benefits of blockchain technology. Currently, 13% of people in charge of IT operations at large companies have plans to put in place Blockchain soon.
According to blockchain stats, it will help IT organizations reduce system maintenance expenses. It will also strengthen their security levels.
The total amount of Bitcoin’s that can ever exist is 21 million.
In the bitcoin network only a limited number of Bitcoin units can be produced. There will come a time when miners “mint” the final unit; it will not be possible to add any more bitcoins to the network.
This is why many people and institutions are trying their best to accumulate as many bitcoins as now. In a few years down the line, this task might become pretty much impossible to do.
Since it is not possible to mine extra units, Bitcoin is not going to suffer from inflation. For this reason, experts expect that 1 Bitcoin could be worth $1 million soon.
- Firstly, the global blockchain technology market size was estimated at USD 3.67 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 82.4% from 2021 to 2028.
- Blockchain has come out as an up-and-coming technology in the IT domain. It is widely accepted and can be accessed by several parties involved in the transaction. Therefore, this is a significant factor driving the market growth.
- Commercial and central banks worldwide are now using blockchain technology. Processing payments and issuing digital currencies has become simple. Moreover, this technology enables cross-border payments that are less expensive and faster as compared to traditional systems.
- The increasing global demand for digital payment systems is driving market growth. Digital payment depends upon many parties to process transactions. This includes merchant banks, retail banks, card issuers, and payments software companies, which demand blockchain technology to secure transactions.
- Simultaneously, the reliability of users on trusted institutions to complete their everyday electronic transactions is also creating a massive demand for blockchain technology.
- The blockchain technology market has seen growth during the COVID-19 pandemic. Blockchain technology plays a crucial role in developing a platform for managing the COVID-19 pandemic.
- Various hospitals are using blockchain technology for tracking the COVID-19 vaccine. Hospitals are using blockchain technology to check the storage of the temperature-sensitive COVID-19 vaccine.
In conclusion, we have a lot of blockchain stats that ordinary people and experts use to explain better the “technology of the future.” Gartner predicts that by 2023, organizations using blockchain smart contracts will increase data quality by 50%.
We have seen that blockchain technology has made a drastic impact on various industries in the last ten years. Now we can imagine what Blockchain will be like shortly and its effect on businesses.
Also Read: WHAT IS THE ROLE OF BLOCKCHAIN IN BUSINESS INTELLIGENCE?