blockchain as we know it today was invented by an individual or a group of people using the pseudonym satoshi nakamoto.
(investopedia, bitcoin.org, the economist)
Blockchain serves as the public transaction ledger for the first and best-known cryptocurrency, bitcoin. Satoshi envisioned a peer-verified electronic cash that would allow monetary transactions to be made directly between two parties without the need for intermediaries such as banks.
Reading: How big is the bitcoin blockchain
The blockchain itself is actually a list of records, or blocks, that are cryptographically connected in series. each block contains transaction data (such as date, time, and amount), as well as the unique cryptographically protected electronic address of the parties to each transaction. each block also stores a code called a “hash” that uniquely identifies it. Every user on the bitcoin blockchain has a copy of a complete transaction history. the fact of the transaction is public and unalterable due to the hashes that link each block of the chain with the previous one and the next one. the nature of the transaction and the parties are private.
When two people make a transaction, each computer that belongs to the blockchain network has to verify it by solving a complex mathematical problem. only after verification is complete is the transaction block added to the chain. this is one of the reasons why blockchain eliminates the need for an intermediary when making monetary transactions.
serving as the basis for an electronic currency is just one application of blockchain technology. Blockchains can also store medical records, contracts, or even voting results, all of which are automatically verified by the network.
The first mention of the word blockchain occurred on bitcointalk, the world’s largest forum dedicated to bitcoin.
(purse)
According to early bitcoin developers, the term blockchain was not initially used. Satoshi Nakamoto, the inventor(s) of bitcoin, referred to the technology as a “proof-of-work” chain.
Users on the bitcointalk forum came up with the word during a discussion about how long it takes to download the bitcoin “blockchain”, referring to the entire bitcoin transaction history.
blockchain market statistics
Currently, the financial sector accounts for more than 60% of the global blockchain market value.
(statistical)
The technology has also spread to other sectors: manufacturing (17.6% of market share), distribution and services (14.6%), public sector (4.2%) and infrastructure (3.1 %). Almost all industries have adopted blockchain technology to some degree.
by the end of 2018, about 90% of us. uu. and European banks and financial institutions had begun to explore the adoption of blockchain technology.
(legal technology today, blocktelegraph)
The financial sector is leading the way in terms of investments in blockchain technology. During 2018, financial institutions spent around $552 million on blockchain-powered projects.
transaction costs using blockchain are millions of times cheaper than transaction costs in the traditional economy.
(etherscan, reddit)
for example, the transaction fee for transferring 849,999.99939168 ether (which equals $1,129,879,499.19) is only $0.19.
Blockchain could cut infrastructure costs for investment banks by 30%.
(accenture consultancy)
According to a survey of eight banks by accenture consulting, the potential savings on a cost basis of $30 billion is more than $8 billion.
By the end of 2024, the blockchain market is expected to reach $20 billion in annual revenue.
(big vision research, transparency market research)
And when it comes to the size of the blockchain technology market, a recent report suggests that it will reach $7.59 billion by 2024. That’s a CAGR of 37.4%. This rapid market growth is explained by a growing demand for this technology in all industries, from financial services, through consumer and industrial goods, to media, telecommunications, transportation, health care and public services.
86% of tech-savvy executive teams surveyed by deloitte said they believe there is great business potential in blockchain technology.
(deloitte)
An even higher number (88%) of business leaders responded that this technology is scalable and will eventually go mainstream. Survey author Linda Pawczuk argues that blockchain is “a versatile technology that can record financial transactions, store medical records, or even track the flow of goods, information, and payments through a supply chain.”
24% of companies that participated in deloitte’s blockchain survey said they would invest between $5 million and less than $10 million in blockchain technology during 2021.
(deloitte)
another 24% of the 1,000 companies surveyed reported that they plan to invest $500,000 to less than $1 million, while 12% plan to spend $10 million or more.
bitmain, a Chinese company that produces integrated circuit chips for crypto mining, is considered the world’s largest blockchain organization by market valuation.
(investopedia)
bitmain was valued at $40-50 billion in early 2021. other entries on the list of largest blockchain companies are the digital currency exchange coinbase (valued at $8 billion), the organization stock trading robinhood ($5.6 billion), ripple crypto network ($5 billion), eos coin creator block. one ($4 billion), cryptocurrency trading platform circle ($2.9 billion), and major crypto exchange binance ($2 billion+).
More and more food companies and retailers are experimenting with blockchain technology.
(wall street newspaper, Reuters)
walmart has partnered with nestlé, dole, unilever and tyson foods to implement blockchain in the food industry. statistics show that blockchain implementation could generate $700 million in productivity gains. In a pilot project, blockchain made it possible to trace individual mangoes back to the farm in 2.2 seconds. Walmart says that without blockchain it would take more than six days to identify the original farm.
A European retailer, Carrefour, is the first company on the continent to introduce blockchain for food products. the company believes the technology will revolutionize its supply chains, helping to rake in $5 billion in organic food sales by 2022.
The global market value of blockchain in food and agriculture markets is estimated to reach $1.4 billion by 2028.
(bi investigation)
according to projections of blockchain trends, the early adoption phase (research and development) will end in 2022. the regulation and commercialization phase will last from 2023 to 2025. beyond 2025, blockchain is expected to become a dominant technology in these industries.
Over $270 billion in assets have been distributed in blockchain transactions.
(medici, cryptopolitan, blockchain.com, pwc)
As of February 2021, there have been about 612,000,000 blockchain-based transactions. What is also interesting is the rise of fiat money transfer companies operating on the blockchain, such as San Francisco-based Veem. following this trend, western union has partnered with a stellar blockchain platform (xlm) with the aim of accelerating transactions between different locations around the world.
the percentage of companies that have already implemented blockchain technology is higher in consumer products & manufacturing (33% of companies).
(statistical)
Life sciences industries (including biotech, medical devices, and pharmaceuticals) rank second, with 23% of companies already using blockchain.
There are social networks that work with blockchains.
(steemit, coinmarketcap)
One of the best known is steemit, a blog network that rewards users for posting or curating content. the base token of the network is called steem coin. every time a user uploads articles or posts comments, he is rewarded with the native token of the network. At the time of writing, the value of steem is $0.1818 and it is ranked 164th on coinmarketcap.
there are more than 63,000,000 blockchain wallet users as of December 2020.
(blockchain.com, investopedia)
A blockchain wallet is a digital wallet that allows users to receive, store and spend digital currencies. A typical blockchain wallet interface displays the current balance of stored cryptocurrencies and displays transaction history. blockchain wallet users can send a request to other parties for a specified amount of btc, eth, xrp, litecoin, tether or other digital currencies.
A unique address is generated for each request. users can also send funds to other unique addresses using their e-wallets. electronic wallets can be stored online or offline; the latter method is much more secure.
When a user initiates a first crypto transaction, a digital wallet generates the private key, which then generates the public key. both are represented as strings of alphanumeric characters. the unique address to which transactions are sent is actually an encrypted version of the public key. the private key is known only to the owner of the wallet and allows access to the cryptocurrency. users cannot access and withdraw the funds deposited in their addresses, that is, in their electronic wallets, until they provide a unique private key.
About 15% of IT professionals have invested in cryptocurrencies, making them the largest group of investors.
(etoro)
Students, the unemployed and retirees also make up a significant portion of crypto investors. More than 80% of cryptocurrency investors are newbies; only 7.38% claim to have prior investment experience.
blockchain investment increased 280% in the first three quarters of 2018 compared to all of 2017.
(daily)
According to a report, blockchain and crypto startups raised $3.9 billion through venture capital investments before the start of Q4 2018. The average size of blockchain investments increased by more than $1 million during 2018.
According to the blockchain predictions of brock pierce, an American entrepreneur with extensive experience in digital currencies, the future of blockchain growth will be driven by dapps, stos, and the gaming industry.
See also: Top 20+ motley fool ultimate buy 2019 best now
(forbes)
pierce, the co-founder of cryptocurrency platform eos, says that significant decentralized applications will reach millions of users in the near future. Another important aspect of blockchain’s further growth will be security token offerings, which operate in a more regulated manner than icos. The former head of blockchain strategy at eos predicts that the tokenization of fiat money, the debt market, real estate, stocks, and even art is just around the corner. the gaming industry will also be a major driver of blockchain adoption as gamers were among the early adopters of cryptocurrencies.
the chinese manufacturer lenovo presented a mobile device that has “z-space”, a payment system based on blockchain. htc also launched its own blockchain-focused phone.
(asian times, cnbc, statistician)
It looks like mobile blockchain is on the way. Statistics show that the number of mobile phone users will reach 7 billion by 2021, representing a huge and attractive market for blockchain innovators.
key issues that need to be resolved before blockchain becomes a mainstream technology are speed of performance, interoperability, costs, regulations, and collaboration.
(cnbc, deloitte, icoservice)
Issue #1: In many blockchain usage scenarios, performance issues need to be addressed prior to widespread application deployment. While traditional systems can process thousands of transactions per second, the BTC blockchain can handle up to seven transactions per second. the ethereum network can process 15 per second.
Problem #2: The blockchain industry is expanding rapidly, but there is not yet a standard that allows different networks to cooperate with each other.
Issue #3: Reducing costs is one of the challenges of blockchain. Statistics from elite devices suggest that it costs more than $26,000 to mine just one bitcoin in South Korea.
Issue #4: Existing regulations around the world do not cover some of the core components of blockchain technology, such as smart contracts and international transactions. this uncertainty can slow technology investments and solution adoption.
Number 5: Deloitte’s 2020 State of Blockchain Report suggests that blockchain companies need to collaborate so the technology can promote further application development, education, and standardization.
ibm has around 1,500 employees working on more than 500 blockchain projects.
(cnn,ibm)
Industries where IBM is deploying the technology include shipping, banking, healthcare, and food safety.
for example, ibm’s intelligent logistics platform roadlaunch integrates internet of things technology, the linux foundation’s hyperledger blockchain, and ai. statistics and other data sets, automation, financial transactions, cargo and fleet visibility, and all other logistics aspects will be covered by a single platform and will revolutionize the way logistics and transportation companies operate.
we expect spending on blockchain-based products and services to reach $41 billion by 2025.
(researchandmarkets.com)
Blockchain spending in the United States increased 110% during 2018. The compound annual growth rate for blockchain spending is forecast to slow by the end of fiscal 2020.
Blockchain-based projects are expected to add more than $360 billion of value to businesses by 2026.
(gartner)
gartner predicts that the value of projects will rise to more than $3.1 trillion by 2030 when blockchain has become a mainstream technology.
New Blockchain Kids: 44% of gamers have bought or traded in-game items using blockchain technology.
(statistical)
The blockchain-powered gaming market has some important advantages over traditional solutions.
Blockchain gaming versus traditional gaming markets. (gardener)
Thanks to decentralized ledger technology, users around the world can buy, trade, and even create and sell in-game items, which is sure to change the gaming industry as we know it.
some of the world’s largest banks are investing around $50 billion to build a blockchain-based digital cash settlement system.
(Reuters)
According to a Reuters report, the banks include UBS, Banco Santander, Bank of New York Mellon Corp, State Street Corp, Credit Suisse Group AG, Barclays plc, HSBC Holdings plc, and Deutsche Bank AG.
The system is called fnality and its objective is to improve the efficiency of clearing and settlement in the financial market. fnality could launch in the first quarter of 2021.
global healthcare market spending on blockchain is expected to reach $5.61 billion by 2025.
(bi investigation)
When it comes to costs related to data breaches, costs, operations, personnel, and reductions in fraud or counterfeit products, blockchain adoption could save the healthcare industry up to $150 billion.
Blockchain has the potential to make the drug supply chain more efficient, improve data accuracy and management, find the most suitable professionals faster, and help suppliers stay on top of regulations government and compliance.
Only 0.71% of the world’s population (65 million people) uses blockchain technology.
(8-bit.io, statistical)
Researchers agree the technology won’t reach widespread adoption for at least five years. however, investing in blockchain represents a smart move in the long run.
the most infamous (and largest) blockchain hack happened in Mt. gox cryptocurrency exchange.
(coinsutra)
the attack occurred in 2014 when mt. gox handled around 70% of the world’s bitcoin exchanges. shortly after that, mt. gox ceased operations and filed for bankruptcy. over 750,000 btc (about $350 million) were stolen from the exchange.
bitcoin stats & facts
bitcoin blockchain electricity consumption generates carbon emissions comparable to levels produced by kansas city or countries like jordan or sri lanka.
(July)
Bitcoin miners generate annual carbon dioxide emissions of between 22 and 22.9 megatons, according to a study by the Technical University of Munich published in the journal Joule. the study suggests that carbon dioxide emissions would double if other cryptocurrencies were taken into account.
the highest price ever for a single bitcoin in January 2021: $41,940.
(coindesk, cnbc)
btc prices hit an all-time high on january 8, 2021. the world’s best-known cryptocurrency first gained value in october 2009, when 5,050 btc were sold for just over $5. the current price of bitcoin is approximately $33,529.
If you are doing your own research on bitcoins, you may have come across the term sats crypto. sats is short for satoshis, the smallest unit of btc. one satoshi is equal to 0.00000001 btc or one hundred millionth of a bitcoin. Remember, readings of the current value of bitcoin are transient. the value of the currency can change in a matter of hours.
At the time of writing, the global bitcoin hash rate was 150,096,000 th/s.
(blockchain.com, bitcoin.org, techopedia)
A hash rate is defined as the number of hash operations in a given period of time. it is a useful measure for the processing power of blockchain networks. For example, when the blockchain network reaches a hash rate of 10 th/s, it means that it performs 10 trillion calculations per second.
the current size of the bitcoin blockchain is 324 gigabytes.
(bitcoin.com)
the bitcoin block chain expands to contain all blocks and transactions. the average transaction size in February 2021 was 343 bytes.
the maximum number of bitcoins that can be mined is 21 million.
(coinsutra, blockchain.com, pro)
according to bitcoin.com’s block chain predictions, the last btc will be mined in the year 2140. nearly 18 million bitcoins have been mined so far.
what is cryptocurrency mining? We’re glad you asked.
See also: What Is A Crypto Faucet? | Binance Academy
every time a new btc blockchain or other crypto transactions are made, they need to be added to the blockchain. A miner is rewarded a small amount of cryptocurrency for performing two tasks: validating transactions and guessing a unique 64-digit hexadecimal code (hash). powerful graphics cards made by nvidia or amd are used for this. this time-consuming method can cost you more on your electricity bill than you earn in cryptocurrency.
However, there are easier ways to get your share of digital currencies. Cryptocurrency enthusiasts use digital currency exchanges to buy cryptocurrencies in exchange for fiat money or to exchange them for another alternative currency. Since cryptocurrency values are highly volatile, the use of forecasting and forecasting tools (such as portfolio investor predictions, for example) is a good approach.
examples of the world’s most trusted cryptocurrency exchanges include binance, bitmex, cex, kucoin, bittrex, kraken, and coinmama.
more bitcoin mining statistics: in 2020, 65% of btc mining pools were located in china.
(university of cambridge, statist)
A mining pool is created when cryptocurrency miners combine their computing resources in a network. each member of the mining pool receives a reward, a part of the mined cryptocurrency, according to their contribution to find another block.
The Asia-Pacific region has the highest percentage of Litecoin mining pools (52%). you can find the latest news and useful information about the litecoin market on reddit.
7% of btc mining pools are located in the united states. When it comes to mining statistics for other cryptocurrencies, 21% of Ethereum, 37% of Zcash, 34% of Monero, and 28% of LTC mining pools are located in North America. Most ethereum mining pools are located in Europe (49%).
the first bitcoin transaction occurred in 2010 when two pizzas were bought for 10,000 btc.
(yahoo news)
On May 17, 2010, Laszlo Hanyecz bought two Papa John’s pizzas for 10,000 BTC. If we take into account how much bitcoin is worth today, it would mean that laszlo (aka bitcoin pizza boy) paid around $332,000,000 for the meal. plus tip, presumably.
transaction day is known as bitcoin pizza day among blockchain and cryptocurrency enthusiasts.
alt coin stats & facts
altcoin or altcoin: a common term for cryptocurrencies other than bitcoin. (whatis.com)
The current market capitalization of ethereum (eth) is $149,123,341,483.
(coinmarketcap, blockgeeks)
eth is the second largest cryptocurrency by market capitalization. In cryptocurrency terms, the market capitalization (cryptocurrency market capitalization) is defined as the circulating supply of tokens or coins multiplied by the current price. The creator of Ethereum is Vitalik Buterin, a Russian-born Canadian programmer who entered the world of cryptocurrencies by writing blogs about Bitcoin.
What sets the ethereum blockchain apart from bitcoin is that it allows developers to create decentralized applications (dapps) and smart contracts. smart contracts are computer programs that facilitate the exchange of money, property, shares, content or anything of value between two parties without the need for an authority (a lawyer, for example).
During 2018, crypto mining malware activity increased by more than 4,000%.
(investopedia, mcafee)
Cryptojacking is the use of a computer’s processing power to mine cryptocurrencies without the consent or knowledge of the owner. It usually happens when a user unknowingly installs software that secretly mines cryptocurrencies.
bitshares is an asset trading platform (similar to the new york stock exchange) that works on the blockchain.
(bitcoin wiki, reddit)
bitshares and its native cryptocurrency were designed by the American programmer dan larimar.
what sets the exchange apart from the new york, shenzhen and london stock exchanges is that it is focused on cryptocurrencies, without the need for a central authority to handle all the funds. the bitshares reddit community has about 7,000 members; this subreddit is a useful resource for all current and future users of the platform.
vechain platform is an example of the integration of blockchain and internet of things technology.
(bitcoinwiki)
vechain allows manufacturers to assign rfid (radio frequency identification) identifiers to products which then record information on the blockchain. Its native digital currency, vet, is currently ranked 26th on coinmarketcap’s cryptocurrency ranking list. is supported by a large vechain reddit community.
ripple (xrp) is the third largest cryptocurrency by market capitalization, after bitcoin and ethereum.
(coinmarketcap, new york times)
ripple has created a $300 million fund to encourage businesses to start using its platform for money transfers across international borders. the company currently holds $30 billion worth of xrp. the fund is intended to put those coins into the hands of new users.
fun fact: the company hosted a private concert by rapper snoop dogg for xrp enthusiasts.
blockchain by country stats & facts
over 20 countries have adopted, rejected or investigated the concept of a national cryptocurrency.
(cointelegraph)
Tunisia was the first country in the world to issue a national blockchain-backed currency, in 2015. In December of the following year, Senegal issued its own blockchain-based digital currency called ECFA, named after its regular currency, the CFA franc. The Marshall Islands adopted another legal tender along with the US. uu. dollar in March 2018, a cryptocurrency called sovereign or sov.
Countries that have considered but scrapped the idea of a central bank digital currency include Ecuador, Estonia, Switzerland, Hong Kong and Germany. Japan says it won’t issue its own cryptocurrency, but has recognized bitcoin as an official means of payment.
Uruguay, Dubai, Singapore, and Iran are reported to be involved in ongoing experiments with central bank-issued digital currencies. Developed economies such as Canada, the United Kingdom, Norway, Sweden, China and Israel are in the research phase.
ten countries are leading the way when it comes to blockchain implementation.
(blockchain tip)
in australia, all taxes on transactions using cryptocurrencies have been eliminated. the Australian stock exchange plans to fully adopt blockchain technology after a two-year trial period.
The Chinese government actively supports cryptocurrency and smart contract platforms that were developed on its territory, namely tron, neo, vechain and many others. China is home to thousands of blockchain startups, and the country’s largest banking institutions are also implementing the technology.
the dubai government has set a deadline of 2020 to add all government-related data and documentation to the blockchain.
In line with its ongoing efforts to position itself as a world leader in cryptocurrencies, Malta has introduced a regulatory framework for cryptocurrency service providers.
The Swiss city of Zug became the first city in the world to accept crypto payments for tax purposes. Known as cryptovalley, Zug is home to some of the world’s leading blockchain companies. The first test of a blockchain-based voting system was successfully completed here in 2018. The Zug authorities have announced the launch of a decentralized digital ID system that will run on the Ethereum platform. The Zug-based non-profit association Crypto Valley is working to create the world’s leading blockchain ecosystem.
Japan is a world leader in bitcoin adoption. many retail stores in this country accept cryptocurrencies as a regular payment method.
the Estonian government has used blockchain technology to digitize all of its services, including the health records of around 1.3 million citizens. The business environment in the country is extremely favorable for cryptocurrency companies, with undistributed profits tax-free and 100% online cross-border management. therefore, major blockchain companies have chosen to do business in this country.
The UK National Archives has partnered with the University of Surrey on a project called Archangel, which enables documents to be archived on the blockchain (and thus removes the possibility of data manipulation). The UK government plans to implement blockchain in healthcare and voting systems.
in singapore, efforts are underway to implement blockchain in the financial and healthcare sectors. for example, cross-border payments using distributed ledger technology are already possible in this country. insurance companies in singapore are operating using smart contracts.
In the United States, the IRS has issued official guidelines for the taxation of cryptocurrencies. The Securities and Exchange Commission oversees all activities related to ICOs. In the United States, cryptocurrency earnings are taxable.
cryptocurrency demographics
91.5% of all cryptocurrency investments are made by men.
(bridge and commercial, etoro)
This percentage was obtained from a survey conducted by the online crypto investment platform etoro. The survey also suggests that when women invest, they generally choose the most profitable cryptocurrencies.
Most bitcoin users are between 25 and 34 years old.
(cryptocurrency center)
Other characteristics: 61% do not consider themselves religious. nearly 30% have an annual household income between $50,000 and $100,000 per year, 56% are married or in a relationship, 43% have full-time employment, and 37% consider themselves libertarian or anarchist-capitalist.
See also: Why is Bitcoin Valuable | NYDIG – Bitcoin for All
