Blockchain Infographic: Growth, Use Cases & FactsRaja
The blockchain is a decentralized database stored on multiple computers as identical copies. Being decentralized in nature, a blockchain is highly secure as no single user can alter or remove an entry in the blockchain since it would require changing all the nodes, which is practically impossible.
Due to its highly secure and encrypted nature, blockchain technology has been used as the foundation for world’s most popular cryptocurrency – Bitcoin. But that’s not all there’s to blockchain technology. The applications of blockchain technology are limitless. According to statistics, the global blockchain market is expected to be worth $20 billion in the year 2024. Currently, 69 percent of banks are experimenting with blockchain technology to make their services more secure, seamless and transparent.
Despite the wonderful world of possibilities that the blockchain technology has opened up for us, most of us remain largely ignorant about the technology and its applications.
The infographic “Blockchain: Growth, Use Cases & Facts.” uses simple language and graphics to explain how blockchain technology works in addition to sharing some insightful facts about the growth of blockchain.
Designed to educate developers and business owners about the benefits of the technology, DCI has included examples of global giants that have integrated blockchain technology in their business. In addition, the infographic also captures major uses of blockchain in various sectors such as healthcare, banking, smart contracts, IOT, cybersecurity, cloud storage, etc.
Blockchain Infographic: Growth, Use cases & Facts
“What the internet did for communications, blockchain will do for trusted transactions.”
— Ginni Rometty
What is Blockchain?
The Blockchain is a decentralized ledger of all transactions across peer to peer network.
Cryptocurrencies work around the traditional financial system through the use of blockchain technology.
Bitcoin is like digital gold, it is valuable because people agree to exchange it for other things of value.
Type of crowdfunding or crowd investing tool conducted entirely on the blockchain
How Blockchain Works?
- As each transaction occurs, it’s put into a block
- Transactions are blocked together
- Each block is connected to the one before and after it
- Each block is added to the next in an irreversible chain
Growth of Blockchain Technology
- Average number of monthly ICO went from 8 to 200
- Ethereum grew 50 times
- ICO investments increased 16 times
- 14 countries exploring developing official cryptocurrencies
- $2.1 billion: Global spending on blockchain solutions in 2018
- 3x: The number of blockchain-related LinkedIn job postings more than tripled over the last year
- 20$ Billion: Amount the global blockchain market is expected to be worth in 2024
- 69%: Banks currently experimenting with Blockchain Technology
- 33%: Bankers expecting commercial blockchain adoption next year
- $8 – $12 Billion: Reported potential annual savings for banks utilizing Blockchain Technology
Why is Blockchain Important?
- Records and validate every transaction made, which makes it secure and reliable
- Discards the need for any third-party for peer-to-peer transactions
- Users are in control of all their information and transactions
- Complete, consistent, timely, accurate and widely available
- Reduce transaction times to minutes and are processed 24/7
- The decentralized system, therefore, it is less risky to be hacked
How Blockchain Benefits you?
Digital Identity & Passports
Reducing the burden of paperwork & counterfeit fake Identities
Counterfeiting the manipulation of votes during elections
Buy or sell things without paying any commission to third parties
The ability for IoT applications to contribute transactional data to blockchains
Increased security with a shift from centralized data security to decentralized network
Financial & Banking
Streamline payments processing with high efficiency, fast and secure transactions
Fight hacking with the immutability of ledger
Medical / Healthcare
Transparency and automation within the patient-to-hospital or patient-to-doctor transactions
Companies experimenting Blockchain
- Walmart – Helps customers streamline the restocking process.
- Maersk – Streamlines and secures international shipping.
- British Airway – Manages data about flights between London, Geneva, and Miami.
- UPS- Increased transparency among all groups involved in the supply chain.
- FedEx- Launched a pilot program to help solve customer disputes.