Blockchain Infographic: Growth, Use Cases & Facts

By Raja5 mins read

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.

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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.

Cryptocurrency

Cryptocurrencies work around the traditional financial system through the use of blockchain technology.

Bitcoin

Bitcoin is like digital gold, it is valuable because people agree to exchange it for other things of value.

ICO

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

Voting Systems

Counterfeiting the manipulation of votes during elections

Smart Contract

Buy or sell things without paying any commission to third parties

IOT

The ability for IoT app development process to contribute transactional data to blockchains

Cloud Storage

Increased security with a shift from centralized data security to decentralized network

Financial & Banking

Streamline payments processing with high efficiency, fast and secure transactions

Cybersecurity

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.

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