Blockchain Basics: 5 Incredible Facts About Blockchain Technology : Even if you’re unacquainted with crypto, you’ve probably at least heard of blockchain – the technology that underpins cryptocurrencies like Bitcoin, Ethereum, and Tether. Of late, it seems that whenever crypto or NFTs hit the headlines, it’s due to controversies, scams, and bankruptcies.
However, when you strip away the problematic behaviors that arise within the crypto space, the technology itself is fascinating. To prove that point, let’s explore five of the most fascinating facts about blockchain technology.
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Biometric integration
You’ve probably used biometrics to unlock your smartphone or log in via the biometric time clock at work. However, this form of technology will play a far more significant role in your future. One of the more exciting innovations on the horizon is the integration of blockchain and biometric technology to create tokenized digital identities.
The idea is to create more robust online identification systems to combat identity theft and cybercrime. Analysts predict that we’ll be using these single-token IDs by 2030. However, it’s essential to take such speculation with a proverbial grain of salt.
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The blockchain market is booming
Though crypto may be going through a slump in 2022, the global blockchain market is still booming. It’s expected to grow to just shy of US$68 billion by 2026, with much of this growth coming from investors and venture capital funding. This growth is undoubtedly fuelled by blockchain’s utility in banking, cybersecurity, smart contracts, online payments, and other finance-security applications.
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Half a percent of the global population is using blockchain tech
In hard numbers, that’s just under 40 million, which doesn’t sound too bad. However, as a percentage of the global population, it’s infinitesimal. This means that, technically, anyone who gets involved now will still be an “early adopter.”
Of course, this is no longer the case with crypto investments like Bitcoin. However, a large part of the issue with crypto is that it does not have anything even approaching a reliable rate of return.
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One country has blockchain in its constitution
If you’ve never heard of Liberland before, you’re not alone. This European micronation has only been around since 2015. As a young and tiny nation, it adopted Bitcoin and several other cryptocurrencies. It also enshrined blockchain into its constitution via the Liberland Smart Chain blockchain. Crypto enthusiasts will watch with great interest to see how this micronation develops.
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Lost wallets are forever
Lose your wallet on the street, and you have a chance of recovering it. Forget the password for your banking app, and there’s always going to be a way to recover it. Lose your wallet (or, more precisely, the key that confirms your ownership of the crypto), and it’s gone forever in the blockchain world. Most estimates suggest that around 20% of Bitcoin alone is locked up in lost wallets. And there are many sorry stories of early investors whose store of crypto is now worth millions – if only they could remember the key.
The beauty of the blockchain’s private key system is that they’re so complex they’re virtually impossible to crack. However, this can backfire on those who aren’t careful.
The crypto space is certainly volatile, and its future is in question as every scam and meltdown seems to be rapidly followed by another. However, there’s no denying how incredible the technology that underpins it is. So, keep an eye on this space, and if your interest has been piqued, consider diving deeper into the details of blockchain technology.
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