Aug 02 2018

5 Interesting Facts About Blockchain Technology

Posted by Arnika Gupta

Blockchain is the trending technology at present across the globe. The blockchain is covering almost every section from retail and finance to insurance to automobiles and airlines. A blockchain development company is a new idea of today’s technology for all possible benefits in day-to-day business operations. Trust, Transparency and security are the major benefits of blockchain technology. Every transaction and money transfer system is immutable and decentralized.    

1. Blockchain’s Dependency on Accountability: As we know, blockchain is an emerging technology, but have you ever noticed that it is created from a combination of encryption and peer-to-peer networking and is incorruptible digital ledger that depicts economic transactions which are programmed to record not just financial transactions but virtually everything of value. So it gives the dependency on accountability.

2. Anonymous Founder of BlockchainThe founder’s pen name, Satoshi Nakamoto, is an anonymous person or some people say a group that first appeared on the scene when it published a white paper outlining how the proposed digital currency would work.

3. Rule of only 21 million BitcoinsAll Users have to follow some protocols while using bitcoin. The Bitcoin ledger has a rule that there will only be 21 million bitcoins ever be produced. When this is reached, bitcoin will be resistant to inflation, meaning the value of the currency will not be reduced.

4. Use of Electricity in the Bitcoin ProcessYou won’t believe, each bitcoin transaction uses almost 300 KWh of electricity, which can boil even 20,000 rods. Even you can easily buy the home if you are in Europe and America.

5. There Are Rules About Capitalizing the Word ‘Bitcoin’When you use capitalized ‘Bitcoin’ it is referred to the Bitcoin ledger. While in lowercase form, ‘bitcoin’ refers to the currency or a unit of account on the Bitcoin ledger. Now in New technology, you can prefer BTC.

Did you know that the number of Bitcoin wallet users are 24 million around which was calculated in March 2018 and the size of Bitcoin worldwide reached approximately 163 gigabytes? With this Bitcoin circulation worldwide reached 16.95 million approximately. In 2021, it is predicted that the blockchain market will reach 339.5 million dollars in size.

Many companies provide Blockchain and its security services. Mobiweb Technology is one of the blockchain development service providers which also works on different technologies.

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