What is blockchain?
Blockchain is a decentralized, distributed ledger that records transactions across many computers in a way that ensures integrity and transparency. It was first introduced as the technology behind the digital currency, Bitcoin, but has since been adapted for a wide range of other uses.
A blockchain consists of a series of blocks, each of which contains a list of transactions. Each block is linked to the previous block through cryptography, forming a chain. Once a block is added to the blockchain, the information it contains is considered to be permanent and unalterable.
The decentralized nature of blockchain technology means that it operates independently of any central authority and can be used to securely and transparently store and transfer information, assets, or digital currencies. The combination of cryptography, consensus algorithms, and a decentralized network makes it virtually impossible for any one party to manipulate the information stored in the blockchain.
Blockchain technology has the potential to transform a wide range of industries, including finance, supply chain management, and voting systems, among others.
Here is a helpful primer on blockchain from IBM
When was blockchain invented?
2008
Who invented blockchain?
Satoshi Nakamoto
Number of blockchain users:
Last updated 9/27/22
Market value of the blockchain industry in 2017:
Blockchain’s reported potential for reducing bank infrastructure costs:
Last updated 1/17/17
Reported potential annual savings for banks utilizing blockchain technology:
Last updated 1/17/17
Amount the global blockchain market is expected to be worth in 2024:
Last updated 1/18/17
Percentage of banks that are experimenting with permissioned blockchains:
Last updated 2/7/17
Amount of funding that Ripple has raised to date:
Last updated 9/16/16
Percentage of the top global banks that Ripple works with:
Last updated 9/16/16
Reduction in operating costs of international payments that Ripple’s technology offers banks:
Last updated 9/16/16
Amount of funding that Blockstream has raised to date:
Last updated 2/3/16
Amount that IBM is investing in blockchain-powered IOT:
Last updated 10/4/16
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Last updated 10/4/16
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Amount that hackers reportedly stole from DAO’s fund in June 2016:
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Percentage of major North American and European banks that are exploring blockchain:
Last updated 9/11/16
Size of the blockchain technology in energy market in 2018:
Projected size of the blockchain technology in energy market in 2025: