5 SURPRISING FACTS ABOUT BLOCKCHAIN

BITCOIN IS AN APPLICATION OF BLOCKCHAIN

As surprising as it may sound, Bitcoin isn’t the primary technology, blockchain is. Bitcoin operates using blockchain technology which has many applications other than digital currency.

WHO INVENTED BLOCKCHAIN? NOBODY KNOWS

Recent popularity of blockchain has had people wondering about the person behind this brilliant idea. But the sad truth is nobody is actually aware of the person. Satoshi Nakamoto is said to be the inventor but many believe that it’s just a pseudonym and not a name of a real person. It could very well be a team of more than one people.

ONLY 0.5% OF WORLD’S POPULATION USES BLOCKCHAIN

Blockchain has been dubbed as the “second internet” or “internet of value” as opposed to our traditional internet which is the “internet of information”. Despite being given the crown only 0.5% of world’s population uses blockchain compared to the internet which half the world uses. This may quickly change though.

NOBODY REGULATES BLOCKCHAIN

Our internet is heavily regulated, government censors content that it doesn’t want people to access and in many countries outright blocks websites. With blockchain that isn’t possible at all since all the information is decentralized and no single person owns it.

BANKS CAN SAVE BILLIONS USING BLOCKCHAIN

It has been estimated that banks and financial institutions can save up to $10 billion by using blockchain technology instead of more traditional systems. Because of the decentralization aspect, blockchain has little to no maintenance cost.