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If someone has still not heard of blockchains and cryptocurrencies, they’ve got to be living under a rock!
Blockchain technology is a serious craze right now for consumers and companies alike.
If being a programmer, you don’t think find this technology fun, here are 3 interesting facts about blockchain technology that might just pique your interest:
- Spending On Blockchain Solutions Has Increased
While the invention of the blockchain goes as far back as 2008, the potential developments of the future of the technology are only just starting to be realized by many.
This is precisely why spending on blockchain solutions has increased drastically in the past couple of years alone. Research studies have reported that worldwide spending on blockchain solutions will continue to increase year over year for the foreseeable future.
Depending on current trends, this spending will reach close to 19 billion USD by the year 2024 even though it was only 4.5 billion USD three years ago in 2020. This meteoric rise speaks volumes about the future of the blockchain and the potential that people around the world see in it.
Some experts even go as far as to say that blockchain technology will transform the world in a similar way that the internet did when it started gaining traction.
- Many Companies Already Use Blockchain Technology
While the blockchain may seem like a thing of the future or something that the world is not quite ready for yet, many famous companies are defying this thought process already.
They have quickly recognized the potential of blockchain technology and what it could mean for revenue as far as profits are concerned.
This is also why so many visionary companies are spending quite a bit of money trying to get qualified blockchain software developers on their teams to work on leveraging this technology for their daily operations.
Some of the companies that are currently using blockchain technology involve the likes of Adobe, Boeing, Fidelity, Fujitsu, NBA, Oracle, and Samsung to name a few.
Not only does this adoption from famous companies assure the bright future of the technology, but it also stresses the high demand for qualified talent in this space.
That’s why many programmers and software developers are keen on pursuing certifications and degrees in computer languages that these blockchains run on. You can also give it a shot by trying your hand at a free Solidity tutorial.
- Mining Bitcoin Is Bad For The Environment
Just because an emerging technology is revolutionary does not mean that it has a good effect on every aspect of life. Something like the blockchain and Bitcoin seems so abstract that it is hard to imagine its effect on the environment. However, the impact is significant enough to mention.
Many scientists worry about the growth of Bitcoin as it can become a significant contributor to climate change. The Cambridge Centre for Alternative Finance reports that the emissions that mining Bitcoin is responsible for are more than that of countries such as Pakistan and Ukraine.
To put this into perspective even further, this is almost the same energy consumption emissions of global copper production and just a little bit more than that of gold mining.
In comparison, Ethereum is actually a more green blockchain as its mining process is not energy-based. Where Bitcoin’s emissions could power the University of Cambridge for 1077 years, Ethereum’s could only do it for 18 days.
Conclusion
The list of interesting facts about blockchain technology can go on for days as there is so much being discovered.
New uses and applications are emerging every day and it is only time before the blockchain becomes a normal part of our lives. Stay ahead of the curve by keeping up with the trends surrounding blockchains and see this prediction come to life.
