FX.co ★ Nine facts you didn't know about blockchain

Blockchain technology has managed and distributed more than $270 billion in transactions

Research conducted by the consulting company Gartner says that as of the end of 2017 more than 300 million bitcoin-transactions for a total of $270 billion were processed.

Blockchain's market size will be $60 billion by 2024

Interest in the blockchain is so great that by 2024, according to experts' forecasts, the blockchain market will skyrocked to $60.7 billion (against $708 million noted in 2017). Most of the growth will likely come from the financial-services space.

Some tech companies are making money from the trend

NVIDIA's CEO Jensen Huang recently said that blockchain technplogy's going to be a fundamental new form of computing. Taking into account that already now graphics cards produced by NVIDIA and Advanced Micro Devices allow cryptocurrency mining and working with the blockchain system, the demand for GPU in the future will grow by many times. And though it is currently difficult to assess what contribution the new technology will make to the results of NVIDIA (since mining and work with the blockchain are different things), the total cost of video cards purchased in the third quarter of 2018 was more than $70 million. Not such a bad result.

Blockchain will add transparency to media-buying

At the moment, IBM is considered the leader in the market for blockchain solutions, therefore, most American top managers prefer to use its developed blockchain ledger to record ad-buying contracts, impression data, and related payments.

Blockchain will change the energy market beyond recognition

Blockchain can be used to modernize how electricity consumers share usage information with their utility providers, by securely and automatically sending their monthly consumption to a decentralized ledger. The technology can be used to easily and efficiently exchange metering and billing information with utility providers. It is also will show a great result in the energy sector is related to the production of electricity on solar panels with subsequent implementation.

It can be used to monitor the results of scientific research

According to Scientific American, the blockchain technology can significantly simplify and accelerate the publication of most scientific papers, as well as change for the better the situation with the confirmation of the data.

Blockchain could revolutionize the global shipping industry

Blockchain has every chance to become a revolutionary stage in the development of the transportation industry, and it, undoubtedly, will positively affect the cost of imported goods. Control over the transport of thousands of goods around the world, until recently carried out on paper, will be a thing of the past, giving way to electronic document management.

Technology can be used to manage wireless spectrum

There's a very limited segment of the airwaves that is currently licensed to commercial broadcasters and amateur operators: some parts of this spectrum are used for things like commercial cellular signals, others are set up for government signals, and others are used for things like your home Wi-Fi. Blockchain could be used to manage these airwaves by using the tech to set up multiuse spectrums based on demand of companies and individuals. This versatility could reduce the cost of allocating spectrum for certain systems and types of devices.

Digital passports will work through the blockchain technology

To simplify the process of identification, Microsoft has taken up the development of a decentralized digital identification system. The unique number assigned to each person can be used in banking operations, in medical institutions and even during traveling.