FX.co ★ Eight amazing facts about blockchain technology

Blockchain technology is used to track research results

According to Scientific American, the volume of annual publications of scientific works reaches 2.5 million. As a result, due to the huge number, it is difficult to verify them. However, when using blockchain technology, the situation can be changed. Scientific American believes that the application of this innovation will speed up the publication and confirmation of data.

Blockchain solutions market will grow

According to Gartner's research, at the end of 2017 over 300 million Bitcoin transactions were conducted through the blockchain system for a total of $270 billion. Experts predict that by 2024 the blockchain solutions market will grow to $60 billion. In 2017, the volume of this market did not exceed $708 million. In five years, the blockchain solutions market will gain momentum and will become profitable. Most of the growth will be observed in the financial services industry.

Technological companies will be able to earn on blockchain technology

According to Juan Rensyun, the head of NVIDIA, which produces graphics cards for mining cryptocurrencies, this technology is an innovative form of computing, and it is the future. He is confident that this technology makes a significant contribution to the demand for GPUs (graphics processing units). In the third quarter of the 2018 fiscal year, NVIDIA sold a $70 million worth of mining cards. Its competitor, AMD, also earns from the crypto market. The AMD revenue share associated with the blockchain system is estimated at 4-6 percent.

Blockchain technology will be used to manage power grids

Blockchain technology will allow modernizing ways of interaction between consumers and electricity suppliers. All necessary data will be automatically stored in specially allocated memory cells. Entrepreneurs will begin to create their own "microgrids" which will allow them to generate electricity on solar batteries and sell it using blockchain networks. A simpler application of innovation involves the exchange of consumption and payment data with utility providers.

Blockchain technology will significantly change shipping industry

Blockchain technology is great for simplifying control over the transportation of thousands of goods around the world. With its help, the workflow can become electronic. The Bloomberg agency believes that this technology will produce a revolution in the field of shipping. In the case of simplifying, the process of transportation of goods around the world will fall in price, experts say.

Blockchain technology will be used to control radio frequencies

According to experts, blockchain technology will allow you to control radio frequencies in specialized spectrums. Companies will be able to send their applications to the decentralized blockchain network, which will reduce the cost of frequency allocation for certain types of devices. Experts consider this way of using innovation to be proof of the universality of blockchain technology.

Digital passports are created on the basis of blockchain technology

Analysts say Microsoft is one of the leaders in developing new digital passports. At present, a decentralized digital identification system is being formed in the company. It is based on the assignment of a unique number to each person. The system can be used in banking, health care and travel spheres.

Future development of blockchain platforms is expected

This technology has just begun to develop, but the ways of its application are impressive. Many large companies are ready to integrate blockchain platforms into their activities. With the development of this trend the flow of investments will increase, experts believe.