These days, pretty much everybody and their dog is talking about blockchain tech.
However, how many of these people actually know what blockchain technology is, what it can do, and why it’s important?
Blockchain technology is the foundation of Bitcoin, as well as other cryptocurrencies.
We say fad because there are a lot of people out there that think that it is just a passing phase, but there are business leaders and computer scientists that believe that it has the potential to transform law, global commerce, politics, and a lot more.
Think about elections as an example, with blockchain technology, the votes cast can be anonymously recorded on a public ledger that can’t be altered.
This means that final results would be beyond question, without any risk of human tampering.
A car that is equipped with blockchain could pay for its own fuel using cryptocurrency.
If it got into an accident, it could contact the insurance company automatically, and send precise data and information about the damage.
These are just two of the thousands, or potentially millions of ways that blockchain technology can change the way that we live by making data anonymous, open, and unalterable.
In this article, we’re going to talk about some really important blockchain statistics for 2024, so we hope it answers some of your burning questions when it comes to blockchain technology.
Key Blockchain Statistics 2024
- By the end of 2024, it is predicated that corporations will spend more than $20 billion a year on blockchain technical services
- 90% of European and American banks had started to consider blockchain’s potential by 2018
- 74% of executive teams say that there is massive business potential with blockchain tech
- 24% of companies say that they were going to invest between $5 million and $10 million in blockchain in 2021
- Financial corporations have spent approximately $552 million on projects powered by blockchain
Detailed Blockchain Statistics 2024
Blockchain Was Invented by Satoshi Nakamoto
Blockchain is a public transaction Ledger for the most popular cryptocurrency in the world, Bitcoin.
Satoshi wanted to make a peer-verified electronic cash system that would let monetary transactions be performed directly between two parties, without the need for a middleman like a bank.
When it comes to the blockchain itself, this is a list of blocks, or records, which are connected cryptographically.
Each block comprises transaction data as well as the secured unique electronic address of the people involved in the transaction.
Each block also stores a code that is called a hash that identifies it uniquely. Every user of bitcoin’s blockchain has a copy of the transaction history.
The process and fact of the transaction is public and can’t be altered as a result of hashes that link each block in the chain to past and future blocks. However, the nature of the transaction and the parties involved are private.
When two people conduct a transaction, each computer belonging to the blockchain network has to be able to verify it, by solving a complicated math problem.
Once this verification is complete, the transaction block can be added to the blockchain.
This is why the blockchain eliminates the need for a middleman when performing a monetary transaction.
Being the foundation of electronic currency is just one feature of blockchain technology. Blockchains can also store contracts, medical records, and voting results.
Blockchain Was First Mentioned at BitcoinTalk, a Forum Dedicated to Bitcoin
What’s pretty interesting about the history of Bitcoin is that the term blockchain wasn’t actually initially used.
The inventor of Bitcoin called it a proof-of-work chain.
The BitcoinTalk Forum coined the word during a discussion about how much time it takes to download the blockchain, which refers to the complete history of Bitcoin transactions.
The Financial Sector Accounts for Over 60% of Blockchain’s Market Value
The technology has expanded to other sectors as well, including distribution and services, manufacturing, infrastructure, and the public sector.
90% of European and American Banks by The End of 2018 Considered Adopting Blockchain
According to this statistic, most banks in Europe and America were already interested in the idea of blockchain back in 2018.
The Costs of Blockchain Transactions Are Millions of Times More Affordable than Traditional Economy Transaction Costs
As an example, it costs $0.19 to transfer 849,999.999 Ether, which is equivalent to transferring $1.12 billion.
Blockchain Could Reduce the Infrastructure of Investment Banks by 30%
The potential savings that an investment bank could experience as a result of blockchain is as much as $8 billion.
By 2024, It Is Predicted that The Blockchain Market Will Increase to $20 Billion in Yearly Profit
When it comes to the market of blockchain technology, a report suggests that it could reach $7.59 billion by 2024. This is a growth rate of 37.4% every year.
Such rapid market growth is explained by increasing demand for technology like this across all industries, including industrial goods, financial services, transport, public services, and health care.
86% of Executive Teams Say that There Is Huge Potential in Blockchain Tech
Statistics like these shine a light on how many people believe in the future blockchain, and what’s really interesting is that 88% of business leaders believe that blockchain technology is scalable, and is eventually going to become mainstream.
24% of Companies in A Survey Said that They Would Invest Between $5 Million and $10 Million in 2021
A further 24% of the companies surveyed said that they plan to invest $500,000 to less than $1,000,000, while 12% said that they plan to spend more than $10 million.
Bitmain Is Thought to Be the Biggest Blockchain Organization in The World
Bitmain is a Chinese-owned company, which produces circuit chips for cryptocurrency mining. And it’s currently valued at $50 billion.
More Retailers and Food Companies Are Experimenting with Blockchain
Statistics indicate that blockchain implementation could generate $700 million in increased productivity.
In one project, blockchain made it possible to trace an individual mango back to its farm in just 2.2 seconds. Walmart explained that without blockchain, it would take over six days to do this.
The Worldwide Value of Blockchain Agriculture and Food Markets Could Reach $1.4 Billion by 2028
According to the statistics, the early adoption phase of blockchain is going to end in 2022.
The commercialization phase is going to last from 2023 to 2025, and then beyond this, it is predicted that blockchain is going to become a mainstream technology in industries like agriculture and food.
Over $270 Billion in Assets Have Been Handed out In Blockchain Transactions
As of 2021, around 612 million blockchain-based transactions had been executed.
The Percentage of Companies that Have Implemented Blockchain Is Largest in Manufacturing and Consumer Products
33% of the companies in the manufacturing and consumer products sectors have implemented blockchain technology.
In second place is life sciences industries, with 23% of companies.
There Are Social Networks out There that Run on Blockchains
Steemit is one of the more well-known social networks that run on blockchain and it rewards users for curating and posting content.
It even has its own cryptocurrency coin. Every time someone uploads an article, or posts a comment, they are awarded with their native token of the network.
There Are Over 63 Million Blockchain Wallets Users as Of the End of 2020
A blockchain wallet is a digital wallet that lets users store, receive, and spend digital currency.
A common blockchain wallet interface is going to show you the current balance of your cryptocurrencies that are stored on the wallet, and also display a history of your transactions.
Blockchain wallet users can send a request to another party for a specific amount of Bitcoin, Ethereum, and other digital cryptocurrencies.
With each request that is generated, you get a unique address. You can send funds to other unique addresses using their virtual wallets as well.
Virtual wallets can be stored either offline or online, although storing them offline as a lot safer.
When someone initiates a cryptocurrency transaction that is the first of its kind, a digital wallet is going to generate a private key, which then generates a public key.
Both are interpreted as a string of alphanumeric characters. The unique address that the transaction is sent to is actually a hashed version of this public key.
The private key is only known by the owner of the wallet and it gives you access to cryptocurrency. You won’t be able to access your cryptocurrency until you provide this unique key.
15% of IT Professionals Have Invested in Crypto
This statistic indicates that this is the biggest group of investors when it comes to cryptocurrencies.
What’s also really interesting is that retirees, the unemployed, and students also make up a significant portion of cryptocurrency investors.
Over 80% of people that invest in cryptocurrency are novices, and only 7.3% say that they had any previous experience in investing in anything.
Blockchain Investment Increased by 280% in 2018
Statistics like this show how popular investment in the crypto technology has become.
280% is an increase on 2017, which means that investment increased by this percentage in just a year.
Brock Pierce, American Entrepreneur, Predicts that Blockchain Growth Will Be Pushed by The Gaming Industry
Brock Pierce, who co-founded the EOS cryptocurrency platform, believes that significant decentralized apps are going to be appealing to millions of users in the near future.
He also believes that security token offerings are going to function in a much more regulated manner.
Lenovo Developed a Mobile that Uses Z Space, Which Is a Blockchain-Based Payment System
Lenovo is a Chinese manufacturer, and they came up with a mobile device that uses a blockchain-based payment system.
Based on statistics like this, it would appear that mobile blockchain is well on its way.
There Are a Number of Issues that Should Be Solved Before Blockchain Becomes Mainstream
Just because blockchain is an exciting concept, doesn’t mean that it isn’t fraught with issues that need to be solved before it becomes mainstream.
Performance issues really need to be addressed before deploying the application on a widespread basis.
Another issue is that there isn’t one standard that is going to allow for different networks to cooperate with one another right now. Another challenge of blockchain is reducing costs.
Statistics show that it costs over $26,000 to mine just one Bitcoin in South Korea.
Additionally, regulations that exist right now around the world don’t cover some of the biggest components of blockchain technology, like international transactions, and smart contracts.
Uncertainty like this can slow down investments in technology, as well as adoption of solutions.
Lastly, blockchain companies actually need to come together and collaborate, so that they can further develop blockchain technology.
IBM Has 1500 Employees Working on Over 500 Blockchain Projects
IBM has implemented blockchain technology in a number of different industries, including banking, shipping, healthcare, and food safety.
American Spending on Blockchain Services and Products Is Predicted to Reach $41 Billion by 2025
Blockchain spending in America increased by 110% in 2018. Compound the annual growth rate, and the prediction is that it will reach $41 billion by 2025.
Blockchain Products Will Add $360 Billion of Value to Companies by 2026
Blockchain-based projects are going to add over $360 billion worth of value to companies by 2026.
44% of Gamers Have Either Traded or Purchased a Game Using Blockchain Technology
The gaming marketplace that is powered by blockchain has some pretty big advantages over traditional solutions.
Because of decentralized Ledger technology, users everywhere in the world can exchange, buy, and create and sell gaming products, which is most likely going to change the gaming landscape as we know it.
Some of The World’s Biggest Banks Are Investing $50 Billion to Build a Digital Cash Settlement System with Blockchain
There are a number of banks around the world that are investing billions of dollars to build a digital cash settlement system that is based on blockchain.
The World’s Healthcare Market Could Spend $5.61 Billion on Blockchain by 2025
There are many ways that the adoption of blockchain could end up saving the healthcare industry as much as $150 billion, in areas including operations, IT costs, reductions in counterfeit or fraud products, personnel, and data-breach-related costs.
Blockchain also has the potential to make the supply chain of drugs more efficient, improve data management and accuracy, find the right professionals quicker and help providers stay on top of government and compliance regulations.
0.71% of The World’s Population Currently Use Blockchain
Statistics indicate that the technology isn’t going to reach the mainstream for at least five years.
The Biggest Blockchain Hack Occurred at Mt. Gox Cryptocurrency Exchange
It occurred in 2014 when this platform was handling roughly 70% of the world’s Bitcoin exchanges.
Soon after this issue, Mt. Gox ceased its operations, and filed for bankruptcy. Over $350 million worth of Bitcoin was stolen from the exchange.
Electricity Consumption of Bitcoin’s Blockchain Rivals Sri Lanka’s
The Highest Price of One Bitcoin Was in November 2021
Bitcoin reached a high of $68,990 back in 2021.
It gained value for the first time back in 2009, when over 5000 Bitcoin was sold for a little more than $5.
Bitcoin’s Global Hash Rate Is 150,096,000 TH/S
A hash rate is the number of hash operations in any given time. It is a helpful measurement for the processing power of blockchain networks.
The Current Size of Bitcoin’s Blockchain Is 324 Gb
The Bitcoin blockchain has to expand to hold all transactions and blocks. The average transaction size back in 2021 was 343 bytes.
The Max Number of Bitcoins that Are Able to Be Mined Is 21 Million
The data indicates that the last Bitcoin will be mined in 2140. Right now, there are 18 million Bitcoin circulating.
65% of Bitcoin Mining Pools Were Located in China in 2020
A mining pool is when a cryptocurrency miner combines their computer resources with others through a network.
Each member of this mining pool is going to receive a reward according to what they contribute to finding another block. 7% of Bitcoin mining pools are located in America.
The First Bitcoin Transaction Happened in 2010 when Someone Bought Two Pizzas for 10.000 Bitcoin
Laszlo Hanyecz Back in May of 2010 bought two pizzas from Papa John’s for 10,000 Bitcoin.
Ethereum’s Market Cap Is $149.123 Billion
Ethereum is the second biggest cryptocurrency when it comes to market capitalization.
As far as cryptocurrency goes, market capitalization is defined as the current circulating supply of tokens, or cryptocurrency coins multiplied by the current price.
Ethereum is different from Bitcoin because it lets developers create decentralized applications, as well as smart contracts.
Cryptomining Malware Activity Increased by 4000% in 2018
Cryptojacking is when somebody uses a computer processing power to mine cryptocurrencies without the knowledge or consent of the owner.
This usually happens when a user unknowingly installs software that is secretly able to mine cryptocurrency.
BitShares, as well as its native cryptocurrency, were designed by an American programmer called Dan Larimar.
This exchange is different from the New York and London Stock exchanges is because it is focused on cryptocurrencies without the requirement for a central authority to handle the funds.
The Vechain Platform Is an Integration of Internet of Things and Blockchain Tech
Vechain lets manufacturers assign radio frequency identification to products, and then this information is recorded on the blockchain.
Ripple Is the Third-Biggest Crypto by Market Cap
Ripple has developed a $300 million fund to encourage companies to start using its platform for money transfers, that can transcend international borders.
Currently, the company owns $30 billion worth of its cryptocurrency coin.
Over 20 Countries Have Considered a National Cryptocurrency
Statistics like this show that cryptocurrency might not just be a passing fad.
When we say considered, we mean that they have either rejected, adopted, or research the idea of a national cryptocurrency.
Tunisia was the first country to come out with a blockchain national cryptocurrency, back in 2015.
On the other side of the spectrum, Japan says that it won’t come up with its own cryptocurrency but will recognize Bitcoin as a means of payment.
10 Countries Are in Front as Far as Blockchain Implementation Goes
Australia has removed all taxes for transactions using cryptocurrencies. Australia plans to completely adopt blockchain technology after testing it for two years.
In China, the Chinese government is actively supporting cryptocurrency, as well as smart contract platforms that have been developed in its own territory.
Malta has introduced a regulatory framework for cryptocurrency service providers.
91.5% of All Cryptocurrency Investments Are Made by Men
Blockchains statistics indicate that the vast majority of investments made by cryptocurrency are done so by men.
Most Users of Bitcoin Are Between 25 and 34
Blockchains statistics like this also indicate that 61% of Bitcoin users don’t see themselves as religious, while 30% have a household annual income between $50,000 and $100,000 a year.
What Is Blockchain Technology?
Blockchain is a digital technology that can be implemented in many different cities, including the health care center, and the industrial sector.
What Is Ethereum’s Market Cap?
Ethereum’s market cap is $304.886 billion.
What is Bitcoin?
Bitcoin is the original and most popular cryptocurrency in the world.
As you can see from these blockchain statistics for 2024, there is a lot to be said for one of the newest technologies in the world.
There is also a lot that we still don’t know about it, and if we are to implement it into the mainstream companies, cities and countries alike will have to come together, and think about how it can be regulated as a whole.
It still has a way to go when it comes to being implemented into the mainstream, but there is no doubt that this will happen at some point in the future.