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aboutblockchain.html
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<!DOCTYPE html>
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<title>Blockchain Uses</title>
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<h1>Blockchain Uses</h1>
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<a href="https://en.wikipedia.org/wiki/Bitcoin"><img align="right" width="200" src="https://static.vecteezy.com/system/resources/previews/008/505/801/original/bitcoin-logo-color-illustration-png.png" alt="Bitcoin's transaction"></a>
<p>Blockchain technology can be integrated into multiple areas. The primary use of blockchains is as a distributed ledger for cryptocurrencies such as bitcoin; there were also a few other operational products that had matured from proof of concept by late 2016.[52] As of 2016, some businesses have been testing the technology and conducting low-level implementation to gauge blockchain's effects on organizational efficiency in their back office.[77]
In 2019, it was estimated that around $2.9 billion were invested in blockchain technology, which represents an 89% increase from the year prior. Additionally, the International Data Corp has estimated that corporate investment into blockchain technology will reach $12.4 billion by 2022.[78]/p>
<p>Furthermore, According to PricewaterhouseCoopers (PwC), the second-largest professional services network in the world, blockchain technology has the potential to generate an annual business value of more than $3 trillion by 2030. PwC's estimate is further augmented by a 2018 study that they have conducted, in which PwC surveyed 600 business executives and determined that 84% have at least some exposure to utilizing blockchain technology, which indicates a significant demand and interest in blockchain technology.[79]
In 2019, the BBC World Service radio and podcast series Fifty Things That Made the Modern Economy identified blockchain as a technology that would have far-reaching consequences for economics and society. The economist and Financial Times journalist and broadcaster Tim Harford discussed why the underlying technology might have much wider applications and the challenges that needed to be overcome.[80] His first broadcast was on June 29, 2019.
The number of blockchain wallets quadrupled to 40 million between 2016 and 2020.[81]
A paper published in 2022 discussed the potential use of blockchain technology in sustainable management.[82]</p>
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<b><h2>Cryptocorrency</h2></b>
<i>Main article: <a href="https://en.wikipedia.org/wiki/Cryptocurrency"><p>Cryptocurrency</p></a></i>
<p>Most cryptocurrencies use blockchain technology to record transactions. For example, the bitcoin network and Ethereum network are both based on blockchain.
The criminal enterprise Silk Road, which operated on Tor, utilized cryptocurrency for payments, some of which the US federal government has seized through research on the blockchain and forfeiture.[83]
Governments have mixed policies on the legality of their citizens or banks owning cryptocurrencies. China implements blockchain technology in several industries including a national digital currency which launched in 2020.[84] To strengthen their respective currencies, Western governments including the European Union and the United States have initiated similar projects.[85]</p>
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