CHAPTER 1

Introduction to Blockchain

Blockchain is one of the latest revolutions of the 21^st century, many

of whose fruits are yet to be harvested.

In this chapter, we will cover the introduction to Blockchain, the hype

of Blockchain, and all the inherent and adjoining technologies that

the decentralized architectures are dependent on. This knowledge

would help us in the later chapters to understand the inherent

mechanisms of different Blockchain protocols and choose the one

that best suits our business needs.

1.1 The Blockchain Market

As per a 2020 report by Markets and Markets, “the global Blockchain

market to be $3.0B in 2020 and is projected to reach $39.7B by

2025. The market growth can be attributed to the increasing number

of venture funding and investments in the Blockchain technology and

the increasing popularity of the Blockchain in retail and supply chain

management.”

This report is seconded by another market analysis report by “Grand

view research” that has the opinion that, “The global Blockchain

technology market size was valued at USD 3.67 billion in 2020. It is

expected to expand at a compound annual growth rate (CAGR) of

82.4% from 2021 to 2028.”

While North America has been the major investor that contributes to

nearly 40% of the global revenue, we can find regional interest as

well. And though the interest started with Banking and Fintech, today

every business vertical seems to be looking for opportunities with the

Blockchain technologies.