Must Know Facts About Blockchain and Hackathons – Bitcoin and blockchain are technical terms that many may not understand. In fact, many people may seem to misunderstand the concept of bitcoin and blockchain altogether.
As technology evolves, so does how companies and organizations conduct their business. With bitcoin and blockchain technology, businesses utilize these in the form of payment methods, cloud storage, smart contracts, and supply chain management.
Bitcoin is the most popular form of cryptocurrency, while blockchain is the technology that enables its existence. On the other hand, cryptocurrency is the medium of exchange but uses digital technology (blockchain) and encryption techniques, controlling the creation of monetary units.
Events like Hackathons enable developers to create a cryptocurrency. For instance, BSV Hackathons let developers build new applications on the BSV blockchain. It sets the stage for continuous growth on the blockchain while having a BSV prize pool for participants.
If you’re eager to learn more about this technology, this article will delve deeper into the facts of blockchain technology and BSV Hackathons.
Table of Contents
Blockchain Technology
People may think blockchain technology is a difficult concept to grasp. This section will tackle some facts about blockchain technology to make it easier to digest.
1. Countries are focusing on crypto development
Each country has its currency, but with the rise of technology, crypto may be taking over as an alternative currency. Governments around the world have considered crypto development as part of its growth. These include the U.S., the U.K., Japan, Korea, and China.
It does not require much to launch crypto, and it is a safe and more cost-effective method than farming minting currencies. As long companies have the necessary technology in place, they can launch a new form of cryptocurrency through an initial coin offering (ICO). However, they need to abide by government regulations.
2. The blockchain trend is spreading across industries
Typically, people would expect that blockchain is only relevant in the tech and finance world. However, its constant evolution has enticed firms from several industries to incorporate blockchain technology into their business to streamline processes, develop more efficient applications, and enhance security.
Aside from finance and tech, industries that incorporate blockchain include politics, arts, supply chain management, healthcare, and gaming.
3. Payments through blockchain
Payments using blockchain are possible through effective and efficient payment rails. There is an unlimited number of transactions a block can process, allowing Bitcoin SV and other digital coins to keep transactions at a low fixed rate. This can be fractions of a cent, ensuring a quick settlement for each new block on the chain.
4. The global blockchain market will be worth $20 billion in 2024
Several industries have invested in blockchain technology. Tech giants such as Microsoft and IBM are two companies that have heavily invested in blockchain. IBM, on its own dedicated $200 million and 1,000 employees solely for blockchain-related projects.
With more companies worldwide considering blockchain in their business, the global blockchain market is set to be worth $20 billion by 2024.
What are Hackathons?
Hackathons are common events for developers and tech companies, allowing them to learn, evolve, and network to quickly design innovative solutions and products. This section focuses on facts about Hackathons.
1. Hackathons impact numerous industries
Many industries continue to evolve the way they do business with the technology available.
Hackathons have resulted in numerous advancements like GameFi (a combination of “game” and “finance”), which is known for play-to-earn games, and tokenization, impacting many companies using non-fungible tokens (NFTs).
These play-to-earn games and tokenization are evident in today’s gaming industry because players have begun buying and selling NFTs, which are also part of the finance sector.
Some industries that have transformed because of such events include gaming, e-commerce, finance, entertainment, retail, and art.
2. Hackathons are recurring events for innovation
About 80% of the Fortune 100 companies conduct hackathons to continue innovation. 50% of these hackathons are recurring events to drive sustained innovation since it allows different people to think of new initiatives. The more ideas there are, the more potential there is for insights to develop into projects.
3. It can be a recruitment tool
Recruitment, networks, and contacts are essential assets for any company. Having good connections allows businesses to grow, and hackathons provide recruiters with ideas for necessary skillsets for the next hiring offer.
Businesses can use hackathons as a strategy to attract job seekers by sponsoring or hosting these events. The more participants there are, the more potential there is to find the right person to aid in creating better solutions.
4. Hackathons can lead to new products
Blockchain conferences and hackathons are events where companies can test new aspects of their business to an external group. Since these events attract diverse people, it is ideal for developing and testing new products or technologies.
BSV hackathon is a major event that BSV and Ethereum developers can attend. The BSV hackathon in 2021 saw more than 600 participants across 50 countries, with a $100,000 prize pool.
The Rise of Blockchain and Hackathons
Technology continues to evolve at a rapid pace. Different industries continue to explore blockchains and develop new solutions further. Aside from new developments, businesses host hackathons to recruit job seekers since hundreds of participants can show up in a single event.
Both blockchain and hackathons act as hand and glove, complementing each other in growing a business. It is something companies should consider, leading them to success.