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Blockchain: Fortifying Identity, Finance, and Privacy

The Power of Blockchain Technology

Blockchain technology has emerged as a game-changer in the digital landscape, transforming the way we manage identity, finance, and privacy. At its core, blockchain is a decentralized, immutable, and transparent ledger that enables secure and instant transactions without the need for intermediaries or centralized authorities. This revolutionary technology has the potential to disrupt traditional industries, boost innovation, and empower individuals and communities.

In this article, we will explore how blockchain is fortifying identity, finance, and privacy, and its real-world applications, challenges, and future prospects. We will also discuss the legal, cybersecurity, and social impact implications of blockchain, and how it can contribute to a more equitable and sustainable world.

Blockchain and Identity: A New Era of Digital Identity Management

Identity is a fundamental aspect of our lives, both online and offline. However, traditional identity management systems are often fragmented, insecure, and vulnerable to data breaches and identity theft. Blockchain offers a new paradigm for digital identity management, based on decentralized and self-sovereign identity (SSI) principles.

SSI allows individuals to own, control, and share their identity information securely and selectively, without relying on third-party intermediaries or central authorities. By using blockchain-based identity solutions, individuals can authenticate themselves seamlessly, access services and resources, and protect their privacy and security.

For instance, the Sovrin Network provides a decentralized identity infrastructure that enables trusted and verifiable digital identities, based on open standards and interoperability. Other blockchain-based identity platforms include uPort, Civic, and SelfKey, which offer similar features and benefits.

Blockchain and Finance: Towards a More Transparent and Secure Financial System

Finance is another area where blockchain is making significant strides, by enabling more transparent, efficient, and secure transactions. Blockchain-based finance, also known as decentralized finance (DeFi), is a rapidly growing ecosystem that offers a range of financial services, such as lending, borrowing, trading, and investing, without relying on traditional intermediaries or centralized authorities.

DeFi leverages blockchain’s features, such as smart contracts, tokenization, and interoperability, to provide more accessible and inclusive financial services, especially for underserved and unbanked populations. For example, stablecoins, which are blockchain-based digital currencies pegged to traditional assets, can provide a stable store of value and a more reliable means of exchange, especially in volatile markets.

Other DeFi applications include decentralized exchanges (DEXs), which allow peer-to-peer trading of digital assets without intermediaries, and yield farming, which enables users to earn interest on their crypto holdings by providing liquidity to DeFi protocols. However, DeFi is not without risks, such as smart contract vulnerabilities, liquidity issues, and regulatory challenges.

Blockchain and Privacy: Protecting Personal Data in a Decentralized World

Privacy is a critical aspect of digital life, as it enables individuals to control their personal information and prevent unauthorized access, misuse, or exploitation. However, traditional privacy solutions, such as centralized databases or encryption, have limitations and vulnerabilities that can be exploited by cybercriminals or surveillance agencies.

Blockchain offers a new approach to privacy, based on cryptographic techniques and distributed storage. By using blockchain-based privacy solutions, individuals can protect their data from unauthorized access, maintain anonymity, and ensure data integrity and immutability.

For example, zero-knowledge proofs (ZKPs) are cryptographic protocols that enable parties to prove the validity of a statement without revealing any additional information. ZKPs can be used to authenticate identities, verify transactions, and protect sensitive data without compromising privacy.

Other blockchain-based privacy solutions include homomorphic encryption, ring signatures, and multi-party computation, which offer different levels of privacy and security. However, privacy is not absolute, and there are trade-offs between privacy, usability, and scalability.

How Blockchain Works: The Fundamentals of Distributed Ledgers and Cryptography

To understand how blockchain works, we need to delve into its fundamental principles and components. At its core, blockchain is a distributed ledger that maintains a record of transactions, verified by a network of nodes, without the need for trust or intermediaries.

Each block in the blockchain contains a cryptographic hash of the previous block, creating an immutable and tamper-evident chain of blocks. Transactions are validated and added to the blockchain through consensus mechanisms, such as proof-of-work (PoW) or proof-of-stake (PoS), which incentivize nodes to contribute computing power and verify transactions.

Blockchain also relies on various cryptographic techniques, such as public-key cryptography, hash functions, and digital signatures, to ensure data confidentiality, integrity, and authenticity. These techniques enable secure and transparent transactions, without revealing sensitive information or compromising privacy.

Blockchain technology is not limited to cryptocurrency transactions, but can also be applied to various use cases, such as supply chain management, voting systems, and intellectual property management.

Blockchain Use Cases: Real-World Examples of Blockchain Applications

Blockchain has already demonstrated its potential to transform various industries and domains, from finance and identity to healthcare and energy. Some notable blockchain use cases include:

  • Supply chain management: Blockchain can provide end-to-end visibility and traceability of products, from raw materials to distribution, ensuring authenticity, quality, and compliance.
  • Healthcare: Blockchain can enable secure and interoperable sharing of patient data, as well as tracking of medical supplies and drugs, reducing errors, fraud, and inefficiencies.
  • Energy: Blockchain can facilitate peer-to-peer energy trading, renewable energy certificates, and carbon credits, enabling more sustainable and decentralized energy systems.
  • Gaming: Blockchain can enable secure and transparent ownership, transfer, and trading of in-game assets, as well as provably fair gaming outcomes, enhancing player experience and trust.

These are just a few examples of how blockchain is disrupting traditional industries and enabling new business models and opportunities.

Blockchain Challenges: Overcoming Scalability, Interoperability, and Adoption Hurdles

Despite its potential and benefits, blockchain also faces various challenges and limitations that hinder its widespread adoption and scalability. Some of these challenges include:

  • Scalability: Blockchain’s limited processing power and storage capacity can limit its throughput and transaction speed, especially for large-scale applications.
  • Interoperability: Blockchain’s fragmentation and lack of standardization can hinder its compatibility and integration with other systems and platforms, causing data silos and inefficiencies.
  • Adoption: Blockchain’s complexity and unfamiliarity can deter users and organizations from adopting it, especially in regulated industries or conservative environments.

To overcome these challenges, blockchain developers and researchers are exploring various solutions, such as sharding, sidechains, and interoperability protocols, as well as user-friendly interfaces and educational resources.

The Future of Blockchain: Beyond Cryptocurrencies and Initial Coin Offerings

Blockchain is still at an early stage of development, and its potential is far from fully realized. In the future, blockchain is likely to evolve and expand beyond its current applications and use cases, enabling new forms of value creation, governance, and social impact.

Some possible future developments of blockchain technology include:

  • Decentralized autonomous organizations (DAOs): DAOs are organizations that operate on blockchain-based smart contracts and are governed by their members. DAOs can enable more transparent and democratic decision-making, as well as more efficient and resilient organizations.
  • Internet of Things (IoT): Blockchain can provide secure and decentralized communication and data sharing among IoT devices, enabling more efficient and trustworthy IoT applications, such as smart homes, cities, and factories.
  • Artificial intelligence (AI): Blockchain can enable more secure and transparent training, validation, and deployment of AI models, as well as more accountable and ethical AI systems.

These are just some of the potential future applications of blockchain technology, and the possibilities are limited only by our imagination and creativity.

Blockchain Regulation: Navigating the Legal Landscape of Digital Assets

Blockchain’s decentralized and borderless nature poses significant challenges for regulatory frameworks and compliance measures. However, blockchain also offers opportunities for more efficient and effective regulation, based on transparency, accountability, and innovation.

The regulation of blockchain and digital assets varies across countries and jurisdictions, reflecting different legal, cultural, and economic contexts. Some countries, such as Malta, Switzerland, and Singapore, have adopted blockchain-friendly regulatory frameworks and attracted blockchain startups and investments.

Other countries, such as China and India, have adopted more restrictive policies and regulations, limiting the growth of blockchain and digital assets. However, the global trend is towards more regulatory clarity and convergence, as blockchain becomes more mainstream and recognized as a legitimate technology and asset class.

Blockchain and Cybersecurity: Enhancing Data Protection and Threat Detection

Cybersecurity is a critical aspect of blockchain, as it enables secure and trustworthy transactions and protects users from various threats, such as hacking, phishing, and malware. However, blockchain itself is not immune to cybersecurity risks and vulnerabilities, such as 51% attacks, smart contract bugs, and social engineering.

To enhance blockchain cybersecurity, various measures and solutions are being developed and deployed, such as:

  • Multi-factor authentication: This requires multiple forms of authentication, such as passwords, biometrics, and tokens, to access blockchain accounts and wallets.
  • Cold storage: This refers to storing cryptocurrencies and assets offline, in physical devices or paper wallets, to reduce the risk of online attacks.
  • Anti-money laundering (AML) and know-your-customer (KYC) regulations: These require blockchain-based businesses and exchanges to verify the identity and source of funds of their users, to prevent money laundering and terrorism financing.
  • Cyber threat intelligence (CTI): This involves collecting and analyzing data on cyber threats and vulnerabilities, to proactively detect and prevent attacks on blockchain networks and applications.

Blockchain and Social Impact: Empowering Communities and Reducing Inequality

Blockchain has the potential to contribute to social impact and sustainability goals, by enabling more democratic, transparent, and inclusive systems and applications. Blockchain-based solutions can empower marginalized communities, reduce inequalities, and promote social innovation and entrepreneurship.

For example, blockchain can enable:

  • Financial inclusion: Blockchain-based financial services, such as microlending, can provide access to capital for underserved and unbanked populations, reducing poverty and inequality.
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How Fast Is Technology Advancing in 2022?

Almost everything we do today has an atom of technology in it. From our smart devices to advanced computers, and sophisticated engineering equipment - technology is all around us.

But this question remains - How fast is technology advancing?

Statistics that illustrate how fast technology is growing over the years have shown breakthrough technologies from all aspects of life. Experts predict that there is more to come. 

We compiled some of the most groundbreaking stats to enlighten you more on how far technology is progressing. In addition to this, we will shed more light on some of the upcoming trends, sure to leave you stunned!

Fascinating Technology Growth Statistics

The following are some eye-opening stats handpicked from the most reliable sources:

  • Globally, there are about 1.35 million tech startups around the world.
  • The number of smart devices collecting, analyzing, and sharing data should hit 50 billion by 2030.
  • The Internet adoption rate sits at 59% in 2021.
  • The computing and processing capacity of computers hits double figures every 18 months.
  • The world has produced 90% of its Big Data in the past two years.
  • Every second, 127 new devices are connected to the internet.
  • In Q1 of 2021, 4.66 billion people are using the internet.

Sounds amazing right? That’s just the tip of the iceberg - we have more in store for you. Read on to find out!

General Technology Growth Statistics

The following are some generalized statistics about how the growth of technology is influencing every sector.

1. The internet penetration rate in the world is at 59% as of January 2021.

(Source: Data Reportal)

In the last few decades, there has been a growing telecommunications implementation. This has led to an ongoing internet usage rise. 

According to technology adoption statistics, the rate stands at almost 60% as of January 2021. Compared to Q1 of 2020, the rate has gone up by 7%. 

2. $183.18 billion - that is how much the web hosting services marketplace is expected to have generated by 2026.

(Source: Fortune Business Insight)

In 2017, the global web hosting market had a value of $32.12 billion, and in 2018 that figure rose to $60.90 billion. By Maintaining a Compound Annual Growth Rate (CAGR) of 15.1%, experts predict that the web hosting industry will be worth more than $100 billion in a few years as a result of global tech market growth. That's why there's such a fierce battle between the best hosting providers on the market. 

3. There are 4.88 billion phone users in the world as of January 2021.

(Source: Bank My Cell)

According to technology growth statistics, 62% of the world’s population owns a mobile phone. Compared to 2020, the number of phone owners has gone up by 0.1 billion. 

That includes both smart and feature phones. 

Breaking down the number even further:

Smartphone owners are the majority here, amounting to 3.8 billion. On the other hand, feature phone owners are 1.08 billion. 

4. By 2025, there will be 75 billion connected devices in the world. 

(Source: Statista, MTA)

In 2025, the number of Internet of Things (IoT) will be thrice that of 2019. Think slow cookers, wearable technology like smartwatches, smart meters, smartphones, etc. 

The technology has become so popular that industry experts predict that every consumer will own about 15 IoT devices by 2030!

5. Google got 2.5 trillion searches in 2020.

(Source: Backlinko)

As you may know, Google continues to dominate the search engine space. 

When it comes to how fast technology is growing statistics, Google got more than two trillion searches in 2020 alone. 

Let’s have a closer look at the numbers:

There were 81,000 searches every second in 2020. That translates to about seven billion probes per month.

6. The need to reach new customers is the primary factor pioneering technological growth in the last few years (46%).

(Source: Finance Online)

Technology adoption statistics reveal that factors such as selling new business lines (38%), overall improvement of business operations (41%), improving sales and marketing (35%), improving standard internal processes (33%), are the main drivers for tech growth.

7. By 2040, 95% of purchases will be online.

(Source: Nasdaq)

Buying over the internet is so convenient because you can get whatever you need from the comfort of your home regardless of time or location. According to technology growth stats, ecommerce will have grown so much that buyers will conduct almost all of their purchases online in the next two decades.

8. There are 3.96 billion social media users in the globe as of 2021.

(Source: Backlinko)

Social media allows people to connect regardless of their geographical location and at negligible costs if you have to buy data bundles. 

Lucky for you if you’re using your office or public wifi.

You’ll only have to part with $0.

According to technology statistics, for 2021, there are almost four billion social media users globally. That’s almost twice the number in 2015.

AI and Machine Learning Statistics

Technology stats and facts show that AI remains one of the most sought-after technological advancements pioneering technological growth around the world. Read on to find out some amazing stats on how AI and machine learning are impacting society.

9. Google Translate algorithm has increased its efficiency from 55% to 85% following the implementation of machine learning into its translation services.

(Source: Finance Online)

Google Translate is a service developed by Google to help customers translate text and websites to any desired language. Before the introduction of AI, it would typically take more time to translate a series of words in a foreign language, as the process is done one text at a time. However, with the application of deep learning (a sub-function of AI), the Google Translate service is now able to interpret a whole sentence or website at once.

10. The global machine learning market is expected to reach $20.83 billion in 2024. 

(Source: Finance Online, Forbes)

Tech growth stats indicate that machine learning is currently one of the most popular and most successful sub-functions of AI.

It should come as no surprise that the market is growing in value. Worth around $1.58B in 2017, it is expected to reach $20.83B in 2024, growing at a CAGR of 44.06%.

11. The Compound Annual Growth Rate (CAGR) for AI will be 42.2% by 2027.

(Source: Grand View Research)

Stats on how fast technology is advancing reveal that the artificial intelligence market was worth $10.1 billion in 2018. In 2019, that value increased to $39.9.

As you can see, there has been positive growth over the years, which is likely to continue.

Giant tech firms have been pouring big bucks into research and development, the reason why technology keeps advancing every day. Examples of big names investing heavily in this sector include Facebook, Amazon, Microsoft, Google, and Apple. 

Industry players predict a CAGR of 42% between the period 2020 to 2027.  

12. AI will replace around 85 million jobs in the US by 2025.

(Source: Forbes)

Does automation benefit the ordinary citizen?

You be the judge.

The pandemic led to massive job losses, leaving one in every four adults in serious financial difficulty. They had issues footing their bills.

That led to 33% of Americans using their life savings to cater for their expenses. Others had to borrow loans and now have huge debts.

And it looks like the labor market hasn't seen anything yet. 

AI statistics show that its adoption will lead to job losses to the tune of 85 million by the end of 2025.

However, it's not all bad:

Experts predict that there will be 95 million job openings because of artificial intelligence. By 2025, humans and machines will strike a balance of 50-50 when it comes to working.

13. Worldwide, only 37% of organizations have incorporated AI into their business.

(Source: Gartner)

Although the figure may not be high enough, it is still a significant rise from what we had in 2015 (about 270% increase).

14. Artificial General Intelligence (AGI) has a 50% chance of rising to 90% by 2075.

(Source: Zdnet) 

AGI mimics human intellect. Think cooking or styling hair with precision.

Experts predict that there are high chances that in most work environments in 2075, nine out of 10 companies will use AGI technology.

15. IT hiring was 7% lower than usual in Q3 of 2020. 

(Source: Dice)

IT job posting between August and September 2020 was virtually nonexistent. However, experts forecasted that it was only a small hitch that would go away in the coming months. 

Technology adoption stats show that 68% of large organizations created more positions than they had in the second quarter of 2020. Therefore, it appears that smaller firms were struggling and didn't have hiring budgets.

16. The fully and semi-automatic car market will be worth $26 billion by 2030.

(Source: Electronic Design)

Experts estimate that the number of connected cars in Europe, China, and the US will be about 470 million by 2025. Technology statistics show that the vehicles will generate data worth $750 billion.

While that sounds impressive, we should think about the security aspect. The information that the technology will derive could land in hackers’ hands instead of genuine parties like manufacturers or vendors. 

So:

It will be paramount for developers to come up with top-of-the-range security programs to keep cybercriminals at bay.

17. 71% of executives believe that artificial intelligence and machine learning are game-changers for businesses.

(Source: AMC Laboratories)

The world is beginning to wake up to the fact that robotics and automation powered by AI could be the future of work. However, some are more prepared than others. Those that fail to prepare may be left behind when the changes start to take effect.

18. 16% of companies in Europe believe that AI would help them counter the adverse effects of COVID-19 on labor.

(Source: IDC)

Emerging technologies and automation will be at the forefront of cushioning businesses from the effects of the pandemic. Nearly 20% of organizations say that AI will be the only solution to the current shortage of workers.

19. AI is the most significant portion of the data strategy of any business, according to 61% of marketers.

(Source: Finance Online)

Data strategy is a set of informed decisions taken from a position of insight (after careful study of available data) on how best to move a business forward. It is the job of AI to study the set of available data, and help to draw insights as to existing flaws and what needs to improve. 

20. The AI market will be worth over $15 trillion by 2030.

(Source: PWC)

AI technology is progressing, and the industry is growing pretty fast. Businesses and individuals alike love its efficiency. Logically, demand will continue to rise in the coming years. By 2030, its value will be $15+ trillion. More than ¾ of emerging technologies already planned to own foundations as early as 2021. 

Big Data Statistics

Data that has become so large and complicated for the traditional computer system to make sense of is referred to as Big Data. However, Big Data impact statistics have shown that it can become a goldmine to whoever understands its capacity. Check out the statistics that follow to discover the impact of Big Data on technology and internet growth.

21. Organizations that are data-driven are 23x more likely to acquire new leads than those without a data-driven strategy.

(Source: McKinsey)

Big Data can be a source of insight for those that care to put in the work, understand patterns in its data, and relate them to their various businesses. Facebook is an exemplary example of a company that is effectively utilizing both Big Data and AI to understand its audience better.

22. 91.6% of Fortune 1000 companies are investing more in Big Data and AI.

(Source: ZD Net)

Big Data is like the new gold for businesses. Coupled with AI, a good deal of information can be extracted from both structured and unstructured data. The Fortune 1000 companies know this. The most successful entrepreneurs also know this. For this reason, technology growth statistics tell us that these companies always have a specified budget put in place for data analytics.

23. Two-thirds of organizations that have utilized Big Data effectively have reportedly seen a decrease in operational expenses.

(Source: Datamation)

Big Data impact statistics reveal that for businesses that can do away with the junk of unuseful data, Big Data can provide direct and specific information about what works for such businesses and what does not. That way, these businesses can avoid the trouble of wasting time, effort, and resources on strategies that don't give results. Instead, it enables them to focus all of those energy and resources on what works.

24. We generate 2.5 quintillion bytes of data daily.

(Source: Forbes)

According to tech growth statistics, we now produce data in trillions and quintillions daily. This number has been on the rise over the last few years, meaning that we should expect to produce more in the next 2-3 years.

25. Analytics and big data will bring in an income of $274 billion by 2024.

(Source: Statista)

Revenue from big data and analytics has been on an upward rise over the last few years. By Q4 of 2021, data center Internet Protocol (IP) traffic reached 19.5 zettabytes. Business Intelligence (BI) analytics will be worth $14.5 billion in 2022.

26. By increasing their effectiveness at utilizing Big Data, Fortune 1,000 companies can increase their net income by up to $65 million.

(Source: Forbes)

According to Big Data impact statistics, the ability to extract, understand, and utilize Big Data has a direct impact on both sales and revenue. With Big Data, businesses can better understand their customers, thereby channeling their efforts towards what works and increasing conversion rates.

27. 71% of companies find it difficult to protect and manage unstructured data.

(Source: Forbes)

As enticing as the idea of Big Data analytics may seem, it still requires a lot of technical and specialized kind of skillset to make sense of the large chunk of available data. Thankfully, the best data visualization software can transform huge amounts of raw data into easy-to-digest visuals. These can provide decision-makers with valuable insights quickly and easily. 

28. 83% of organizations worldwide are currently investing in various Big Data projects.

(Source: Forbes)

Given how rapidly technology is growing, and the millions of data being generated daily, top company executives are beginning to realize the usefulness of Big Data. Some even argue that failure to invest in Big Data for any business is like walking your way towards bankruptcy.

Mobile Technology Statistics

Internet traffic growth statistics tell that over the last decade, mobile usage has been on the rise, even surpassing desktop web traffic for the very first time in late 2015. Almost anything can now be achieved on mobile. Check out some of these mobile tech statistics to discover how vital technological advancements on mobile have become.

29. Over half the traffic comes from mobile phones as of Q1 Of 2021. 

(Source: Oberlo)

If you’re wondering how fast technology is growing - statistics for 2022 show phone traffic has increased by 49.47% since 2011. 

Back then, 93% of visitors came from the desktop, while mobile brought in a meager 6%. 

However, the two went head to head in 2016, when the difference was about 1%, i.e., 48.25% for mobile and 46.93% via computers. As of 2021, cell phone browsing had surpassed that of other internet-connected devices.

30. 91% of internet users in 2020 were mobile phone owners. 

(Source: Statista)

According to internet traffic growth statistics, more than half the world population was actively browsing the internet as of 2020. That translates to around four billion people. It is indeed a global village with billions of people who might have otherwise never met connecting.

31. People check their mobile phones about 150 times daily.

(Source: Business Services Week)

Call it an addiction!

The fact remains that mobile phones have become a massive part of how most of us function daily. We check our phones almost all the time for messages, notifications, time, etc.

32. Total mobile connections in 2021 amount to 10.24 billion.

(Source: Bank My Cell)

So, how's that, yet ownership is only about four billion?

Isn’t the world population 7.84 billion?

Well, there are people with dual SIM cards. Then there are those with more than one device, not forgetting integrated devices like security systems or cars. 

33. 80% of smartphone users make use of their phones during physical shopping.

(Source: Business Services Week)

This could be either to read up reviews of a particular product that they are about to purchase or to locate an alternative store where they can compare products and prices. Either way, this goes to show the impact of technology on how we live our daily lives. Smart business owners who understand this fact can begin to make adjustments towards mobile to boost their traffic and improve conversion rates.

34. 95.1% of the Facebook audience access the platform through their mobile phone.

(Source: Business Services Week)

Platforms like Google and LinkedIn have already implemented a mobile-first standard for their websites, and the reason for such a move is not far-fetched. Internet access growth statistics reveal that mobile drives the majority of the traffic on Google and other social media platforms.

35. Google Play and the Apple App Store have a combined 4.4 million mobile apps for download in 2020.

(Source: Statista)

90% of the mobile apps on Google Play and the Apple App Store are free to download. Notwithstanding, more businesses are beginning to understand the power of mobile apps and the amount of time consumers spend on various apps daily. Technology adoption stats show that mobile apps can help develop a brand image and improve customer loyalty when done right.

36. About 56% of parents who have kids aged between 8 and 12 years have purchased mobile phones for them.

(Source: NCL Net)

Statistics about how fast technology is growing show that kids are growing up in a technologically advanced society. Back in the '80s and '90s, who would have ever thought that a 12-year-old would own a mobile phone, let alone an 8-year-old. However, that is the reality of today's economy. 

That's why solutions like parental control software are becoming more and more popular.

37. 98% of Generation Z have a mobile phone.

(Source: Global Web Index)

Technology advancement rate statistics go further to reveal that Generation X has a mobile penetration of 92%, Generation Z with 52%, and Baby Boomers with 42%.

38. Mobile advertising will reach $247 billion by 2022.

(Source: Statista)

Technology adoption stats show that advertising through mobile will reach almost $300 billion by the end of 2022. That will be a $244 billion increase from 2011 figures. 

39. There were 490 million new social media users in 2020.

Source: (Data Reportal)

Social media is getting more and more engaging by the day. The number of new users almost hit the five hundred million mark in 2020. 

40. Increasing usage of mobile banking technologies could generate up to 95 million jobs.

(Source: Leftronics)

A McKinsey Global Institute study found that over 80% of adults in developing countries owned a mobile device. However, only 55% had a bank account.

Mass adoption of mobile banking technologies has the potential to empower people financially. For one, technology adoption stats show that it can generate up to 95 million jobs and even increase GDP by a whopping $3.7 trillion by 2025.

Internet of Things (IoT) Statistics

Over the last few years, the concept of IoT has become a vital role player across various industries. More and more businesses now look to integrate its many benefits into their network infrastructures. The following are some of the most up-to-date statistics on the growth of IoT.

41. Every second, 127 new devices are connected to the internet.

(Source: McKinsey)

With the availability of affordable computer chips (sensors) through nanotechnology and the ubiquity of wireless networks, almost anything can now be made a part of the IoT according to statistics about how fast technology is advancing. 

42. There are 4.66 billion internet users as of the first quarter of 2021.

(Source: Data Reportal)

Just how fast is technology advancing in 2021?

The first few months of 2021 show that 4.7 billion people are using the internet. That’s almost ¾ of people in the world, looking at it from a global perspective!

43. North America had the highest internet penetration rate globally in 2020. 

(Source: Internet World Stats)

In December 2020, North America's internet access was the highest globally, at almost 90%. Europe was second with 87%, while Latin America took the third position with 72%.

Although Africa had the lowest internet penetration rates globally, it has made some significant advancements in the last few years. Its progression in the area was pretty fast that same year.

Let’s look at the numbers:

According to internet growth stats, Africa had the highest rate at 13,941%. The Middle East followed with 5,528% and finally Latin America with 2,545%.

44. Cellular IoT connections could reach 3.5 billion by 2023.

(Source: Forbes)

Cellular IoT connection is a feature that allows sensors to be able to transfer information directly to a computer or your mobile device within a region or specified distance. Health wearables that transfer the information about the state of health of a patient to a doctor or hospital is an excellent example of cellular IoT.

45. 75.44 billion IoT devices could be in existence by 2025.

(Source: Statista)

IoT statistics reveal that there were over 25 billion IoT devices around the globe at the end of 2019. Statista predicts that there could be well over 50 billion by 2023.

46. 70% of all automobiles will be connected to the internet through the Internet of Things by 2023.

(Source: Statista)

Technology statistics and findings show that the automobile industry is one of the few places where innovations in the IoT have seen significant improvements in the past few years. Aside from developing self-driving cars, research is being made to add lots of other features to the automobile industry through the Internet of Things. Soon, we could have vehicles that detect bad driving, accidents, and possibly imminent collision. In addition, cars that detect flaws in design while sending a report back to the manufacturer could also be a norm in years to come. 

47. The IoT could generate up to $11 trillion in economic value per year by 2025.

(Source: McKinsey)

Statistics that illustrate how fast technology is growing show that the global usefulness and availability of the Internet of Things is increasing at a breakneck pace. The IoT can save costs, increase productivity, create employment, and bring in billions and trillions in economic value in the process.

48. Around 44% of businesses use IoT to reduce costs.

(Source: Leftronics)

IoT statistics show that more companies are pursuing smarter systems due to the technological growth in that sector.

As of 2021, about 44% of businesses use IoT devices to reduce costs. 37% of them use it to enhance operational processes, and 30% use them to grow revenue.

Interestingly, major tech websites are beginning to follow these technology trends and have started implementing similar systems.

Global Tech Market Growth Statistics

Technology touches our whole lives and has generated trillions of dollars in revenue and market size in the process. Discussed below are some incredible milestones to help you better understand the impact of technology on businesses around the world.

49. Worldwide spending on IT will amount to $3 trillion by 2021. 

(Source: Statista)

Predictions show that consumers will spend upwards of $3 trillion by 2021. 33% of this budget will go to hardware, while the rest will be for apps and related software. It will be a positive growth from 2020 data which showed a slow down due to Corona when most businesses aimed at cutting costs.  

50. By 2025, the wearable AI market is going to be worth $180 billion.

(Source: Semrush)

AI statistics reveal that as of 2018, the wearable AI market was already worth $35 billion. Growing at a CAGR of 30%, that figure is expected to surpass the $100 million mark by 2025.

51. Big Data could attain a market size of $77 billion by 2023.

(Source: Statista)

Big Data volume statistics have shown that I cannot overemphasize its importance. This follows as hundreds of organizations around the world are already investing directly and indirectly into its befitting features. Insights from Big Data analytics can pioneer a small startup into becoming a multinational organization within the shortest possible time.

52. Income from AI hardware will be worth $234.6 billion in 2025.

(Source: Statista)

Products in this category include storage devices, network products for Graphics Processing Units (GPU), and Central Processing Units (CPU). Forecasts show that in 2025, their market value will have surpassed that of 2018’s by around $22 billion. 

53. Successful companies like Netflix have been able to save up to $1 billion monthly following the adoption of a machine learning algorithm.

(Source: Finance Online)

Netflix’s AI algorithm can accurately recommend which movies will get the attention of each user based on their interaction with the website. That way, user engagement is significantly increased, and the cancellation rate reduced, thus increasing the potential of having a user around for a more extended period. Without a doubt, Netflix's machine learning algorithm is one of the essential elements that make it one of the best streaming services out there.

54. Up to $657.31 billion would have been invested into the IoT by 2025.

(Source: Analitics Insight)

As of the end of 2019, the IoT market was already worth 193.60 billion. It could grow even further with a CAGR of 21% yearly if the technology growth rate is anything to go by.

Internet Growth Statistics

Initially designed only to interconnect government-owned research laboratories, the internet has expanded at an exponential rate over the last three decades

55. Internet users around the world spend an average of 6 hours, 42 minutes online daily.

(Source: Digital Information World)

The most recent data presented by statistics that illustrate how fast technology is growing places the average time spent online at above six hours. Countries like the Philippines and Brazil have the highest amount of time spent online daily, with 10:02 hours and 9:20 hours, respectively. The US falls a little short of the global average, clocking in at 6:31 hours daily internet time. Others like Japan and France spend the least amount of time online daily with 3:45 hours and 4:38 hours, respectively.

56. The median social media usage between 2019 and 2020 was 143 minutes daily.

(Source: Statista)

How fast technology is growing statistics show that two hours and 23 minutes is the amount of time that social media users spent on their favorite networking sites in 2020. When it comes to the country whose citizens spend the highest amount of time on the sites, the Philippines came first with about 3 hours. 

57. Over 4.54 billion people are active internet users out of the 7.76 billion people in the world.

(Source: Statista)

According to statistics that illustrate internet growth, the internet is growing at a pace of 11 new users per second - that is about 1 million unique users daily. Between the fourth quarter of 2018 and that of 2019, 366 million new users were added to the total number of internet users, bringing the final figure for 2019 to 4.39 billion users. However, between the end of 2019 and the first quarter of 2020, that figure has risen to more than 4.54 billion.

58. There were 1.83 billion websites in January 2021.

(Source: Web Hosting Rating)

Websites began getting popular in 2012. That year alone, businesses and individuals alike launched about one billion websites. Growth of the internet statistics indicates an upward trend, and the number has increased by approximately 800 million as of 2021. 

As of 2020, there were 20 million domain registrations. That was close to a 5% increment from the last quarter of 2019. 

59. 63% of 2021 internet surfers prefer Chrome.

(Source: Oberlo)

As of 2021, six out of every 10 people visiting the internet do so via Chrome. Safari, the second most popular browser, doesn’t even come close. It only has about 19% of regular users. Mozilla Firefox and Samsung Internet tie at number three, with 3.61%. 

60. The global ecommerce market is set to hit $6.54 trillion by 2022.

(Source: Forbes)

As of the end of 2019, the ecommerce market already had $4.2 trillion in sales. That number is expected to grow even further given that ecommerce is becoming the most preferred form of buying and selling around the globe.

61. More than 92% of internet users now consume video content online monthly.

(Source: Data Reportal)

Online video platforms like YouTube get massive traffic on a per-second basis every day. According to statistics, up to 500 hours of video is uploaded to YouTube every minute. Also, the platform has up to 1.9 billion users.

62. The number one YouTube channel had 51.36 billion views.

(Source: Statista) 

Like Nastya’s - Anastasia Radzinskaya, has slightly over 51 billion lifetime views in January 2021. Technology facts show that users find videos more entertaining and memorable. So keep that in mind, marketers!

When it comes to future technological trends that will rule the world shortly, a few inventions come to mind. They include Blockchain, cloud computing, AR/VR, robotics, and automation. The stats that follow will expose you to some of these future technology trends.

63. There will be 8.4 billion voice assistants by 2024.

(Source: Statista)

In 2020, there were about 4 million virtual assistants. That number will double by 2024 and will be close to 8.5 billion units. The world’s human population is 7 billion, so let’s hope it’s not the dawn of the Matrix.

64. By 2025, 500 million Virtual Reality headsets would have been sold.

(Source: Forbes)

An increasing smartphone adoption rate, the automobile industry, military and law enforcement training, the gaming industry, and growing technology awareness are some of the significant factors influencing the increasing need for VR headsets. 

65. 94% of the internet workload will be processed on the cloud by the end of 2021.

(Source: Network World)

Since its introduction to the mainstream market, the cloud computing trend has shown massive year-over-year growth. Experts believe that it will soon cause traditional data centers to go obsolete. As of 2018, the cloud was already housing 45% of the internet workload, and that number will rise even further in a few years.

66. The Blockchain technology industry’s revenue is predicted to hit $20 billion by 2024.

(Source: GlobeNewswire)

Experts predict that as time goes on, blockchain will find usefulness across multiple industries due to its secure and sophisticated network. Currently, there are ongoing successful experiments to combine Blockchain and Big Data to ensure uniformity and accuracy of results, especially in the insurance sector, and many more will follow in the years to come.

How Is Technology Affecting Our Lives?

There is no doubt about how vital technology has become to how we live our lives each day on earth. The technology process has made life both more comfortable and efficient for the average human. The following stats will expound more on how technology is influencing our lives in general:

67. Technology has made communication easier.

(Source: Thrive Global)

The younger generations won't remember the days when there were no mobile phones. Today, anyone can pick up the phone and place a phone call to loved ones, irrespective of their location in the world. Plus, the coming of the internet and social media has made staying connected even cheaper.

68. Technology has improved advertising.

(Source: Thrive Global)

Billboards are becoming outdated, and door-to-door advertising is said to have gone extinct. With the internet, businesses can now reach their targeted audience with ease and still obtain better conversion rates than the old system of advertising.

69. Learning is now more efficient and more comfortable to carry out with technology.

(Source: Thrive Global)

In the past, you had to scourge the library for books on specific subjects that you intend to study. Today, there are billions of videos, podcasts, audio, and text over the internet on almost anything you wish to study, making education more accessible.

Wrap Up

Technology has sure come a long way! There are billions of inventions yet to be discovered by the upcoming generations, and many more after them.

So, if you’ve ever wondered how fast is technology growing, statistics answer - lightning fast. And it is showing no signs of slowing down.

Can you imagine what life would be without technology?

Jacquelyn Bulao
May 02, 2022

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How to build a decentralized token bridge between Ethereum and Binance Smart Chain?

Conclusion

The advent of blockchain bridges has made blockchain a more mainstream technology. Bridging solutions also aid the DeFi applications design that empowers the prospectus of a decentralized and financial system. By enabling connections between different blockchains or working together, blockchain bridges help users head towards the next-generation decentralized system. Thus, it aims to end the sovereignty of the centralized system from the business ecosystem. However, blockchain plans to bring about many new paradigms to reinvent the existing bridges and promote greater innovation and technological relevance.

 

Blockchain technology keeps evolving, and it has been changed significantly since 2008 when Satoshi Nakamoto introduced the first cryptocurrency, Bitcoin, to the world. Bitcoin brought along blockchain technology. Since then, multiple blockchain platforms have been launched. Every blockchain has unique features and functionality to fill the gap between blockchain technology and its real-world implications. Notwithstanding the amazing benefits of the blockchain, such as its decentralized nature, the immutability of records, distributed ledger, and smart contract technology, a major hurdle still affects blockchain’s mass adoption, which is the lack of interoperability.

Although public blockchains maintain transparency in the on-chain data, their siloed nature limits the holistic utilization of blockchain in decentralized finance and many other industries. Blockchains have unique capabilities that users often want to utilize together. However, that doesn’t seem possible since these blockchains work independently on their isolated ecosystem and abide by their own unique consensus rules. Independent blockchains can’t interact with each other to exchange information or value.

This interoperability issue becomes critical due to the expanding blockchain networks and more DeFi projects going cross-chain. Meanwhile, such siloed nature of blockchain contradicts the core principle of decentralization, which revolves around making blockchain accessible for everyone. Is there any solution to this lack of interoperability? How can someone from the Ethereum network access the data and resources available on a different blockchain like Binance? That’s where bridging solutions or blockchain bridges make a move.

Let’s explore the bridging solutions and their working mechanisms in this article. In addition, we will also learn to build a decentralized token bridge between Ethereum and Binance Smart Chain are two popular blockchains for DeFi development.

What are blockchain bridges?

A blockchain bridge enables interoperability and connectivity between two unique blockchains that operate under different consensus mechanisms. More clearly put, blockchain bridges allow two different blockchains to interact with each other. Blockchains can share smart contract execution instructions, transfer tokens, and share data & resources back and forth between two independent blockchains as they no longer remain limited by their origin. These blockchains can even access the off-chain data, such as access to the live chart of the stock market. Some of the widely used blockchain bridges are xPollinate, Matic Bridge, Binance Bridge. Blockchain bridges provide the following benefits to the users:

  • Users can leverage the benefits of two separate blockchains to create dApps instead of only from the hosted blockchain. It means a user can deploy dApp on Solana and can power the dApp with Ethereum’s smart contract technology.
  • Users can transfer tokens from a blockchain that charges high transaction costs to another blockchain where transaction costs are comparatively cheaper.
  • With the ability to transfer tokens instantly, users can shift from a volatile cryptocurrency to Stablecoins quickly without taking the help of an intermediary.
  • One can also host digital assets on a decentralized application of a different blockchain. For example, one can create NFTs on the Cardano blockchain and host them on the Ethereum marketplace.
  • Bridging allows users to execute dAPPs across multiple blockchain ecosystems.

What are the Types of Blockchain Bridges?

To understand how blockchain bridges work, we first need to know how many types exist. Currently, two types of blockchain bridges are present; a federated bridge and a trustless bridge. Now, let’s understand their working mechanism.

Federated bridge

A federated bridge is also known as a centralized bridge. It is essentially a kind of centralized exchange where the users interact with a pool that can sometimes be a company or a middleman. If the token transfer occurs for Ether and BNB, there will be two large pools; one containing BNB and another containing Ether. As soon as the sender initiates the transfer with Ether, it gets added to the pool, and the pool sends him an equivalent amount of BNB out of the second pool. The centralized authority charges a small fee to regulate this process. However, the fee is a small amount that users can pay conveniently.

Trustless bridge

These are the purely decentralized bridge that eliminates the role of any third party. Trustless blockchain bridges don’t even use API to administer the process of burning and minting the token. Instead, smart contract plays a key role here. When a user initiates the token transfer through the trustless bridge, the smart contract freezes his current cryptos and provides him a copy of equivalent tokens on the new network. The smart contract then mints the token since it understands that the user has already frozen or burnt tokens on another network.

What are the main features of a bridging solution?

Lock and Mint

Tokens are not really transferred via a blockchain bridge. When a user transfers a token to another blockchain, a two-stage process takes place. At first, the tokens are frozen on the current blockchain. Then, a token of equal value is minted on the receiving blockchain. So, if the user wants to redeem the tokens, the bridge burns the equivalent token to unlock the original value.

Trust-based Solution

Trust-based decentralized blockchain bridges are popular even though they include a ‘merchant’ or trusted custodian. The custodian controls the fund (tokens) via wallet and helps ease off the token transfer process. Thus, high flexibility remains in many blockchain networks.

Assisting Sidechain

While a bridge links two different blockchains, a sidechain bridge connects a parent blockchain to its child blockchain. Since the parent and child blockchain exists on separate chains, they need a blockchain bridge to communicate or share data.

Robust Management

Bridge validators act as the network operators. These operators issue corresponding tokens in exchange for the token they receive from another network through a special smart contract.

Cross-chain Collaterals

Cross-chain collaterals help users to move assets from one blockchain of significant value to another with low fees. Earlier, the users were allowed to borrow assets only from their native chain. Now, they can leverage cross-chain borrowing through a blockchain bridge that requires additional liquidity.

Efficiency

Blockchain bridges authorize the regulation of spontaneous micro transfers. These transfers happen instantly between different blockchains at feasible and nominal rates.

Why is a bridging solution needed?

Following are the three big reasons a blockchain bridge or bridging solution is crucial:

Multi-blockchain token transfer

The most obvious yet crucial role of the blockchain bridge is that it enables cross-blockchain exchange. Users can instantly mint tokens on the desired blockchain without using any costly or time-taking exchange process.

Development

Blockchain bridges help various blockchains to develop by leveraging the abilities of each other. For instance, the features of Ethereum cannot be available on BSC. Bridging solutions let them work and grow together as a team player to solve the challenges occurring in the blockchain space.

Transaction fees

The last big reason behind someone’s need for a bridging solution is transaction fees, often high on popular blockchains. In contrast, newer blockchains don’t impose high transaction costs, though they lack security and other major features. So, bridges allow people to access new networks, transfer tokens to that network, and process transactions at a comparatively low cost.

How to build a decentralized token bridge between Ethereum and Binance Smart Chain?

Using this step-by-step procedure, you will learn how to build a completely decentralized bridge between Ethereum and Binance smart chain using the solidity programming language. Although many blockchain bridges use API to transfer tokens and information, APIs are vulnerable to hacks and can send bogus transactions once hacked. So, we will make the bridge fully decentralized by removing the API from the mechanism.

We allow the bridge script to generate a signed message that the contract will receive to mint the tokens after verifying the signature. The contract also makes sure that the message is unique and hasn’t been used before. That way, you give the signed message to the user, and they are in charge of submitting it to the blockchain to mint and pay for the transaction.

First set up a smart contract for the bridge base using the following functions

import '@openzeppelin/contracts/token/ERC20/IERC20.sol';
import './Itoken.sol';
contract BridgeBase {
address public admin;
IToken public token;
mapping(address => mapping(uint => bool)) public processedNonces;
enum Step { Burn, Mint }
event Transfer(
address from,
address to,
uint amount,
uint date,
uint nonce,
bytes signature,
Step indexed step
);
constructor(address _token) {
admin = msg.sender;
token = IToken(_token);
}
function burn(address to, uint amount, uint nonce, bytes calldata signature) external {
require(processedNonces[msg.sender][nonce] == false, 'transfer already processed');
processedNonces[msg.sender][nonce] = true;
token.burn(msg.sender, amount);
emit Transfer(
msg.sender,
to,
amount,
block.timestamp,
nonce,
signature,
Step.Burn
);
}
function mint(
address from,
address to,
uint amount,
uint nonce,
bytes calldata signature
) external {
bytes32 message = prefixed(keccak256(abi.encodePacked(
from,
to,
amount,
nonce
)));
require(recoverSigner(message, signature) == from , 'wrong signature');
require(processedNonces[from][nonce] == false, 'transfer already processed');
processedNonces[from][nonce] = true;
token.mint(to, amount);
emit Transfer(
from,
to,
amount,
block.timestamp,
nonce,
signature,
Step.Mint
);
}
function prefixed(bytes32 hash) internal pure returns (bytes32) {
return keccak256(abi.encodePacked(
'\x19Ethereum Signed Message:\n32',
hash
));
}
function recoverSigner(bytes32 message, bytes memory sig)
internal
pure
returns (address)
{
uint8 v;
bytes32 r;
bytes32 s;
(v, r, s) = splitSignature(sig);
return ecrecover(message, v, r, s);
}
function splitSignature(bytes memory sig)
internal
pure
returns (uint8, bytes32, bytes32)
{
require(sig.length == 65);
bytes32 r;
bytes32 s;
uint8 v;
assembly {
// first 32 bytes, after the length prefix
r := mload(add(sig, 32))
// second 32 bytes
s := mload(add(sig, 64))
// final byte (first byte of the next 32 bytes)
v := byte(0, mload(add(sig, 96)))
}
return (v, r, s);
}
}

After constructing and deploying bridge base code, deploy Binance bridge using the following code

pragma solidity ^0.8.0;
import './BridgeBase.sol';
contract BridgeBsc is BridgeBase {
constructor(address token) BridgeBase(token) {}
}

Next, deploy another component of the decentralized token bridge; the Ethereum token bridge using the following code.

pragma solidity ^0.8.0;
import './BridgeBase.sol';
contract BridgeEth is BridgeBase {
constructor(address token) BridgeBase(token) {}
}

Once done with the contracts, mint and burn the IToken using the following code:

pragma solidity ^0.8.0;
interface IToken {
function mint(address to, uint amount) external;
function burn(address owner, uint amount) external;
}

Next, after minting and burning the IToken, program the migrations:

// SPDX-License-Identifier: MIT
pragma solidity >=0.4.22 <0.9.0;
contract Migrations {
address public owner = msg.sender;
uint public last_completed_migration;
modifier restricted() {
require(
msg.sender == owner,
"This function is restricted to the contract's owner"
);
_;
}
function setCompleted(uint completed) public restricted {
last_completed_migration = completed;
}
}

Now, write the smart contract for the token base.

pragma solidity ^0.8.0;
import '@openzeppelin/contracts/token/ERC20/ERC20.sol';
contract TokenBase is ERC20 {
address public admin;
constructor(string memory name, string memory symbol) ERC20(name, symbol) {
admin = msg.sender;
}
function updateAdmin(address newAdmin) external {
require(msg.sender == admin, 'only admin');
admin = newAdmin;
}
function mint(address to, uint amount) external {
require(msg.sender == admin, 'only admin');
_mint(to, amount);
}
function burn(address owner, uint amount) external {
require(msg.sender == admin, 'only admin');
_burn(owner, amount);
}
}

Once the token base is deployed, deploy the token on Binance smart chain using the given code:

pragma solidity ^0.8.0;
import './TokenBase.sol';
contract TokenBsc is TokenBase {
constructor() TokenBase('BSC Token', 'BTK') {}
}

Next, deploy the token on Ethereum using the given code:

pragma solidity ^0.8.0;
import './TokenBase.sol';
contract TokenEth is TokenBase {
constructor() TokenBase('ETH Token', 'ETK') {}
}

Once the token is deployed on Binance smart chain and Ethereum, we will program the migration function:

const Migrations = artifacts.require("Migrations");
module.exports = function (deployer) {
deployer.deploy(Migrations);
};

Now, deploy the bridge between Ethereum and Binance smart chain.

const TokenEth = artifacts.require('TokenEth.sol');
const TokenBsc = artifacts.require('TokenBsc.sol');
const BridgeEth = artifacts.require('BridgeEth.sol');
const BridgeBsc = artifacts.require('BridgeBsc.sol');
module.exports = async function (deployer, network, addresses) {
if(network === 'ethTestnet') {
await deployer.deploy(TokenEth);
const tokenEth = await TokenEth.deployed();
await tokenEth.mint(addresses[0], 1000);
await deployer.deploy(BridgeEth, tokenEth.address);
const bridgeEth = await BridgeEth.deployed();
await tokenEth.updateAdmin(bridgeEth.address);
}
if(network === 'bscTestnet') {
await deployer.deploy(TokenBsc);
const tokenBsc = await TokenBsc.deployed();
await deployer.deploy(BridgeBsc, tokenBsc.address);
const bridgeBsc = await BridgeBsc.deployed();
await tokenBsc.updateAdmin(bridgeBsc.address);
}
};

Once the bridge is deployed, deploy the decentralized bridge:

const TokenBsc = artifacts.require('./TokenBsc.sol');
module.exports = async done => {
const [recipient, _] = await web3.eth.getAccounts();
const tokenBsc = await TokenBsc.deployed();
const balance = await tokenBsc.balanceOf(recipient);
console.log(balance.toString());
done();
}

Next, program the bridge API that listens to the transfer events:

const Web3 = require('web3');
const BridgeEth = require('../build/contracts/BridgeEth.json');
const BridgeBsc = require('../build/contracts/BridgeBsc.json');
const web3Eth = new Web3('url to eth node (websocket)');
const web3Bsc = new Web3('https://data-seed-prebsc-1-s1.binance.org:8545');
const adminPrivKey = '';
const { address: admin } = web3Bsc.eth.accounts.wallet.add(adminPrivKey);
const bridgeEth = new web3Eth.eth.Contract(
BridgeEth.abi,
BridgeEth.networks['4'].address
);
const bridgeBsc = new web3Bsc.eth.Contract(
BridgeBsc.abi,
BridgeBsc.networks['97'].address
);
bridgeEth.events.Transfer(
{fromBlock: 0, step: 0}
)
.on('data', async event => {
const { from, to, amount, date, nonce, signature } = event.returnValues;
const tx = bridgeBsc.methods.mint(from, to, amount, nonce, signature);
const [gasPrice, gasCost] = await Promise.all([
web3Bsc.eth.getGasPrice(),
tx.estimateGas({from: admin}),
]);
const data = tx.encodeABI();
const txData = {
from: admin,
to: bridgeBsc.options.address,
data,
gas: gasCost,
gasPrice
};
const receipt = await web3Bsc.eth.sendTransaction(txData);
console.log(Transaction hash: ${receipt.transactionHash});
console.log( Processed transfer: - from ${from} - to ${to} - amount ${amount} tokens - date ${date} - nonce ${nonce} );
});

Now, deploy the Private key function to the Ethereum bridge.

const BridgeEth = artifacts.require('./BridgeEth.sol');
const privKey = 'priv key of sender';
module.exports = async done => {
const nonce = 1; //Need to increment this for each new transfer
const accounts = await web3.eth.getAccounts();
const bridgeEth = await BridgeEth.deployed();
const amount = 1000;
const message = web3.utils.soliditySha3(
{t: 'address', v: accounts[0]},
{t: 'address', v: accounts[0]},
{t: 'uint256', v: amount},
{t: 'uint256', v: nonce},
).toString('hex');
const { signature } = web3.eth.accounts.sign(
message,
privKey
);
await bridgeEth.burn(accounts[0], amount, nonce, signature);
done();
}

At last, program Token balance function for the bridge:

const TokenEth = artifacts.require('./TokenEth.sol');
module.exports = async done => {
const [sender, _] = await web3.eth.getAccounts();
const tokenEth = await TokenEth.deployed();
const balance = await tokenEth.balanceOf(sender);
console.log(balance.toString());
done();
}

To run the demo, follow the given steps:

To deploy bridge smart contract on Ethereum, type this given code in the Ethereum test net

~ETB/code/screencast/317-eth-bsc-decenrealized-bridge $ truffle migrate --reset --network ethTestnet

To deploy bridge smart contract on Binance smart chain, type this given code in the BSC testnet

~ETB/code/screencast/317-eth-bsc-decenrealized-bridge $ truffle migrate --reset --network bscTestnet

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