ORIGIN AND EVOLUTION OF BLOCKCHAIN TECHNOLOGY!
Blockchain technology is the famous innovation of the 21st century that powers all cryptocurrencies and has spread its effect in almost every world sector. As the popularity of Blockchain technology started increasing day by day, several applications have come up, all but underlying the type of effect it is destined to have as the demand for digital economies grows. As it is the most talked-about development of the present day, let’s have a look at its background and origin.
- Exploring the archives of Blockchain technology:
Any Blockchain enthusiast needs to have a brief knowledge of Blockchain and its roots.
1991-2008: initial years of Blockchain – Stuart Haber and W. Scott proposed what is now known to be blockchain technology.
- Their research constituted working on a cryptographically protected chain formed by blocks that were unchangeable by anyone.
- In 1992, they updated the system to incorporate Merkle trees that further enhanced the regulation of Blockchain technology, thereby enabling the storage and collection of more data on an individual block.
- In 2008, Blockchain technology got the praises it deserved after its introduction by Satoshi Nakamoto.
- Satoshi Nakamoto is the genius behind the science of Blockchain technology and Bitcoin, the primary application of digital ledger advancement.
- He developed the technology in the year 2008, and ever since then, the technology has evolved further and found its place in several corporations.
- After Satoshi Nakamoto had handed over Bitcoin development to other technicians, the technology has expanded, even more, resulting in new applications building the history of Blockchain. Trading Bitcoin is a difficult task for any beginner due to its volatile nature. To learn the basics of trading, along with some techniques, click on bitcoin revolution trading app .
- Evolution of Blockchain:
Most people are still under the impression that Blockchain and Bitcoin are the same things but, this is not the scenario. Blockchain is the technology behind all digital assets and applications related to them.
- 2008-2013, Bitcoin development period – Bitcoin was introduced to the public in 2008 as the initial application of Blockchain technology.
- In his white paper, Satoshi Nakamoto presented the Blockchain as a peer-to-peer system. The past of Blockchain consists of an elaborate chain of applications that have developed with the evolution of Blockchain.
- 2013-2015, the emergence of Ethereum – Vitalik Buterin, a famous developer, felt that Bitcoin was yet to reach the place concerned with leveraging the full potential of Blockchain technology.
- Buterin was worried by the limitations of Bitcoin and started working on the development of Blockchain that could perform several other functions other than being a peer-to-peer system.
- In 2013, Ethereum emerged as a new public blockchain with added benefits, a moving point for Blockchain technology.
- He converted Ethereum from Bitcoin Blockchain by adding a function that allows users to document various assets such as slogans and contacts.
- This new character increased the features of Ethereum from being a digital currency to a platform for building decentralized applications as well.
- 2018 and the way forward – the evolution phase of Blockchain does not stop with Bitcoin and Ethereum only.
- Recently, several projects have come up, all influenced by Blockchain technology.
- Microsoft has taken the front line to the complete utilization of blockchain technology.
- In today’s world, Bitcoin is one of the several applications of Blockchain science. The complex system has an impressive impact on several fields, and it will be interesting to watch its effect on the world in the next decade.
Blockchain is the current ground breaking technology developed by technicians with the strength to impact many corporations and sectors. From manufacturing to financial sectors and food and educational sectors, blockchain technology has spread its benefits across almost all industries.