The History of Blockchain

The History of Blockchain
Nived Rajeev
Insight article written date
24-09-2022
Insights written date
Blog

A blockchain is a ledger, or file, that continuously expands and permanently records every transaction. This procedure is carried out in a safe, sequential (each transaction occurs after the one before it), and immutable manner. A new block is generated each time a block used to store information is finished. However, do you know how the Blockchain or the Blockchain Network came to be and what it is now? Keep reading to learn more!

Before 2000

Blockchain technology was first introduced in 1991 by two research scientists by the names of Stuart Haber and W. Scott Stornetta. These researchers sought a computationally feasible method for digitally time-stamped documents so that they couldn't be altered or misdated. Thus, using cryptography, the two scientists created a system. The time-stamped documents are kept in this system in a chain of blocks.

After 2000

Reusable Proof of Work, a cryptocurrency mechanism, was introduced by crypto campaigner Hal Finney in 2004. This action changed the course of Blockchain technology and cryptography as a whole. By maintaining token ownership registered on a reliable server, this system aids others in solving the Double Spending Problem.

The blockchain technology "turning point" is recognized as having occurred in 2014. Blockchain 2.0 is created when blockchain technology is divorced from the money. The development of blockchain technologies has begun to take precedence over digital currency for financial institutions and other sectors.

After 2015

2018 marked the tenth anniversary of Bitcoin. At the end of the year, the price of one bitcoin had decreased further and was now only worth $3,800. Online media outlets including Facebook, Twitter, and Google forbade cryptocurrency advertising. Japan officially recognised Bitcoin as a legal tender in the year 2017. The EOS blockchain operating system was introduced by the Block.one firm and was built to support for-profit decentralized business applications.

In 2019, there were more over one million daily transactions on the Ethereum network. The Amazon Managed Blockchain service on AWS has been made generally available, according to Amazon. Since stablecoins promised greater stability than other cryptocurrencies, they were in high demand. In order to get ready for Ethereum 2.0, Beacon Chain was introduced the same year.

Present Day

Cryptocurrency and Blockchain Technology are growing and advancing to the next stage. As students and working professionals, knowledge of Blockchain in cryptocurrency and whatnot can prove to be highly advantageous. If you are looking for some place to start your educational journey, check out UniAthena’s Basics of Blockchain Applications short course. This course can be completed within 6 hours, and it is fully online. Gain professional insights regarding important Enterprise Blockchain use cases in this modern world!



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