“For me, it matters that we drive technology as an equalizing force, as an enabler for everyone around the world.”
-Sundar Pichai, CEO of Google
Evolution of blockchain
In my research the unknown persons behind the online digital currency ‘Bitcoin’ derived the word blockchain. Blockchain has the potential to grow to be a bedrock of the worldwide record-keeping systems, but was launched just 10 years ago.
Timeline of blockchain
1991
A cryptographically secured chain of blocks is described for the first time by Stuart Haber and W Scott Stornetta
1998
Computer scientist Nick Szabo works on ‘bit gold’, a decentralized digital currency
2000
Stefan Konst publishes his theory of cryptographic secured chains, plus ideas for implementation
2008
Developer(s) working under the pseudonym Satoshi Nakamoto release a white paper establishing the model for a blockchain
2009
Nakamoto implements the first blockchain as the public ledger for transactions made using bitcoin
2014
Blockchain technology is separated from the currency and its potential for other financial, inter organizational transactions is explored. Blockchain 2.0 is born, referring to applications beyond currency
The Ethereum blockchain system introduces computer programs into the blocks, representing financial instruments such as bonds. These become known as smart contracts.
Simple Definition of Blockchain
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
What Makes Up a Blockchain?
There are three basic parts to every blockchain.
1.The record: This can be any type of information.
2.The block: A bundle of different records.
3.The chain: This contains all the blocks linked together.
Yes, I can feel and I know it’s difficult to read for so long. That’s enough for today, but I keep you all injecting more knowledge about the working mechanism of blockchain in upcoming days.
Stay tuned and happy block chaining!!!
