Blockchain Tutorial

Blockchain Tutorial History of Blockchain Blockchain Terminologies Working of Blockchain Blockchain vs DLT Blockchain Versions Smart Contracts Blockchain Applications Cryptography Role of Bitcoin Miners Blockchain Hash Function Bitcoin Basic Component Blockchain Block Hashing How to Block Hashes Work in Blockchain Blockchain Pow Coinbase Transaction Key Concepts in Bitcoin Key Areas of Blockchain Blockchain Cryptocurrency Blockchain DAO Blockchain Double Spending Blockchain Bitcoin Cash Bitcoin Forks and SegWit Blockchain Merkle Tree Difference between Blockchain and Database Bitcoin Mitigating Attacks Who sets the Bitcoin Price Getting Started with Bitcoin How to choose Bitcoin Wallet Sending and Receiving Bitcoin Converting Bitcoins to Fiat Currency Ethereum 2.0 Blockchain Data Management Steps to become a Blockchain developer Smart Contracts Advantages of Blockchain in healthcare Decentralized Voting System using Blockchain Demur-rage currencies in Blockchain How can Blockchain Technology help IoT to reach its full potential Project Ideas on Blockchain for Professionals Consensus Algorithms in Blockchain Top 10 Blockchain Project Concepts Uses of Blockchain Obtaining Free Test Ethers What does a Blockchain contain What does the IT industry mean by BaaS Top Blockchain Project Ideas for Beginners

Cryptography

Introduction and Features of Cryptography DNA cryptography ECB Mode in Cryptography Elliptic curve in cryptography Format String Vulnerabilities in Cryptography and Network Security Kerberos in Cryptography and Network Security Blowfish Algorithm in Cryptography Data Encryption Standards Feistel Cipher in Cryptography HMAC Algorithm in Cryptography IP Security in Cryptography ElGamal Algorithm ElGamal Cryptosystem What is IDEA Advantages of Cryptography Role of Bitcoin Miners Blockchain Hash Function Blockchain Merkle Tree Blockchain Pow Coinbase Transactions Consensus Algorithms in Blockchain Blockchain Technology-Introduction Blockchain - Public Key Cryptography Double Spending On Blockchain Bitcoin - Brief History Blockchain - Incentives to Miners Blockchain - Network Mining Blockchain – Resolving Conflicts Full vs Simple Payment Verification in Blockchain Characteristics of Hash Functions DSA Algorithm in Cryptography Security Services in Cryptography and Network Security Enterprise Blockchain Solution Blockchain Payment Verification Blockchain Mitigating Attacks Four Key Concepts of Blockchain Blockchain Variants Blockchain Hashing Crypto Currency in India Blockchain Privacy Blockchain Bridge Blockchain And Ledger AWS and Blockchain Blockchain - Incentives to Miners Blockchain - Network Mining What is a Blockchain Wallet? Riot Blockchain Top 10 blockchain development companies What is Block Blockchain Council? What is Monero Blockchain? Top 10 Blockchain Stocks What is a hot blockchain? What is Blockchain Transaction? What is sui blockchain? What makes Casper a modular blockchain Blockchain as a Service How to Become a Blockchain Developer in 2024? What is Avalanche's Three Blockchains? What is Block blockchain poker? Alchemist Blockchain Blockchain for Healthcare Ai and Blockchain How the cryptocurrency created? What is crypto economics? Attacks on Cryptosystems Triple DES

History of Blockchain
2020-02-27 09:31:28

History of Blockchain

History of Blockchain: Satoshi Nakamoto modeled the first Blockchain and explained the details of how a technology was well-found to enhance digital trust, given the immutable and decentralization aspect that says nobody would ever be in control of anything.

1991 Two scientist Stuart Haber and W. Scott Stornetta provided working of a cryptographical chain of blocks where no one can damage the time-stamps of the document. The idea behind Blockchain technology was introduced in 1991.
1998 A computer scientist Nick Szabo, a cryptographer, worked on a decentralized digital currency in 1998. He realized that decentralized ledger could be used for self-executing codes, also called smart contracts.
2008 In 2008, Satoshi Nakamoto released a nine-page white paper forming the model for a Blockchain. He implemented the first block of a blockchain as the public ledger for transactions using Bitcoin.
2009 Further, he performed the transaction of 50 bitcoin(digital currency).
2014 Blockchain 2.0 was released and separated from the cryptocurrency. Its potential for the other field; interbank transactions are explored.
2016 The second public Blockchain named Ethereum was launched. Ethereum uses smart contracts that are executed automatically once the set criteria are met without the need for any third-party verification.

Blockchain is for bitcoin as is the Internet for email. In simple words, Blockchain works as record-keeping technology behind bitcoin. The recorded data is verified and kept in a block that further creates the Blockchain. Every new block that gets added to the chain makes it exponentially more challenging to manipulate the stored data.

Through its identity is still in doubt, as no one knows whether Satoshi Nakamoto is a person or organization.

History of Blockchain

According to the white paper, it was needed a method of time-stamping digital information in the form of data with the following properties.

  • Finding a solution for automated time-stamping, without any dependence on the characteristics of the medium where the data appears, so that no one can change even a single bit of data without the change being noticed.
  • It will not be possible to stamp a message or information with a time and date different from the actual one.
  • The whole logic behind the term cryptocurrency came from cryptography that further divided into two keys one public and one private.

From 2008, people came to know about Blockchain and cryptocurrency. There are lots of people who think Blockchain and Bitcoin are the same, though they are not. The objective of Blockchain is to allow the digital record to be stored and distributed, that cannot be edited.

According to a 2017 survey, there are about 10 million people having bitcoin. Suppose one of those 10 million wants to spend their Bitcoin on shopping, then the Blockchain technology comes in existence. From there, the blockchain technology has progressed and got the popularity into many applications beyond Bitcoin.

Today in 2020, around 15 % of financial organizations and institutions have started working on Blockchain technology. A survey reports, Blockchain in 2030 could generate $3 trillion per annum in business value and power 20 percent of the global economic infrastructure by then.