History and Evolution of Blockchain

Learn about the history and evolution of Blockchain, how the evolution of blockchain technology is done?
Submitted by Vaishnavi Srivastava, on January 07, 2022

Blockchain is an immutable, decentralized, distributed ledger that offers the best solution for secure transactions, storage, and organization of data. It is an evolving technology since it provides a variety of features and applications.

Blockchain happens to be one of the biggest and finest inventions in the history of technology. Statistics show that around 65 million people across the globe use blockchain technology and find it beneficial and effective. Well, that is a huge number. However, the question begs, where did blockchain technology arrive from? Let us have a look at the history of blockchain.

It all started around two decades ago. The origin of blockchain Technology happened when distributed computing was introduced in the 1990s. In 1991, research experts- Stuart Haber and W. Scott Stronetta- coined the term “Blockchain- Chain of Blocks” and introduced Blockchain technology to the globe. Initially, it emerged as a solution for time-stamping digital contracts and documents so that they couldn’t be hampered or manipulated which was developed with the help of cryptography that would store data in a chain of blocks.

After which, Merkle Trees in 1992 designed a legally modified corporation using the system developed by Stuart Haber and W. Scott Stronetta which would not only secure data but also record and store multiple data in order.

Somehow, after the active existence of the patent in 2004, the system was proved to be unused. However, the discovery of ‘Reusable Proof of Work’- a digital cash system used to solve the double-spending problem with the help of token ownership-by cryptographic activist Hal Finney, proved to be a stepping stone in the history of blockchain.

Four years later, in 2008, Satoshi Nakamoto created bitcoin and conceptualized distributed blockchain in which he introduced a peer-to-peer electronic cash system that was more secure, effective, and robust and introduced a whole new aspect to blockchain technology and cryptography. The system proved to be so useful, beneficial, and effective that blockchain technology became the backbone of cryptography.

Blockchain – History and Evolution

Since then, the evolution of blockchain has been steady, promising, and revolutionary. Moreover, the deployment of cryptocurrency, its application, and its uses in the blockchain market have been consistently rising. Today, blockchain helps in currency transfer, digital payments, transactions, storage, and organization of data, information, contracts, etc., and has thus proved to be one the most important stepping stones in the digital financial market.

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