So the underlying theme or the history of blockchain is not a new concept. In fact, the famous timestamp-based ordering algorithms of the 90s inspires it. To prevent the tampering of documents it acts as the mode of use. The same thing extends for the purpose of ledgers and transactions in order to facilitate secure payment mechanisms.
A History on Blockchain
History -> Blockchain was an invention in a paper published by Satoshi Nakamoto in the year 2008. After which many programmers, cryptographers, and scientists have been working on the concept of blockchain. They also produced a cryptocurrency network called the Bitcoin. The major design goal and the purpose of the blockchain was to solve two major problems:-
- To solve the double-spending problem is the first one.
- The second is to eliminate the need for a central trusted third party.
Satoshi Nakamoto’s paper revolves around three things:-
- The first purpose was to create a P2P cryptographic payment system.
- It solves both of the problems.
- The double-spending problem and
- To eliminate the need for a central trusted third party as a trusted agent.
So the concept of blockchain also extends as the distributed ledger technology. It is used in other applications besides cryptocurrencies.
What is Blockchain?
- As the name suggests blockchain is nothing but a group of blocks or a chain of blocks.
- Each block is going to contain some data and in the context of blockchain, that data is a ledger or a transaction.
- So the notable point about blockchain is that it holds the ledger of transactions from the beginning of time that is from the time the blockchain was first created.
- Let’s say that the time T equals 0 for the blockchain is the time when the first block adds to the blockchain system.
- The block which adds at time T equals 0 is called the Genesis block.
- Each block of the blockchain links to the other block via linkages to the previous blocks.
- So like the below image, each block of the blockchain connects to each other like this.
Blockchain has been in a lot of mouths these days. That’s mainly because of the fact that blockchain is the backbone behind one of the very famous cryptocurrency network. And it was the Bitcoin. However, the applications of blockchain are much more beyond the cryptocurrency.
- The algorithm behind distributed ledger technology is the blockchain.
- It was published by an unidentified individual or group of unidentified individuals called Satoshi Nakamoto in the year 2008.
- Then blockchain has been used to create various cryptocurrency networks as well as business network applications.
If we discuss the applications of blockchain the applications extend much more beyond the cryptocurrency applications. So it extends in the
- banking and financial sector
- the real estate sector
- supply chain and logistics sector
- elections surveys so on and so forth and the list is expanding on a daily basis.
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