A blockchain is a series of time stamped that comes with immutable data. It is usually managed by the computer which of course is not just owned by a single entity. Every data block is well secured and is bound to one another with the help of cryptographic principles. There is no central authority to the blockchain network. To be precise, the Blockchain networking is the democratized system. It has a ledger which is immutable and shared. The details in it are open for everyone who wishes to see. This is the main reason most of the things that are created on blockchain are quite transparent by nature and all people involved in it are accountable for their action.
The evolution to not miss out:
The technology of Blockchain over the past few years has evolved to a great extent. It is now considered to be one of the biggest innovations that has been started in the 21st century. The technology has created a ripple effect and disrupted different sectors like manufacturing and finance. The history of blockchain has been dating back to the early of 1990s. It gained the popularity after different applications were cropped up. It sudden lining impact eventually led to its race for different digital economies.
There are so many people who are still not clear with the concepts and logic of blockchain and cryptocurrency. They do not even understand how it can be of great help. The primary reason is of course because people are not aware of its emergence. Going straight to the point Stuart Haber and W. Scott Stornetta had the vision of what people usually have understood after the concept of blockchain started in the year 1991. Their first work included on the cryptographically working with the secured chain of blocks. This way the risk of anyone tampering reduces to a great extent.
In the year 1992, there was an upgrade to the system made which was to incorporate Merkle trees. The focus was to enhance the efficiency while setting the documents more collection to be done on the single block. But in the year 2008, the history of Blockchain started to gain more relevance because of bitcoin and the credit goes to Satoshi Nakamoto.
The brains behind blockchain technology:
Satoshi Nakamoto is given the credit to this technology emergence. To be precise this person or may be a group of people, has worked hard on making bitcoin which is the very first digital ledger technology application. After the first blockchain was conceptualized by him in the year 2008, the technology evolved to a great extent. However, post his existence from the science, the development of Bitcoin was further continued by other core developers
Journey from virtual currencies to cryptocurrency
Blockchain did not appear suddenly. It was one of the finest fintech production that revolutionized to the virtual currency over past few years. By the last century, there has been quite a spread of the internet usage which is why this digital currency has now emerged as the electric cash system emergence. Ther are so many projects that were simply credited for the digital currencies such as E-gold, E-cash and even web money to name some.
Certainly in 1990’s it got quite a huge success but there were some projects that got ceased because of its existence by the beginning of new century either because it was halted by authorities or due to bankruptcy.
There has always been a requirement of central authority to deal with fraud and thus manage the trust within the system. Due to such fatal weakness, the decentralized model has become the solution.