Technology has evolved in recent years, and there are more and more machines and applications at the service of humanity. In today’s article, from MIIM, we focus on the history of Blockchain and its evolution over time. What’s interesting about Blockchain technology? Discover more below.
What is Blockchain?
Blockchain technology is a chain of blocks where information is stored in a database in sets of blocks. These blocks can be copied to individual computers, and by adding or removing data, the information is modified on all computers since they are synchronized.
It’s useful for all kinds of documents (business idea registration, valuable information, real estate titles, etc.). Information is shared and securely stored in real-time, making it a trust-inspiring record where hacking is impossible.
Origin of Blockchain Technology
Its origin dates back to 1991 when research scientists Stuart Haber and W. Scott came up with a solution to prevent the manipulation or falsification of digital documents.
This solution was based on a chain of blocks that stored documents with a timestamp. In 1992, Merkle trees were incorporated into the design, making the system more efficient by allowing multiple documents to be collected in a single block. However, it was not used and expired in 2004.
Evolution of Blockchain Technology
Here we talk about Bitcoin and Ethereum.
At the end of 2008, Satoshi Nakamoto published a paper presenting a decentralized peer-to-peer electronic payment system, which was named Bitcoin.
It was based on the PoW algorithm, and security was maintained through a decentralized peer-to-peer protocol used to track and verify transactions.
In early January 2009, Bitcoin emerged when Satoshi Nakamoto mined its first block, which had a reward of 50 bitcoins.
It was in 2013 when programmer and co-founder of Bitcoin Magazine, Vitalik Buterin, pointed out that Bitcoin needed a scripting language to create decentralized applications. Since no consensus could be reached, Vitalik started Ethereum, a blockchain-based computing platform, on his own.
Ethereum introduced smart contracts, programs that are implemented and executed on the platform’s blockchain, but only if they meet certain conditions. They are written in specific programming languages and with a virtual machine that reads and executes them.
Blockchain technology today garners significant attention and will continue to evolve over time.
At MIIM, we protect your app idea or business idea with blockchain technology to prevent anyone from plagiarizing it or trying to take it. Contact us for more information.