Blockchain's History

Blockchain's History
Blockchain has the potential to become a cornerstone of global record-keeping systems, despite the fact that it was just introduced ten years ago. It was founded under the pseudonym Satoshi Nakamoto by the mysterious individuals behind the online cash currency bitcoin.

A short history of blockchain is as follows: 1991
Stuart Haber and W Scott Stornetta describe for the first time a cryptographically safe chain of blocks.

1998
Nick Szabo, a computer scientist, is working on 'bit gold,' a decentralized digital money.

2000
Stefan Konst provides his theory of cryptographic protected chains, along with implementation options.

A white paper defining the concept for a blockchain is published in 2008 by developer(s) operating under the pseudonym Satoshi Nakamoto.

In 2009, Nakamoto creates the first blockchain as a public database for bitcoin transactions.

2014
Blockchain technology is decoupled from money, and its potential for other financial and interorganizational interactions is investigated. Blockchain 2.0, which refers to uses other than cash, is born.

The Ethereum blockchain architecture inserts computer code into blocks that represent financial products such as bonds. These are referred to as smart contracts.

The function of Bitcoin
Nakamoto designed bitcoin to be a kind of payment that could be transmitted peer-to-peer without the need for a central bank or other authority to manage and maintain the ledger, similar to how actual cash may be. They published their foundational essay in 2008 and launched the original code in 2009.

While bitcoin was not the first online money to be suggested, it addressed various challenges in the area and has been by far the most successful form.

The blockchain is the engine that powers Nakamoto's bitcoin ledger; the original and biggest blockchain is the one that still orchestrates bitcoin transactions today.

The next generation
Other blockchains include those that power several hundred "altcoins" — other comparable currency initiatives with different rules – as well as applications that are completely different, such as:

After bitcoin, Ethereum is the second most popular blockchain implementation. Ethereum not only distributes ether as a money, but it also allows for the storing and execution of computer code, enabling smart contracts.
Ripple is a public ledger-based real-time gross settlement system, currency exchange, and remittance network.

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