Blockchain - History

Before understanding the various concepts of blockchain technology, it would be good to know the blockchain history. This will help you understand the blockchain better.

This amazing technique was started in the year 1991 by two research scientists W. Scott Stornetta and Stuart Haber. A computational convenient solution was intended to design for time-stamping all the digital work and transactions so that they could not be backdated, modified, or tampered with. In the year 1992, Merkle Trees incorporated a concept into the design, making Blockchain more capable by allowing many documents to be composed into a single block. Merkle Trees are used for creating a "secured series of blocks." A series of data records can be stored, where each data record is linked to the others before it. The latest record in this chain holds the history, i.e., old transaction details regarding the complete chain. Conversely, this technology went unused because, in 2004, the patent failed.

Furthermore, in 2004, a computer scientist and cryptographic advocate Hal Finney came up with a system termed "Reusable Proof of Work (RPoW)," a digital cash prototype. This brings in a significant premature step in the narration of Blockchain and cryptocurrencies. Moreover, in the year 2008, Satoshi Nakamoto conceptualized the speculation of distributed Blockchains. He perks up the design extraordinary by adding blocks to the original chain without involving them to be signed by any trusted parties. It makes use of a peer-to-peer network for time-stamping as well as verifying all exchanges. It could be run autonomously with no requirement of central authority.


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