In this article, we will discuss the definition of Blockchain, and it’s overview and then our mainly focus will be on History of Blockchain and will discuss it in details. Let’s discuss it one by one.
Blockchain can be defined as the Chain of Blocks that contain some specific Information. Thus, A Block chain is ledgeri.e file that constantly grows and keeps the record of all transactions permanently. This process is had taken place in Secure, chronological (Chronological means every transaction happen after previous one) and Immutable way. Each time when a block is completed in storing information, a new block is generated.
Overview of Blockchain :
Blockchain is a Buzzword in Today’s Technology and this technology is described as the most disruptive technology of the decade. Thus, Blockchain is used for Secure transference of items like Money, contracts etc. without any requirement of Third Party Intermediately like Governments, banks etc. Once the data is stored in the Blockchain after than it become very difficult to change the data which is Stored in Block Chain. A Blockchain is a Network Protocol like SMTP. However, Blockchain cannot be run without Internet.BlockChain is useful in many areas like Banking, Finance, HealthCare, Insurance etc.
History of Blockchain :
Here, we will discuss the history of blockchain in details as follows.
- In 1991, a researcher scientists named Stuart Haber and W. Scott Stornetta introduce Blockchain Technology. These Scientist want some Computational practical Solution for the time stamping digital Documents so that they couldn’t be tempered or misdate. So both the Scientist developed a system with the help of Cryptography . In this System the time stamped documents are stored in Chain of Blocks.
- After that in 1992, Merkle Trees formed a legal Corporation by using System developed by Stuart Haber and W. Scott Stornetta with some more feature. Hence, Blockchain Technology become efficient to store several documents to be collected into one block. erkle trees uses Secured Chain of Block which store multiple data records in sequence of Chain of Blocks. However, this Technology become Unsused when Patent come into existence in 2004.
- However, at the same year 2004, a Cryptographic activist Hal Finney, introduce a system for digital cash known as “Reusable Proof of Work”. This step was the game changer in the history of Blockchain and Cryptography. This System helps other to solve double spending problem by keeping the ownership of tokens registered on a trusted server.
- After that in 2008, Satoshi Nakamoto conceptualized the concept of “Distributed Blockchain” under his white paper :” A Peer to Peer Electronic Cash System”. HE modifies the model of Merkle Tree and create a system which is more secure and contain secure history of data exchange. His System follow peer to peer network of time stamping. His system become so useful that Blockchain become backbone of Cryptography.
- After that the evolution of Blockchain is steady and promising and become a need in various field. Blockchain technology is so secured that a surprising news will gives proof about that.
- A person named, James Howells was an IT worker in the United Kingdom, he starts mining bitcoins which is part of Block Chain in 2009 and stopped this on 2013. He spends $17,000 on it and after he stopped he sells the parts of his laptop on eBay and keep drive with him so that when he needs to work on gain bitcoin he will utilize it but while cleaning his house in 2013, he thrashed his drive with garbage and now his bitcoins cost nearly $127 million. Now money now remains unclaimed in the Bitcoin system.