Timeline of Blockchain

Blockchain technology is one of the most notable innovations of the 21st century. It is having an immense effect on varioussectors such as finance, manufacturing, and education. What do many not knowhowever is that Blockchain dates back to 1990s, insightful right?

History of Blockchain Technology

Stuart Haber and W. Scott Sternotta envisioned the technology in 1991. Later in 1992, the two upgraded their system enabling the collection of more documents on a single block. However, it is in 2008 that the blockchain story started to gain momentum thanks to the work of one person or group of people that went by the name Satoshi Nakamoto. Nakamoto is the brains behind the Blockchain technology. The truth is that very little is known about Nakamoto since all people know about him is that this mysterious person or people conceptualized the first Blockchain in 2008 from where the technologyhas evolved and found its way into many applications beyond cryptocurrencies.

How has Blockchain technology evolved?

The Blockchain technology has gone through a series of evolution steps which this piece seeks to explain.

They are as follows:Blockchain emergence (200 – 2013). Nakamoto designed the genesis block from which other blocks were mined, interconnectedresulting in one of the largest chains of block carrying different pieces ofinformation and transactions. Ever since then Blockchain has adopted a longlist of applications.

EthereumDevelopment (2013 – 2015). Ethereum was born out as a different public Blockchain in 2013 with additionalfunctionalities compared to Bitcoin, a development that has turned out to be acrucial moment in Blockchain history. It differs from Bitcoin in that it has afunction that allows people to record other assets such as slogans. Officiallylaunched in 2015, Ethereum Blockchain has become one of the leadingapplications of the Blockchain technology.

TheFuture of Blockchain (2018 onwards). Blockchain chronicle and evolution does not stop with Ethereum and Bitcoin. In recent years, some projects have cropped up all leveraging Blockchain technology capacities. New projects have sought to approach some of the deficiencies of Bitcoin and Ethereum in addition to coming up with new features leveraging Blockchain capabilities.C

Blockchain technology future looks bright in part because ofthe way governments and enterprises are investing big as they seek to spurinnovations and applications. It is becoming increasingly clear that one daythere will be a public Blockchain that anyone can use. 

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