Evolution of the Blockchain

The evolution of the blockchain along with the digital economy has gone fast, and one has to keep up with the speed as well.
Evolution of Blockchain

The 21st century has seen a lot of innovations and discoveries. One of the biggest innovations is blockchain technology which is causing a storm in different fields. The history traces back to the 1990s, yes and it is true. The race for digital economies has gone fast and one has to keep up with the speed as well. In this article, we will share the evolution of the blockchain over the last four decades.

History of bloxkchain

Evolution of Blockchain

We will track the timeline for your better understanding.

Early Years of Blockchain Technology (1991-2008)

Every innovation starts from a vision and idea.  In 1991, Stuart Haber and W. Scott Stornetta came up with the concept of blockchain. Initially, they worked on a cryptographic technique where a chain of blocks was secured to preserve the timestamps of documents to avoid tampering.

In 1992, they updated the system by integrating the Merkle Trees to enhance efficiency. This allowed a single block to collect more documents. It gained popularity due to Satoshi Nakamoto in 2008. He is given the credit for what blockchain is today and the creation of Bitcoin which is the first application of digital ledger technology. His identity is also disputed as no one exactly knows about him.

In 2009, the first whitepaper was released by Nakamoto which entailed how the technology was used to enhance decentralization (no one has an absolute authority). He later left it to the other developers and since then the ledger technology has been evolving constantly.

Phase 1- Transactions: Bitcoin Emergence (2008-2013)

There is always confusion between Bitcoin and Blockchain being the same. It is not the same. Blockchain is the technology that powers the cryptocurrencies like bitcoin.

Bitcoin was invented in 2008 as the first application of Blockchain technology. In Satoshi Nakamoto’s whitepaper, he described it “as an electronic peer-to-peer system.” He made the genesis block, which led to the mining of other blocks. This resulted in interconnecting one of the largest chains of blocks carrying different pieces of information and transactions. After bitcoin hit the waves, many applications were based on digital ledger technology. Therefore, blockchain history comprises a long list of applications that have taken form with the evolution of technology. More organizations are adopting blockchain technology.

Phase 2- Contracts: Ethereum Development (2013-2015)

In 2013, Vitalik Buterin started working on a malleable blockchain that will facilitate more functions in a peer-to-peer network. Ethereum was invented during this process.  It had the capability of recording people’s assets as well as contracts. Also, it has transformed into a platform rather than just a cryptocurrency.

It was officially launched in 2015. Since then, it has been able to process a large number of daily transactions. Its market cap has increased significantly.

Phase 3- Applications: The Future (2018-Present)

There are many advancements and new projects have been initiated to overcome the weaknesses of Ethereum, Bitcoin, and other cryptocurrencies.

Blockchain History and evolution do not stop with Ethereum and Bitcoin. In recent years, a number of projects have cropped up all leveraging blockchain technology capabilities. New projects have sought to address some of the deficiencies of Bitcoin and Ethereum in addition to coming up with new features leveraging blockchain capabilities.

NEO known as Chinese Ethereum has the backing of Ali Baba although China has banned cryptocurrencies.  The developers have leveraged blockchain technology to accelerate development. It will help in providing zero transaction fees as well as unique verification processes.

What is a Blockchain?

Some other blockchains like Monero Zcash and Dash blockchains have addressed the issues of security and scalability. They are dubbed as privacy Altcoins which provide high levels of privacy and security for the transactions.

A number of companies have started adopting technology to enhance operational efficiency. Large companies are hiring professionals as they are upgrading their systems.  Microsoft is taking the lead by exploring blockchain technology applications resulting in what has come to be known as private, hybrid, and federated blockchains.

Hyperledger (2015)

the Linux Foundation revealed an Umbrella project of open-source blockchain in 2015. It was called Hyperledger, which works as collaborative development of distributed ledgers. Under the leadership of Brian Behlendorf, “Hyperledger seeks to advance cross-industry collaboration for the development of blockchain and distributed ledgers. It focuses on encouraging the use of blockchain technology to improve the performance and reliability of current systems to support global business transactions.”

EOS.IO (2017)

It was invented in 2017 as a “new blockchain protocol powered by an EOS as the native cryptocurrency.”

Unlike other blockchain protocols, EOS tries to imitate the attributes of real computers including CPU and GPU. Due to this, it functions both as a smart contract platform and a decentralized operating system. Its main purpose is to encourage the deployment of decentralized applications through an autonomous decentralized corporation.

The Future (2020-Present)

The future looks quite promising. As governments and large enterprises are investing in it heavily. The time is not far from when public blockchain will be accessible by anyone. We can see results in supply management and cloud computing business. It will also be able to support search engines.

According to researchers, the business value will grow to over $176 billion by 2025 and exceed $3.1 trillion by 2030.

 

 

 

 

Share:

More Posts

Importance of Seed phrase

Importance of Seed phrase

By understanding the importance of seed phrases and taking the necessary steps to protect them, individuals can have peace of mind knowing that their digital assets are secure.

Latest Trends in Blockchain

Latest Trends In Blockchain Technology

The latest trends in blockchain technology, include the growth of decentralized finance (DeFi), the emergence of non-fungible tokens (NFTs), and the increasing use of blockchain in the gaming industry.

New Crypto Coins to Invest in 2023

New Crypto Coins to Invest in 2023

With the rapidly evolving world of cryptocurrency, it can be hard to keep up with the latest trends and new coins on the market. We will share details of new crypto coins to invest in 2023.

Please Provide your Details Our Team will contact you soon.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
× WhatsApp Us