Have you ever wondered how Blockchain started? We’ll tell you all about the blockchain history. I know, it is boring to deal with historical facts. But every big house needs an even bigger foundation to build on. So does the blockchain technology.
Progress in the financial industry
The Internet is one of the most important inventions of modern civilization. It connects the whole world. So it is not surprising that clever minds have constantly thought about new things. Therefore, the invention of online banking was an important milestone. Thus, over the years, banks have been able to improve and optimize their processes. Yet there were limits even for banks.
As online banking continued to grow and so there were ideas for a blockchain based currency. Therefore Haber developed the first concept of a chain of individual blocks. After that, they attempted to develop a solution for an independent currency. So the concept used the blockchain technology. This attempt was not successful. Thus, almost all forgot about the concept of chained blocks.
History of Blockchain
Many years later, Satoshi Nakamoto finally got the deserved breakthrough of Blockchain Technology. So with Bitcoin, he presented a currency with which transactions could be made without the control of a bank.
After the release of the Bitcoin Whitepaper in 2009, Bitcoin was available as an open source. Thus, the first steps were finally made on the way to a trustworthy digital currency.
Even more importantly, blockchain has finally been realized as a technology. So it is possible to develop the potential to its fullest. Based on it people developed world-changing systems.
In 2015 Vitalik Buterin created a new platform called Ethereum. Thus, it makes it possible to program and operate applications based on that platform. Meanwhile, other big companies have realized how important this technology can be.
One thing is clear: Blockchain is just at the beginning and is still unknown to many people. That’s why we want to explain this new technology as easy as possible.
Future of Blockchain
It is exciting to read about new things that will change the world. But with great technologies, there will be always a lot of problems too. So that´s why many people ask us if it is really safe? Can this technology really replace banks? And how can we implement it in other areas?
We don’t know either. But to deal with this Blockchain helps to answer these questions. So let´s dig deeper into the Blockchain technology!