What is the history of blockchain?

Thus, to help readers to comprehend the Blockchain advancement, let us learn the history of this technology: Blockchain emerged in 1991 when W. Scott Stornetta and Stuart Haber deliberated what the world has come to know as a “Blockchain.”

What is blockchain technology & how does it work?

Blockchain technology is one of the key pillars and an integral part of how cryptocurrencies work. It allows cryptocurrency to move trustlessly from one person to another and keeps a record of all the transactions. Any concise history of blockchain technology should start with Bitcoin.

Are blockchains the future?

Blockchains of the future are also looking for solutions to not only be a unit of account for wealth storage but also to store medical records, property rights, and a variety of other legal contracts. Although blockchain can save users money on transaction fees, the technology is far from free.

What is the simplest version of blockchain?

This chain of documents with a time sequence was the simplest version of blockchain that was later used by Nick Szabo in Bit Gold, an early version of the digital currency. Fast forward to 1998, a renowned computer scientist Nick Szabo started working on an idea of a decentralized currency, which he called ‘Bit Gold’.