Blockchain Innovation: A Complete Outline

Santoshi Nakamoto is the first person to mention the term ‘distributed blockchain’ in its whitepaper. Since then, several updates have been introduced to the blockchain.
Currently, blockchain is used in various real-life examples.

The innovation of blockchain introduced Bitcoin, the Ethereum network, smart contracts, and other similar technologies. Today’s hype around crypto and blockchain took a look before becoming a mainstream technology.

Let’s uncover how blockchain technology developed and what the current state of the blockchain industry is!

History Of Blockchain

Popularly, Satoshi Nakamoto is known as the founder of blockchain. In 2009, Nakamoto released the first white paper on blockchain, known as ‘A Peer Peer Electronic Cash System.’ In the white paper, he elaborated on the term ‘distributed blockchain’ as a method to make digital transactions.

Officially, Nakamoto’s work is known for the blockchain’s innovation. However, the development of the cryptographic system started back in 1991. Stuart Haber and W. Scott Storneta developed a cryptographic time-stamping solution. The system stores time-stamped documents in chains of blocks.

The development and idea of cryptographic payment originated from this machine. After years of research by various scientists, the idea of digital currency became a reality.

Why Is There A Need For Blockchain?

Back in 1991, scientists wanted to develop a system that would store documents more securely. The aim is to build a system that can’t be corrupted. In short, scientists wanted to develop a system that could store information and be accessed by anyone. Also, the information can’t be altered.

The need for a secure, open access, and decentralized system resulted in the invention of ‘blockchain.’ Later, the development of the blockchain and its well-established system resulted in multiple uses of the blockchain. Such as Bitcoin, NFT, Defi, and other industrial use cases.

As of now, the blockchain industry is heading towards real-life applications such as supply chain management and healthcare.

Some Important Events In The History Of Blockchain

1991- 2008

Stuart Haber and Scott Stornetta started working on cryptographic systems and successfully developed a system.

2009

Satoshi Nakamoto released their first blockchain-based white paper, ‘A Peer-to-Peer Electronic Cash System’

2010

In 2010, the first Bitcoin purchase of 10,000 BTC was made.

2012 – 2013

For the first time, a Bitcoin purchase was made. Parallely, Vitalik Bulletin released an ethereum whitepaper.

2014

The Ethereum blockchain is funded by Crowsale.

2015

An Ethereum Genesis block was created. Linux introduced a “hyper ledger” to enhance blockchain development.

2016

The Ethereum DAO code was exploited and attacked.

2017

Block.one released a protocol for blockchain security.

2018-2022

The pandemic accelerated the use of cryptocurrency and blockchain due to their enhanced security.

The Current State Of The Blockchain Industry

As of now, blockchain is seen as a potential technology with multiple benefits. It has the power to change the traditional system. Multiple changes are going on in the blockchain industry due to the use of blockchain.

The innovation of blockchain is the reason why cryptocurrency is developing so fast. Blochian is revolutionizing the payment system, real estate market, gaming industry, and supply chain management system. Smart contracts are being considered as one future contract.

Overall, since 1991, the entire scenario of blockchain has changed. There are multiple real-world use cases where blockchain is being introduced.

Conclusion

Blockchain innovation is changing the way the world works. Starting from the finance industry to supply chain management, every niche is changing. Moreover, blockchain is not only introducing new methods but also providing efficient, reliable, and secure methods to store and peer-to-peer distribute data.