Last Updated: December 20, 2021.
The biggest revolution which the 21st century has brought about in our life is that of blockchain technology. Its widespread use in the Financial the Business sector has prompted technology experts to know whether blockchain technology is the future.
Before answering this question, it becomes necessary for all of us to look at the journey of Blockchain technology.
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INITIAL YEARS OF BLOCKCHAIN TECHNOLOGY (1991- 2008)
Many would find this surprising but the history of blockchain technology dates way back to 1991. Stuart Harber and W. Scott Stornetta dreamt of a system based on cryptography whereby a safe block of chains could be created where no one could try to forge or cheat with anyone by tampering with any document.
However, the technology was made famous when Santoshi Nakamoto created Bitcoin and deployed the same technology for its functioning.
In 2009 he released a whitepaper highlighting how this blockchain technology can be used to create digital assets that are full proof and decentralized.
Now all around the world, there is a platform that allows users to exchange different kinds of digital crypto assets with an assurance that their transaction is completely safe and secure.
BITCOIN ERA (2008- 2013)
Initially, people were confused and felt that both these technologies i.e., Bitcoin and Blockchain technology are the same but that is not the case. Bitcoin is a cryptocurrency and Blockchain is the technology through which this currency is traded or bought.
Initially, blockchain technology was a bit difficult to handle but when people started researching this technology the technology started creating a buzz within many different people.
In his whitepaper he informed that he has made the genesis block, out of which other blocks could be mined, ultimately creating a whole new set of interconnected blocks carrying different pieces of transaction and information. Go to the website to learn more about bitcoin.
ETHEREUM ERA (2013-2015)
Bitcoin was not utilizing the whole functionalities of the new blockchain technology Vitalik Buterin offered what he says is a malleable blockchain technology that offered its customers more features other than peer-to-peer connections.
The blockchain technology employed in Ethereum offers various other things to be stored apart from transaction information like slogans and contracts.
Officially Ethereum was launched in the year 2015 and since then it has helped in the development of smart contracts and in the overall development of Blockchain technology
OTHER TYPES OF CRYPTOCURRENCY IN DEVELOPMENT STAGES
Litecoin was developed in 2011 and was bursting on the screens just after bitcoin. It was also termed the silver bitcoin and was made by Charles lee. It is the 17th largest cryptocurrency in the world
It was created by a team of mathematicians, scientists, and experts. It was founded by the early founders of Ethereum, but when he did not agree with some plans he left and started his own cryptocurrency.
The whole process behind Cardano is very research and skill-based and developers have published around 100 papers concerning blockchain technology.
No one knew that technology developed in 1991 could reach such heights. Blockchain technology does not stop with the development of Bitcoin and other cryptocurrencies. Many businesses and Experts have cited the advantages of Blockchain technology.
The development of Bitcoin and Ethereum prompted many stars and famous personalities to invest in Blockchain technology. Considering its rapid growth this technology is bound to overtake other traditional methods.
With growth, many people are now also trying to undermine the technology at many frontiers like environmental impact and the large consumption of coal, and increase in carbon credits. All these issues must be resolved going forward.