Blockchain

Brief History of Blockchain

Brief History of Blockchain

The history of blockchain goes back to the 1990s. Stuart Haber and W Scott Stornetta worked on a problem related to digital information security and tamper-proofing. The paper they published in 1991, outlined that integrity of information is possible using information blocks that were cryptographically secured and chained together.

There were some developments related to the concept of proof of work in 1993 but it was only in 2008 that blockchain was established as it is known now. Satoshi Nakamoto released his paper in 2008 – Bitcoin: A Peer-to-Peer Electronic Cash System. The paper outlined the core aspects of Bitcoin and described how cryptography and game theory can enable a digital transaction without the need for validating authority.

It did not stop there and in 2014, Ethereum came into the blockchain world. Ethereum led the innovation of blockchain as it was more than just another cryptocurrency or database of transactions. It introduced the concept of smart contracts and the possibility to create decentralized applications.