Introduction
Blockchain, blockchain, blockchain,
There has been a whole lot about blockchain, adoption of blockchain have helped so many sectors to achieve more growth and success because of how blockchain works.
Sectors like financial system government and healthcare system has benefited from leveraging blockchain technology because of its decentralized and transparent features and also the combination of the three elements of cryptography which includes computer, science and economics
This article is going to discuss the history of Blockchain, lets see the story behind Blockchain before its vast adoption and success.
Originator of Blockchain.
The story behind the development or creation of blockchain is much associated with the creation of cryptocurrency especially Bitcoin.
Creation of blockchain can retrace back to the 1980s when someone like David Chaum came up with the idea of a protocol that looks like blockchain and that became the foundation of future creation of digital security and cryptographic system.
In the year 1991 Stuart Haber an American cryptographer who is also a computer scientist introduced a key concept for blockchain which is a cryptographical secure chain of blocks.
In the year 1997 Adam back develop Hashcash that is a proof of work system which nakamoto referenced in the Bitcoin white paper.
In 1998 Wei Dai a computer engineer created what is known as B-money electronic cash system that motivated bitcoin design, same 1998 Nick Szabo who also created a concept known as bit gold and that was the first trial to get a decentralized digital currency then finally in 2008 a group of individual used the pseudonym Satoshi Nakamoto to publish a white paper known as "Bitcoin A peer-to-peer electronic cash system, this was introduction and foundation of blockchain.
Nakamoto mined the first bitcoin block in 2009, which is known as the Genesis block and that was the creation of the first blockchain ever.source
Gradually bitcoin again popularity and other cryptocurrencies were created, in the year 2013 ethereum blockchain which introduces smart contracts and the centralized applications was proposed by a computer programmer known as Vitalik Buterin and ethereum blockchain came into existence 4 years after the proposal.
The invention of ethereum brought more features to the blockchain because through the use of smart contract the need of intermediaries was automatically eliminated making the blockchain 100% decentralized, it was also same ethereum smart contract that brought the centralized app into existence and developers were now able to create the centralized applications that runs on ethereum blockchain.
Yes cryptocurrency like blockchain were gaining popularity but something was missing on the invention of blockchain there was need for private blockchains for enterprises so hyperledger technology created a suit of tools that helps to develop Enterprise blockchain solution also hyperledger fabric gave organizations the opportunity to create customizable business blockchain that was fully decentralized.
With all this explained i will say that the creation or invention of Blockchain was a collective effort from positive and innovative minds
Blockchain now goes beyond cryptocurrency because in recent years many industries have adopted blockchain and this has helped them to achieve and improve in so many aspects and also become more progressive in their services and production of goods.
Major concepts and use cases of Blockchain.
Blockchain possesses some major concepts that attracts users, blockchain is decentralized an everyone have copy of the entire blockchain and this improves transparency and that is part of the reason why healthcare sectors and financial system leverages blockchain in their system.
When it comes to healthcare sector patient information can be stored on the blockchain and is transparent enough that the owner have total access to his or her health information and no one can tamper with such information without the patient knowledge.
Blockchain is also immutable all information recorded cannot be deleted so businesses that leverages blockchain hardly experience fraud or loss of money because all transactions are traceable and all goods can be verified before supply.
With blockchain technology there is nothing like identity theft because blockchain do not allow access of information to third party, blockchain is transparent and secured with the use of cryptographic algorithms all data and transactions a secured.
Blockchain uses what is known as consensus mechanism to validate and maintain the needed integrity and also to create new blocks.
Blockchain enable secure and fast transactions with less fee and is also transparent so that is why financial sectors leverage blockchain and this enables them to lend, borrow and also practice other trading services without third party in intervention.
The blockchain transparency has benefited the voting system because it helps to enhance trust as all process and results of elections can be traced and verified by anyone.
Blockchain challenges.
Blockchain has the potential of changing an improving all sectors but there are some challenges, for instance energy consumption is one of the challenges facing blockchain for more sustainable transactions there is need for more energy efficient algorithm.
Blockchain needs more consistent and clear regulations to help protect users as blockchain keeps evolving, handling many transactions at the same time is also a challenge facing blockchain that need to be addressed for blockchain to be a key success and get more adoption.
Conclusion
Blockchain has been into existence for years and it's s creation was a collective effort and as technology keeps evolving blockchain will keep benefiting the financial sectors, healthcare sectors and supply management sector and more researches are going on on how blockchain can reshape. various sectors.