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Therefore the underlying theme or history of blockchain is not a new concept. In fact, the famous timestamp-based ordering algorithm of the 90s inspires this. It serves as a method of use to prevent tampering of documents. The same thing is headed and aimed at transactions to facilitate secure payment mechanisms.
A history on the blockchain
History -> Blockchain was an invention in the year 2008 in a paper published by Satoshi Nakamoto. Subsequently, many programmers, cryptographers and scientists are working on the concept of blockchain. He also produced a cryptocurrency network called bitcoin. The major design goal and objective of the blockchain was to solve two major problems: –
- The first is to solve the double spending problem.
- The second central is to eliminate the need for reliable third parties.
Satoshi Nakamoto’s paper revolves around three things: –
- The first objective was to create a P2P cryptographic payment system.
- This solves both problems.
- Double spending problem and
- Eliminating the need for a central trusted third party as a trusted agent.
So the concept of blockchain also extends to distributed bookkeeping technology. It is used in applications other than cryptocurrency.
What is blockchain?
- As the name suggests, blockchain is nothing else but a series of blocks or blocks.
- Each block is going to contain some data and in the context of blockchain, that data is a book or transaction.
- So the remarkable thing about blockchain is that it is a ledger of transactions from the beginning of the time that the blockchain was first created.
- Suppose the time for the blockchain is equal to 0 is the time when the first block adds to the blockchain system.
- A block connecting T equal to 0 is called Genesis block.
- Each block of the blockchain links to the other block through the linkage of the previous block.
- So like the image below, each block of the blockchain connects to each other in this way.
Blockchain is quite mouthful these days. This is mainly due to the fact that the blockchain is the backbone behind one of the very well-known cryptocurrency networks. And it was bitcoin. However, blockchain’s applications are much more than cryptocurrencies.
- The algorithm behind distributed laser technology is the blockchain.
- It was published by an unknown person or group of unknown persons in the year 2008 called Satoshi Nakamoto.
- Blockchain has then been used to create various cryptocurrency networks as well as commercial network applications.
If we discuss the applications of blockchain then the applications extend much more than cryptocurrency applications. So it extends
- Banking and financial sector
- Real estate sector
- Supply Chain and Logistics Sector
- Polls poll back and forth and the list expands on a daily basis.