The Growth Of Blockchain Technology

growth of blockchain technology

Where Did Blockchain Tech Start? 

One of the most innovative and beneficial inventions of the 21st century is Blockchain technology. Ever since its introduction to the public, Blockchain technology has been playing crucial roles in various sectors like music, health, real estate, to name a few. 

Apart from all these sectors, Blockchain has also played a chief role in the development of cryptocurrencies. Without the technology and science of Blockchain, it would not have been possible for technologists to invent digital currencies. 

Background About Blockchain Technology 

Stuart Haber and W. Scott were the first two research scientists who described Blockchain technology in 1991. 

● The intention behind the development of Blockchain was to find a computationally practical solution for the time-consuming digital files so that it would not be possible to alter them. 

● A cryptographically secured series of blocks created the entire Blockchain system to collect the documents. 

● Merkle Trees, in 1992, were included in the design that makes Blockchain more advanced by permitting the collection of several blocks as one. 

● It stored a collection of statistical records, and each record joined the one before it. The new document in the formed chain holds the past of the entire chain. Trading cryptocurrencies can be very intimidating for a beginner. Click to know more about Bitcoin (BTC) trading and how to be a successful overall cryptocurrency trader. 

Satoshi Nakamoto And His Connection With Blockchain 

Not everyone recognizes Satoshi Nakamoto, who is the mastermind behind Blockchain technology and Bitcoin. 

● Satoshi Nakamoto developed the first Blockchain in 2008, and ever since then, Blockchain technology has found its cause in several sectors and applications. 

● Satoshi Nakamoto issued the first whitepaper about the technology in 2009. 

● The whitepaper described a brief detail on the technology, and it also said that the technology has the potential to bring revolution in large sectors and security systems. 

● Bitcoin development has evolved after getting into the hands of core developers resulting in new applications that make the history of Blockchain. 

Structure Of Blockchain 

Blockchain is a peer-to-peer distributed ledger that is highly secured and the main component in recording transactions done across different networks. 

● A new block can recondition the content of the ledger by linking a new block to the previous block. 

● Blockchain has the potential to carry out transactions all around the globe and of all types without the involvement of any central authority because it is decentralized. 

● The developed database is distributed among the network participants transparently, and everyone has the right to access their contents. 

● Connected networks and a time-chasing server manage the database autonomously. The block in the Blockchain put together cites the contentment of the previous block. 

● The blocks that build the Blockchain hold a series of transactions accepted by all the participants in the network. 

Evolution Of Blockchain 

Most people get confused that Bitcoin and Blockchain are similar things. It is a vague statement because it is a Blockchain that powers Bitcoin and all other cryptocurrencies. 

● Bitcoin was declared to the world in 2009, and it is the primary known application of Blockchain. 

● The improvement of technology aided in the development of blockchain applications. 

● Vitalik Buterin differentiated Ethereum (ETH) and Bitcoin (BTC) Blockchain authorizing a program that permits users to record other assets like slogans and contacts. 

● Blockchain has been an essential part of the music industry, where it enhanced transparency. In the health district, it promoted more security. In the food sector, Blockchain has managed to find the source of any contamination in mere seconds. 


Blockchain technology has significantly evolved in recent years. It will help advance many more sectors and benefit many industries.

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