Who Invented Blockchain Technology
David Lee Chaum is a well know computer scientist and Cryptographer who first introduce a block chain-which look like protocol in his year 1982 dissertation "Computer System Established,Maintained, and Trusted by Mutually Suspicious Groups". He is a Jewish Born to a Jewish family in Los Angeles in American. He is globally known as the inventor of Digital Cash which is also known as DIGI CASH.
He is also known for developing E-cash, an electronic cash application and other cryptographic protocols like the Blind Signature and the Dining Cryptographers Protocol.
In year 1995, DIGICASH created the first digital currency with ECASH APPLICATION. His 1981 paper, "Untraceable Electronic Mail, Return Addresses, and Digital Pseudonyms", laid the ground work for the field of anonymous communications.
In year 1991 Stuart Haber and W. Scott Stornetta Cryptographically secured chains of blocks while at Bell Communications Research They are called to as the "Co-inventors of the early Blockchain".They wanted to implement a system wherein document time stamps could not be tampered with.
In year 1992, Haber, Stornetta, and Dave Bayer incorporated Merkle trees into the Design, which improved its efficiency by allowing many document certificates to be collected into one block. The two co-founded Surety Technologies, a Bellcore spin-off which offered digital time-stamping services. It was the first commercial deployment of a Block chain and it began in the year 1994.
The first decentralized block chain was invented by a group of people known as Satoshi Nakamoto in year 2008. Nakamoto improved the design in an important way using a Hash cash method to time stamp blocks without requiring them to be signed by a trusted party and introducing a difficulty parameter to stabilize the rate at which blocks are added to the chain.
The first decentralized cryptocurrency created was named Bitcoin; since then, numerous crypto currencies have been seen and created.
The best-known crypto currency right now is Bitcoin; it currently has the largest market cap in the market (i.e., the total value of all numerous coins existing) and is the most widely used crypto currency. The market cap of Bitcoin has exceeded $5.9 billion, spread across $5.8 billion worth of Bitcoins circulating in the market and $410 million worth sitting on the side lines in speculative investment funds.Crypto currencies are categorized based on whether they use a proof-of-work system or not, with Bitcoin being the original proof-of-work crypto currency. Other crypto currencies which include
Litecoin, Namecoin, PPCoin, PPcoin, and Ripple.
There are also "ALTCOIN" versions of crypto currencies that use other proof-of-work systems like scrypt. The first Altcoin was PEERCOIN.
How Does block chain Work?
Blockchain is a database which moves across multiple networks of computers and The technology runs as a database, stores information in a digital format. We recognize Blockchains for their critical function in keeping record secure and
decentralized record of transactions in cryptocurrency systems like Bitcoin. The blockchain invention ensures data accuracy and security while also generating confidence with no any trusted third party.
The way blockchain organizes data differs differently from a local database. A Blockchain organizes data into groupings called "BLOCK" each of which contains data collection. When a block reaches its storage capacity, it is closed and connected to the preceding block, producing a data chain. Miners add all additional information after the system assembles the new block, which they will then add to the chain after it is completed.
A database organizes data into tables, but a blockchain contains chunks (BLOCKS) linked, as the name suggests. When implemented in a decentralized manner, this data structure creates an irreversible data chronology. Miners set a block in stone when it is completed, making it a part of the Chronologys. When they add a block to the chain, the system assigns it an accurate time stamp.
A blockchain is a shared database that varies from a local database because of decentralization, It saves data. Blockchains store data in blocks that are then Cryptographically connected.
As we receive new block data, the system creates a new block. Once the block is whole, miners connect it to the preceding block, forming a chronological chain.
Blocks may hold many data types on a BLOCKCHAIN, but the most prevalent use has been as a transaction LEDGER.
With Bitcoin, we employ Decentralization and Blockchain to ensure that no one person or organization maintains control-instead, all users hold power collectively.
The immutability of the Blockchain implies all transactions are permanent and accessible to anybody.
