Technically the history of blockchain technology dates back to at least 1982 when cryptographer David Chaum first proposed a blockchain-like protocol in his dissertation “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups.”.
In the early 1990s several concepts and speculations about cryptographically secured chains of blocks were described.
The idea that by structuring blocks of data in chains and accessed in certain ways would create a protocol of exchanging peer-to-peer data extra super securely.
Actual implementation and use however would not be until October 31, 2008 when it was first conceptualized by one or more anonymous individuals known as “Satoshi Nakamoto”.
The Satoshi method complicated the process by adding time stamps and needing them to be “signed”.
Thanks to computer algorithms doing these overly complicated cyber-gymnastics we users only have to press some buttons and wait.
The first bitcoin, also known as the “Genesis block of Bitcoin” was mined on January 3, 2009
The same way that bitcoins, dogecoins, etc can be safely transferred without needing a centralized third-party intermediary like a bank, other processes can also use this technology of secure independent data transfer.
- Blockchains are used in signing so-called “smart contracts” where a third party is simulated by means of an automated escrow.
- Blockchains help in keeping game data extra personal. Or simply for acquiring NFT’s that can be used in the game or as a game on its own.
- Block chains might be used as secure digital receipts for whatever currencies or exchanges we already use. Banks might use these or might even not be needed at all.
- Blockchains are used to develop secure and transparent supply chains, manage digital identities and medical records, and much more.
- In addition to these uses, blockchain technology has the potential to revolutionize the way we vote, store data securely, and even track the provenance of goods.
The obstacles still present at the time of writing this article are:
- The reputation of blockchains being only about coins and tokens which have been hyped into the bubble that grew and burst quite badly in 2021. Of course blockchains are not just used for coins and tokens. It’s a way of data transfer!
- Blockchains are complicated. Who understands that stuff anyway? That’s what we have developers for. Developers turn eyesore long code into the mere pushing of simple specialized buttons.
- Blockchains devour crazy amounts of electricity. The sheer amounts of code acrobatics do indeed provide a considerable amount of strain on the poor CPU’s and RAM of hapless computers they pass. Yet again we rely on developers to compact complicated processes into smaller smarter processes. A piece of code is never finished until it has been viewed from many points polishing every part of it.
Blockchains are far from merely cryptocurrencies and NFT’s.
When the hypes of pump-and-dump schemes around colorfully named coins and tokens have died away, blockchain is still in its essence the complicated algorithm used for safer ways of data transfer.
And the importance of secure transfers is increasingly important now we enter into the future of ever expanding world wide data transfer.