The History of Blockchain: From the Establishment to Broad Adoption

The History of Blockchain: From the Establishment to Broad Adoption | Widle Studio
The History of Blockchain: From the Establishment to Broad Adoption

Stage 1: Blockchain background

— Peer-to-peer network formation

— PKI and PGP encryptions introduction

PGP adopts a distributed trust network for certificate identity confirmation, known as the “Web of Trust.” There is no central authority that everybody trusts; instead, participants sign each other’s keys and progressively build a web of individual public keys interconnected by links formed by these signatures.

— Proof-of-work approach

— Blockchain outline

Stage 2: Blockchain establishment

In 2009, Nakamoto implemented the first blockchain as an alternative to the current financial system. It was the public ledger for transactions made using bitcoin.

Stage 3: Drifting away from digital currency

In 2016, IBM donated what was to become known as the Hyperledger Fabric, one of the biggest distributed ledger projects under the Hyperledger umbrella. In 2017, Vitalik Buterin announced his plans to switch the Ethereum network’s mining technique from proof of work to proof of stake.

Stage 4: Blockchain today

Blockchain and the finance industry

Blockchain and the retail industry

Blockchain and the logistics industry

Blockchain and the insurance industry

Summary

Contact us today to see how blockchain technology can drive performance and efficiency for your organization.

Let’s connect.

https://www.linkedin.com/in/bhaviklimbani/
https://www.linkedin.com/in/bhaviklimbani/

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