Blockchain - Past, Present and Future

If you're wondering whether the buzz around blockchain is worth investigating, the answer is yes. You should definitely attempt to figure out what all the hoopla is about because, believe me, it will have an influence on your career, business, or even your day-to-day life much sooner than you realize.

Let me first explain this idea since Blockchain has transcended the technology itself – and confidently state: Blockchain is not Bitcoin! Let me tell you what blockchain really is about before we dive into understanding the past, present and future of blockchain.

What exactly is a blockchain?

Blockchain is a means of storing information in such a way that editing, hacking, or tricking the system is difficult or impossible.

A blockchain is basically a digital accounting record that is duplicated and distributed throughout the network of computers that make up the blockchain.

Each block on the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to the ledger of every participant.

The blockchain's novelty is that it ensures the accuracy and security of a data record and produces trust without the requirement for a trusted third party.

Past/History of Blockchain:

When we talk about the history, it all boils back to why and by whom Bitcoin was developed. - Stuart Haber and W. Scott Stornetta, two research scientists, described blockchain technology in 1991.

They wished to present a computationally feasible approach for time-stamping digital documents in order to prevent them from being backdated or tampered with.

Hal Finney, a computer scientist and cryptography campaigner, presented Reusable Proof Of Work (RPoW) as a prototype for digital payment in 2004. Satoshi Nakamoto also theorized the principle of distributed blockchains in 2008.

He enhances the concept in a novel way, allowing blocks to be added to the original chain without having to be signed by trustworthy parties. The updated trees would keep a secure record of data transfers.

It timestamps and verifies each trade via a peer-to-peer network. It may be administered independently, without the need for a centralized authority.

Because of these advancements, blockchains have become the backbone of cryptocurrencies. Today, the design acts as the public record for all bitcoin transactions.

As is typical of most new disruptive breakthroughs and the upheavals that accompany them, the first reaction from leaders throughout the existing banking system was one of furious dismissal and outright derision.

Disruption implies lost revenues and the possibility of going out of business; others are concerned about the effects of the US dollar losing its status as the world's reserve currency.

Present day Blockchains:

Blockchain research is gradually shifting away from bitcoin and toward enterprises considering all possible applications for the digital ledger technology. How it generates a distributed, decentralized chance to seek and trace provenance; all past knowledge and data flow surrounding a product or service.

A digital ledger, which provides for open-source visibility of all types of transactions and information, has significant applicability in digital commerce and supply chain, and is making its way into corporate contexts.

Examples of some of the most fascinating use cases in the news today were addressed, such as Nestle, which is currently developing a supply chain blockchain prototype for monitoring milk.

Specifically, attempting to demonstrate providence for milk sourced ethically. If you can verify and show consumers total transparency in the tracking of the milk they buy, it boosts the product's attraction, price, and value.

Other nations that have adopted this technology are recruiting expertise and entrepreneurs in this expanding field. Because of the regulatory uncertainties, several U.S. enterprises developing with this technology are already exiting the country.

The future of Blockchains:

There are about 50 businesses that are starting to use blockchain, including every major bank in the world. Many are extremely fresh initiatives, mostly existing as prototypes and not yet ready for production.

Recently, BlockSpace was actively involved in lobbying for reasonable legislation in Florida, forming a blockchain taskforce to make recommendations on how this innovation could be used and best regulated to start creating and attract more businesses to the state.

Unlike California and New York, Florida is becoming an excellent paradigm for how the future requires leadership in taking up the mantle of this and other technology.

It was suggested that business leaders mobilize for greater education and launch several local and regional business efforts in order to have the correct kinds of talks and allow this technology to flourish.

What's the big deal about blockchain technology?

There have been several attempts in the past to generate digital money, but they have all failed. Trust is one of the overarching issues.

Bitcoin was created to address this issue by utilizing a sort of database known as a blockchain. Most conventional databases, such as a SQL database, include someone in charge who has the authority to update the records.

Blockchain is unique in that no one is in control; it is run by the individuals who utilize it. Furthermore, bitcoins cannot be counterfeit, hacked, or double spent, so those who hold this currency may be confident that it has some monetary worth.

Blockchain is an infrastructure-level technology, which means it will ultimately be utilized by everyone. So, my advice is to avoid becoming sidetracked, drawn into fear-driven debates, or distracted by inconsequential matters.

We must comprehend blockchain technology and how it operates. Concentrate on the underlying technology rather than the price of bitcoin and other cryptocurrencies.

If you are still hungry to learn more, here is a YouTube video by 3Blue1Brown that I think might be helpful.