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1. History
It’s a common perception that blockchain technology was invented with the emergence of Bitcoin, but this is not entirely true.
An early version of a cryptographically secured, timestamped chain of blocks was described by computer scientists Stuart Haber and W. Scott Stornetta in 1991.
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2. Key Features
Most blockchains work as a digital ledger that is shared among a distributed network of computer nodes.
Blockchains are best known for their crucial role in the cryptocurrency industry, for maintaining a secure and decentralized record of transactions.
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3. Use Cases
Blockchain has a large number of use cases. Let's take a look at some examples:
- Remittance: Blockchain simplifies the process of transferring money to a distant location by eliminating unnecessary intermediaries and reducing transaction fees.
- Digital art: NFTs help artists prove the authenticity of their digital works.
- Real estate: Blockchain can be used to facilitate the sale of real estate properties.
- Finance: DeFi protocols enable for the first time to borrow or lend money on a large scale between unknown participants and without the need for a central authority.
- Gaming
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4. Transaction
In January 2009, computer scientist Hal Finney received the world’s first bitcoin transaction from the network‘s pseudonymous founder, Satoshi Nakamoto.
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FUN FACT
In 2010, a Florida-based developer paid 10,000 bitcoin for two pizzas (worth then about $40). It is generally acknowledged as the first commercial bitcoin transaction.
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CURATOR'S NOTE
Are you sure you know everything about blockchain? Blockchain is a word you may have heard many times, but do you know when the technology was invented? Here are 4 facts that are key to understanding blockchain.
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