The word “Blockchain” was first introduced in 2008 by Satoshi Nakamoto in the research paper named as, “Bitcoin: A Peer-to-Peer Electronic Cash Systems”. Blockchain is coined from two words“Block” and “Chain”. Block is a group of transactions or data, and blockchain is the chain of validated blocks. The first blockchain went live in 2009 in the form of Bitcoin network. People started exploring the use cases of blockchain in 2011 and there was not much progress in blockchain space during that time. Very few people figured out the potential of Blockchain in 2012 and new cryptocurrencies emerged. Companies like Ripple started in 2012 and the awareness about blockchain increased during 2013. The complexity of the blockchain proves to be the hindrance for mass adoption.
The invention of blockchain paved way for a new Internet known as Web 3.0 or Decentralized Internet. With the inception of the blockchain, a new field emerged known as Distributed Ledger Technology(DLT). During the period of Web 2.0, we saw the emergence of social media and e-commerce platforms. Web 2.0 revolutionized the social interactions, bringing producers and consumers of information closer. There is always a middleman acting as a trusted intermediary between two parties in Web 2.0 applications. These Web 2.0 applications dictate all the rules of transactions and own all the data of the end user. Web 3.0 technologies like blockchain can do transactions without the involvement of middleman. Bitcoin is the first use case of Web 3.0 application. The bitcoinblockchain is also known as the first generation of the blockchain. Ethereumblockchain introduced the concept of smart contracts, which is also known as the second generation of the blockchain.
Blockchain is a decentralized record of the transaction. A block is a record of transactions or data(land registry or medical record or voting record). Once the block is filled with transactions or data, the block is added to the chain which creates a chain of blocks known as blockchain. Each transaction in a block is encrypted using cryptography. Cryptography is a branch of mathematics which is used to convert plain text into an encrypted text known as cypher text. The name Cryptocurrencies is derived from Cryptography. The transactions or data in the block is encrypted in a blockchain and we need to solve the complicated mathematical problem to process the transaction or data. The process in which the machine solves the mathematical problem and validates the transaction is known as Mining. The consensus is a process, which is used to achieve agreement on one data value among distributed systems or processes.Back to top
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