Who Invented Blockchain Technology? – The Big, Unanswered Question

This question remains a sort of mystery in the blockchain community and the world at large because there is still speculation as to the identity of who invented the technology. History shows that the idea behind blockchain technology was born in 1991. Two men by the names of Stuart Haber and W. Scott Stornetta experimented to store documents on a cryptographically secured chain of blocks and allowed those documents to be gathered and collected into blocks.
However, the innovation didn't draw much attention until 2008, when Satoshi Nakamoto provided an impetus to use the blockchain. He solved some significant technical problems which prevented the technology from being functional. Satoshi founded Bitcoin – a peer-to-peer electronic cash system built on blockchain technology. He also published the Bitcoin whitepaper, which outlined the coin’s predicted milestones.
Many people speculated about the identity of “Satoshi Nakamoto.” There have been numerous debates as to whether it is a single person, a duo, a group of people, or even a government, and whether the name is a pseudonym. Over the years, some evidence have linked the name to many different individuals, but none of them has been identified and confirmed as Satoshi Nakamoto.
Two things are certain though. First, whoever Satoshi Nakamoto is, he or she must now be wealthy. It is rumored that Satoshi holds about one million bitcoins. With the value of Bitcoin today, holding such a volume of Bitcoins would translate into billions of dollars.
Second, whether his or her identity is confirmed or not, and whatever his or her intentions were, blockchain technology has developed into the most prominent innovative technology of the decade, and Bitcoin – its brainchild – has transformed the way we look at digital currency today. In this article, we outline some ways blockchain technology has influenced the world as we know it:

  • Blockchain technology enables faster payment and transfer of financial values
  • Blockchain technology has revamped the data-storage system
  • The technology has enabled a less corruptible election process
  • “Red-tapism” is becoming obsolete
  • Blockchain technology enhanced such concepts as transparency and accessibility.
  • People now enjoy absolute control over their personal information
Blockchain technology enables faster payment and transfer of financial values Blockchain technology has revolutionized how payments and the transfer of money are conducted today. With its fast and highly secure method of processing transactions, payment transfers are carried out immediately with little charge. Its tamper-proof nature ensures that securities and confidential information are safely stored on the blockchain.
Considering the success that blockchain technology is currently achieving, the services of financial institutions may be rendered obsolete in the near future.

Blockchain technology has revamped the data-storage system

Storing data and information in a central database makes the database susceptible to cyber attacks, data loss, and human error. With the help of encryption, blockchain technology guarantees an impenetrable database.

The technology has enabled a less corruptible election process

Blockchains can be used to register voters, verify voters’ identity, and monitor e-vote counting to ensure all votes are legitimate. Its distinctive decentralized feature has been useful in creating an unchangeable public ledger of recorded votes. This is an excellent step in the right direction to ensuring elections are genuinely free and fair. Ukraine, for example has already adopted this blockchain-based voting system.

“Red-tapism” is becoming obsolete.

Blockchain technology helped to cut out unnecessary bureaucratic redundancies that plague governments and public institutions, thus increasing their productivity.
With its automated, simple, and efficient mode of operation, delays are eliminated, fewer officials are required to process documents or render services. This also guarantees a low chance of not only human error but also other shortcomings that afflict the public service system.

Blockchain technology enhanced such concepts as transparency and accessibility

Blockchain technology runs on a distributed network, meaning it functions via numerous computers which are scattered all over the world. Any data stored on a single computer in the network is automatically stored across all computers in the network. This means any individual can access the information, provided he is privy to the encryption code or key necessary for the validation of ownership. This attribute is what gives blockchain its title of “public ledger.” It is like a public logbook that can be accessed by anyone.
This distributed network is especially attractive to individuals who deal with the central depository of group information. With blockchain technology, such depositories are accessible by any member of the group as long as he or she possesses the right keys. For example, in the investment industry, there is now very little possibility for fraudulent or selfish acts, as shareholders and investors all have equal access to confidential details about company securities.

People now enjoy absolute control over their personal information.

There have been contentions as to whether depositing personal details on blockchains is safer than conventional methods, but over time, this has proven to be true. You are in absolute control of your confidential information and how you share it. You can set your permissions so that only you can endorse and validate your transactions.
However, even with these notable achievements, blockchain technology is not without its shortcomings. Nonetheless, it is here to stay! Currently, various projects and experiments are being carried out to strengthen the technology’s weak points and ensure that it will ultimately involve its full potential and value upon humanity.

Comments

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