concept of Blockchain was first introduced in 2008 with a publication of :
“Bitcoin- A peer-to-peer Electronic cash system”, a paper by an anonymous
person or group named Satoshi Nakamoto (A pseudonym and till date no one is
sure as to who it is).
was then practically implemented in 2009 as a core component of the digital
currency, Bitcoin. It served as a digital public ledger which would store all
the transaction data on the network.
January 12 2009, the first Bitcoin transaction took place between Hal Finney
and Satoshi Nakamoto and on October 12 2009, #bitcoin-dev is registered as a
discussion topic on freenode IRC (an open source project forum) and the
Bitcoin market is established in October 31 2009 and it allows people to
exchange paper money for Bitcoin. This is when people begin to recognize it as
a digital currency.
In May 2010, the
first Bitcoin purchase was of 10,000 bitcoins for a pizza. The cost at that
time was $25 and today, it is about $ 120000000. By November 210, participation
in the Bitcoin marketplace increases the market cap to exceed $1M USD.
By Febuary 2011, BTC continued to increase in value and reached equality with USD ($1 USD= 1 BTC) and by March 2013, BTC market goes past $1B USD. 10 times the growth in less than 3 years!
Satoshi claimed to have solved the problem of ‘Double spend’ in digital
currency using theblockchain technology in Bitcoin. Double spend is basically
the idea of spending digital currencyin two places. This is a problem which is
(like nothing else in the world) to digital types of moneysince it can be
copied or produced again easily. This would not be an issue is case of physical
types of money since they cannot be easily copied and the parties involved in
the transaction caneasily (check for truth/prove true) them. In case of digital
currency, there is a risk that the holderof the currency could make a copy of
the digital symbol/symbolic and send it to the (person who sells things) or
someone else while keeping/holding the original.Bitcoin became the first
digital currency to have solved this problem of double spend without requiring
a third party or a trusted administrator.