History and Future of Blockchain
Summary
TLDRThis course delves into the evolution and future of blockchain technology. Starting from its conceptual roots in the 1990s with cryptographically secured blocks and decentralized currencies, it traces the journey to 2008 when Bitcoin, created by the mysterious Satoshi Nakamoto, revolutionized the financial industry by preventing double spending without third-party intervention. The course outlines the progression from Blockchain 1.0 to 3.0, with a shift from cryptocurrencies to smart contracts and application-oriented uses. It projects significant growth, with the blockchain industry expected to reach 3.1 trillion dollars by 2030, highlighting its potential to transform various sectors.
Takeaways
- 📚 Blockchain is a combination of pre-existing technologies, not a completely new concept.
- ⏳ The journey of blockchain started in 1991 with cryptographically secured blocks and evolved through different stages to its current form.
- 🔒 In 1991, Stuart Haber introduced timestamp control, a crucial component for securing data in blockchain.
- 💡 In 1998, Nick Szabo created 'bit gold', the first decentralized digital currency, which laid the groundwork for cryptocurrencies.
- 🌐 In 2000, Stephen Konst introduced the concept of a cryptographically secure chain of blocks, which is fundamental to blockchain technology.
- 🌟 2008 marked a significant shift with the introduction of Bitcoin by the mysterious figure or group known as Satoshi Nakamoto.
- 🚀 Bitcoin's introduction in 2008 addressed the problem of double spending and provided a decentralized financial solution during a time of economic crisis.
- 🔄 The transition from blockchain 1.0 to 2.0 occurred in 2014, with a focus shift from cryptocurrencies to smart contracts, largely due to the development of Ethereum.
- 🏢 In 2015, Hyperledger, an open-source blockchain project, was started by Linux, aiming to make blockchain application-oriented and accessible to various industries.
- 🔮 The era of blockchain 3.0 began in 2018, emphasizing the use of blockchain for a wide range of applications beyond just financial transactions.
- 📈 According to Gartner research, the blockchain industry is expected to grow exponentially, reaching a value of 3.1 trillion dollars by 2030.
Q & A
What is the significance of the year 1991 in the history of blockchain?
-1991 is significant because it marks the first work of cryptographically secured blocks, which laid the foundation for the development of blockchain technology.
Who introduced the concept of a decentralized digital currency in 1998?
-Nick Szabo, a computer scientist, introduced the concept of Bit Gold, the first decentralized digital currency, in 1998.
What was the first theoretical concept of a cryptographically secure chain of blocks proposed in 2000?
-Stephen Konst was the first person to propose the concept of a cryptographically secure chain of blocks, which is essentially what we now call a blockchain.
Why is the year 2008 considered a turning point in the history of blockchain?
-2008 is a turning point because it's when Satoshi Nakamoto released the Bitcoin whitepaper, introducing the concept of Bitcoin, the first digital cryptocurrency built on blockchain technology.
What problem did Bitcoin solve that made it famous?
-Bitcoin solved the problem of double spending, which is when the same digital token is spent twice. This innovation was crucial during the financial crisis of 2008 when trust in financial institutions was low.
What is the difference between Blockchain 1.0 and Blockchain 2.0?
-Blockchain 1.0 was primarily focused on cryptocurrencies like Bitcoin. Blockchain 2.0 introduced smart contracts and expanded the use of blockchain to other applications beyond just currency, as exemplified by platforms like Ethereum.
What was the role of Hyperledger in the evolution of blockchain?
-Hyperledger, an open-source blockchain project initiated by Linux in 2015, allowed industries to contribute to blockchain projects and develop application-oriented blockchain solutions.
What does Blockchain 3.0 represent?
-Blockchain 3.0 represents the era where blockchain technology is used for a wide range of applications across various industries such as health, supply chain, finance, and government services, focusing on enhancing trust and security.
According to Gartner research, what is the projected value of the blockchain industry by 2030?
-Gartner research projects that the blockchain industry will be worth approximately $3.1 trillion by 2030.
What is the main focus of the upcoming videos in the series?
-The upcoming videos will focus more on Bitcoin, blockchain, and Ethereum, providing deeper insights into these technologies and their applications.
Outlines
📚 Introduction to Blockchain's History and Future
This paragraph introduces the course on blockchain technology, focusing on its historical development and future prospects. It mentions that while blockchain is a relatively new buzzword, the underlying concepts have been around for some time. The paragraph outlines the evolution of blockchain from its early cryptographic beginnings in 1991 to the present, highlighting significant milestones such as the introduction of bit gold in 1998, the theoretical concept of a cryptographically secure chain of blocks in 2000, and the pivotal year of 2008 when Satoshi Nakamoto introduced Bitcoin, addressing the issue of double spending and marking a significant shift in financial trust.
🚀 Evolution of Blockchain from 1.0 to 3.0
This segment delves into the progression of blockchain technology, from its initial focus on cryptocurrencies with Bitcoin in 2009 to the introduction of smart contracts with Ethereum in 2015. It discusses the transition from Blockchain 1.0, which was primarily about cryptocurrencies, to Blockchain 2.0, where the emphasis shifted to smart contracts and other applications. The paragraph also covers the emergence of enterprise blockchains like Hyperledger in 2015, which aimed to make blockchain application-oriented. Finally, it describes Blockchain 3.0, which is characterized by the use of blockchain for a wide range of applications across various industries, reflecting a broader trust requirement.
🔮 Forecasting the Growth of the Blockchain Industry
The final paragraph provides a forecast of the blockchain industry's growth, suggesting that by 2020, the industry would be worth 10 billion dollars, and by 2022, it would reach 176 billion dollars. It projects that by 2030, the blockchain industry could be worth 3.1 trillion dollars, indicating a significant and sustained expansion. The paragraph concludes by summarizing the historical evolution of blockchain and the transition from Bitcoin to application-oriented scenarios, setting the stage for further discussions on Bitcoin, blockchain, and Ethereum in upcoming videos.
Mindmap
Keywords
💡Blockchain
💡Cryptographically Secured Block
💡Bit Gold
💡Smart Contracts
💡Satoshi Nakamoto
💡Double Spending
💡Ethereum
💡Hyperledger
💡Blockchain 3.0
💡Gartner Research
Highlights
The course will explore the history and future of blockchain technology.
Blockchain is built on concepts that are not new, but their amalgamation is innovative.
A timestamp chart from 1991 to 2022 illustrates the evolution of blockchain.
Blockchain 1.0 to 3.0 represents the progression from basic to advanced application-oriented uses.
1991 saw the first work on cryptographically secured blocks by Stuart Haber.
Bit gold, introduced in 1998, was the first decentralized digital currency.
Stephen Konst introduced the concept of a cryptographically secure chain of blocks in 2000.
Satoshi Nakamoto's 2008 paper introduced Bitcoin, the first application of blockchain.
Bitcoin solved the problem of double spending without third-party interference.
The 2008 financial crisis highlighted the need for a trusted financial system like Bitcoin.
2014 marked the shift from blockchain 1.0 to 2.0 with the introduction of smart contracts.
Ethereum, launched in 2015, enabled the development of smart contracts on blockchain.
Hyperledger, an open-source blockchain project, was started in 2015 to focus on enterprise applications.
Blockchain 3.0, established in 2018, expanded the use of blockchain to various industries beyond finance.
Gartner research predicts a significant growth in the blockchain industry, reaching 3.1 trillion dollars by 2030.
The course will continue with more in-depth discussions on Bitcoin, Ethereum, and blockchain's future.
Transcripts
welcome to this course
of blockchain today continuing in our
course
we will see about the history and
the future of blockchain we will be
talking about
that how did blockchain evolved and what
does the research suggest
us about the future of blockchain
blockchain as we have seen is a
buzzing technology a new technology but
actually the concepts on which the
blockchain is built
is not new today we'll be seeing
that how did blockchain came into the
picture and
what are the technologies which it is
using
when these technologies were first used
and how these technologies combined
together to make
this world blockchain and what
the future of blockchain lies so let's
see
a timestamp chart which will give us a
clear picture of
from the history to the future of
blockchain
as you can see over here we have
taken the timestamp from 1991 till 2022
the journey of blockchain from 1991 till
2018
is from blockchain 1.0 then blockchain
2.0
and currently we are living in an era of
blockchain
3.0 what the future lies in 2022
and in 2025 and then in 2030
is also present in this video if we go
back
that how did this blockchain evolve and
what were the banner technologies which
used the concept which was very much
similar which is used in
blockchain so history takes us back to
90s
so this is not something which is very
new which is to be afraid of
remember that it is an amalgamation of
things which was
already there so when we see further we
find
that in 1991
the first work of cryptographically
secured block was done
meaning the cryptographic technique was
used to make a secured block to store
the data
the first work of time stamp control was
done in 1991
by stuart harbour then as we move
forward what do we find is that in 1998
the first decentralized digital currency
was introduced by the name of bit gold
it was a decentralized digital currency
made by nick
says bow a computer scientist so this
digital currency
and a cryptographically block it came
long back in 1990s
so what was stopping blockchain how did
this blockchain came to the picture
we will very soon see to it
in 2000 this block
which we talked about that which came in
1991 and then there was a secured
currency also decentralized currency in
2000
first theoretical concept of
cryptography secured chain of block
means which we call a blockchain it is a
cryptographically secure chain of block
the first concept of psychographically
chain of block was given in 2000
by stephen konst so stephen konst was
the first person
who gave this key concept of
cryptographically secured
block in 2001. now
let's move forward and see
what happened in 2008 which is
considered to be a specific change
in the time of blockchain
having seen this journey from 1991 to
2000
which has already given the major
concept and which has already given the
secure chain of blocks
then what happened in 2008 which is
considered
as a remarkable change in 2008 satoshi
nakamoto
which is not actually actually the known
name
we do not know who is satoshi nakamoto
or whether it is a group of people or
not
but satoshi nakamoto released a paper in
2008
he started working on a concept and he
introduced a term which was known as
bitcoin so bitcoin was an application of
rock chain which was the first digital
cryptocurrency
and the first platform which was used
now why did it become so famous it
becomes so famous because
it solved the problem of double spending
there was a drastic change in financial
institutions
the financial market was going down
there was no trust among any financial
institution
and economy was facing a change in 2008
at the time it was a need of the r
to give something which could be trusted
and satoshi nakamoto
introduced the concept of bitcoin
and which prevented double spending
without
any interference of third party so let's
see
what happened in 2008 from the
time stem in 2008 satoshi nakamoto
introduced the concept of bitcoin
paper was published and in 2009
he officially released this blockchain
platform of 2009.
after the success of this platform of
2009
many more companies and many other
organizations started thinking in the
direction of blockchain
and started thinking in the direction of
cryptocurrencies
the main motive of satoshi nakamoto
bitcoin was not
application oriented it was only focused
on cryptocurrencies
in financial institutions to transfer
money from one party to another party
in the form of digital currency so
satoshi nakamoto was the first person
who collaborated this concept of
secured chain digital currency and
introduced this concept of bitcoin in
2008
which was officially launched in 2009
then in 2014 the
system changed from blockchain 1.0 to
blockchain 2.0
many new cryptocurrencies came into the
market like ripple
ether and there were many others
which came and the focus was still
on crypto currencies but work
shifted from cryptocurrencies to smart
contract
due to ethereum in 2013
ethereum was developed and in 2015
ethereum was finally launched by
virtuallynberrat
he finally launched ethereum in 2015
and the concept changed from bitcoin to
smart contract
from cryptocurrencies to smart contract
where
we could focus on other work through
these smart contract but still
the blockchain did not gain it based
many other cryptocurrencies came
to the picture and it was a boom in the
concept of blockchain
in 2014 so this gave a period of
blockchain 2.0
in 2015 a major project which is known
as an enterprise blockchain
hyper ledger an open source blockchain
project was
started by linux which allowed many
industries to focus on blockchain
project to contribute on blockchain
project
and to make an application oriented
blockchain
so an enterprise blockchain was
introduced in 2015 by a project
of linux called hyper ledger
in 2018 the complete picture
changed in 2018 the concept from
bitcoin smart contracts it's shifted to
application oriented that why can't
these a smart contract why can't this
platform of blockchain
be used for different applications in
different scenarios
wherever possible wherever trust is
required so in 2018
it gave birth to blockchain 3.0
so let's see what happened in blockchain
3.0
in 2018 the focus changed that
blockchain platforms ethereum
hyperledger
they can be used for different type of
applications whether it is health
whether it is supply chain whether it is
finance whether it is
medical lines whether it is government
records
land registries in everywhere where
there are different people which are
involved blockchain can be used so
blockchain 3.0
the era where we are currently living is
came in existence in 2013.
then if we talk about
the present scenario it is
believed that by 2020
we will be having a 10 billion dollar
of work of blockchain by 2022
there will be an industry of blockchain
using
10 billion dollars by 2025
the blockchain industry would be of 176
billion dollar and by 2030
that is approximately nine years from
here
the blockchain industry would be of 3.1
trillion dollar so friends blockchain is
an industry which is there to survive
these records of gartner research
already shows
that what is the future of blockchain
and we have also covered what is the
history of blockchain
how did blockchain evolve from 1991
how the bitcoin paper was introduced by
satoshi nakamoto
and how and shift to the scenario to
application
orientation so that's
for this video we'll be seeing more
about
bitcoin and blockchain and ethereum in
the coming video
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