Blockchain

In order to understand Blockchain, it is necessary to know its history

To understand a bit the history of blockchain, we will break down its principles or basic technological foundations that compose it in the different areas of functionality. Blockchain is a single integrating technological element, which becomes a layer whose main purpose is to provide and facilitate consensus and security. What is necessary to understand to know more about the history of blockchain?

  • Turing machine (Alan Turing)
  • Theory Prize (John von Neumann, John Forbes Nash Jr)
  • Cryptography
  • Merkle tree (Ralph Merkle)
  • Econometrics

The blockchain History

If we could see a Blockchain functioning in physical reality, we would have to imagine the Universal Machine created by Alan Turing (1936 – 1937). Basically, this is the fundamental principle of what today, after 83 years, tries to approach its ideas and visions. We must also add the references on which Alan Turing was based, such as John von Neumann’s game theory.

Cryptography comes to these principles to unify concepts and provide ideas of functionality and security in the hands of elements created by Ralph Merkle. Its main contribution, which are the so-called Merkle Trees, lay the foundations of a structure that under functions (Hash) and cryptographic algorithms developed by the cryptographer Whitfield Diffie converge into a contribution that would go well beyond their contributions, structuring a technology that today some call BLOCKCHAIN.

In 1991 and 1992 the first case of public use is denoted by Stuart Haber and W. Scott Stornetta of the American company Bellcore where through a White Paper they try to explain how to place a time stamp on digital documents using some of the principles such as so were the cryptographic functions (Hash), Arbol de Merkle and distributed trust.

In 1994 to 1998 born from the hand of Nick Szabo (in the image) what he calls the Cryptographic Puzzle (Game Theory) and the so-called Smart Contracts inspired by the technologies already named. Nick Szabo tries to replicate the use of these technologies in what he calls the Bit Gold. At this point there are many actors that appear and make certain contributions with a purpose or a unique element which is today called the first application of usability of a Blockchain the BITCOIN.

In 2004 Harold Thomas Finney II, cryptographic and computer programmer for the PGP Corporation, created what was called RPoW (Reusable Proof of Work), being in 2009 the first recipient to receive the first Bitcoin transaction by of the person or group Satoshi Nakamoto. That same moment would be the birth of the Blockchain, the basis of the first decentralized Cryptocurrency in the Bitcoin world, under a decentralized distributed trust scheme, PoW (Proof of Work), Merkle Tree and other elements.

In our days we will discover how BLOCKCHAIN technology is the fundamental basis of what will be called in the not too distant future as the internet of value.

Blockchain = Internet of value