Part I – the background to blockchain technology
In this section, we will go through cryptocurrency mining with blockchains. Producing bitcoins with blockchains made the technology disruptive. The purpose of this section is to understand how the blockchain adventure started before moving on to subsequent uses of blockchain technology.
Blockchain technology will transform transactions in every field. Blockchains appeared in 2008. Nobody knows for sure who invented them. Each block contains an encrypted hash of its predecessor (previous block), the DateTime (timestamp) data, and the information regarding the transaction.
For more than 1,000 years, transactions have been mostly local book-keeping systems. For the past 100 years, even though the computer age changed the way information was managed, things did not change that much. Each company continued to keep its transactions to itself, only sharing some information through tedious systems.
Blockchain makes...