BLOCKCHAIN Explained | Technology Behind Cryptocurrency | History Of Blockchain Technology

The blockchain technology was described in 1991 by the research scientist Stuart Haber and W. Scott Stornetta. They wanted to introduce a computationally practical solution for time-stamping digital documents so that they could not be backdated or tampered. They develop a system using the concept of cryptographically secured chain of blocks to store the time-stamped documents.

In 1992, Merkle Trees were incorporated into the design, which makes blockchain more efficient by allowing several documents to be collected into one block. Merkle Trees are used to create a 'secured chain of blocks.' It stored a series of data records, and each data records connected to the one before it. The newest record in this chain contains the history of the entire chain. However, this technology went unused, and the patent lapsed in 2004.

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