In 1991, two researchers named Stuart Haber and W. Scott Stornetta introduced blockchain technology to create a system where document timestamps and data could not be messed with.
The first real-world implementation of blockchain came almost two decades later, with the launch of Bitcoin in January 2009. The Bitcoin protocol is built based on top of a blockchain.
In a research paper introducing Bitcoin, Satoshi Nakamoto, the digital currency’s pseudonymous creator, described it as “a new electronic and decentralized cash system that is completely peer-to-peer, with no trusted third party.”
The critical thing to remember is that Bitcoin only uses blockchain to create a transparent ledger of payments; however, blockchain can theoretically record any amount of data items immutably. This might take the shape of monetary transactions, election votes, goods inventories, state documents identifications, home deeds, and much more.
We have seen growth and increase in the use of bitcoin in recent times, and we have also seen a spur in its prices. Bitcoin is named the currency of the new age and democracy by many users.