As part of the summary, we briefly list the benefits specific to blockchain technology:
Trust and security – users can be sure that they receive data without errors. It is impossible to edit the data. There is no administrator who can delete or edit data. Confidential information is not public. It is worth noting that each additional block provides the authenticity of the previous block. Thus, any attempt to manipulate the data is visible and it is impossible for third parties to tamper with the data.
Increased efficiency – there is no problem of time-consuming reconciliation of records (due to the fact that the network and data are stored in one coherent ecosystem based on a peer-to-peer network).
Completeness of information – most often, the transaction ledger answers the following questions: what was bought / sold, when, how much and where (of course, what exactly the transaction ledger contains depends on the features of this ledger).
Blockchain is an issue that is very hot today and is considered the technology of the future. However, it should be noted that the history of blockchain is longer than it may seem. This type of technology was first mentioned in 1991.
In this case, the system used cryptographically protected strings of blocks to store time-stamped digital documents. The following dates in the development of blockchain technology are 2000 (the concept of a distributed ledger that provides access to financial data), 2004 (the development of a system that allows the exchange of tokens between users), 2005-2006 (the concept of virtual currency called B Gold and b-money).
All these dates preceded the breakthrough moment – November 9, 2008. It was then that the cryptocurrency using blockchain technology was made public. This cryptocurrency, of course, was Bitcoin. Currently, there are many more similar projects. In addition to bitcoin, Etherium, which is based on the so-called blockchain 2.0, is particularly popular. The breakthrough of Ethereum is that you can run code (called a smart contract) in consecutive blocks.