October 31, 2008, a white paper from an anonymous person or organization named Satoshi Nakamoto was published which explained a novel approach to send money from sender to receiver directly without involving any financial intermediaries. The paper gave a name to this concept — Bitcoin. Since, Bitcoin uses some underlying concepts of cryptography, this new way of exchanging money was categorized as cryptocurrency. The only purpose of Bitcoin was for financial transactions but researchers realized that its foundational technology can be harvested to build other secure and robust applications that can revolutionize the way current systems work. “Blockchain” was the name given to this foundational technology. Lots of technical words? Let’s simplify!