An Introduction to Blockchain Technology

In 2008, an anonymous named Satoshi Nakamoto published a whitepaper, introducing layman- a novel approach of sending money between two parties. The whitepaper introduced the new concept, “ Bitcoin “, where the sender can transact money to the receiver without the interplay of any financial intermediaries.

Since Bitcoin utilized some basic ideas of cryptography, it got placed under the category of cryptocurrency. Initially, the main motivation behind Bitcoin was for money related exchanges, however, specialists and researches understood the immense possibilities of the technology that it can bring in for several industrial platforms. They made note that foundational technology can be reaped to fabricate many robust and secure applications that can reform the manner in which current frameworks work.

Soon, the underlying technology got titled as Blockchain (named after its working protocol) and was put to action for seeking different solutions. Today, Blockchain Technology is far heading the speed of internet making themselves an undeniable application tool.

Blockchain — A Real World Analogy

For instance, let’s assume that we live in a city which comes with a parking ground with the capacity to leave 300 vehicles at one time. Imagine this parking ground has a gate which stays bolted and is possibly opened when a vehicle moves in or out. Let’s see this parking space from different perspectives now.

Now let’s take another instance.

Envision that there are 300 houses in your city and every 300 houses have two-car porch/garages each. To simply the concept, let’s assume that each house has only one vehicle, leaving one porch unused. Suppose the house owners choose to lease the car porch to any individual who needs parking in the city, the model makes it worth to park 300 vehicles or more (in case house owners move out of the city for a while), giving much ease to the inhabitants.

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Originally published at https://www.blockchainexpert.uk.