1991-2008: Early Years of Blockchain Technology
How did blockchain come about? Stuart Haber and W. Scott Stornetta envisioned what many now know as blockchain in 1991. Initially, their first project involved creating a network of cryptographically secured blocks where no one could tamper with the timestamp records of documents.
In 1992, they upgraded their system to incorporate Merkle trees, which enhanced efficiency by allowing more documents to be collected in a single block. However, it was in 2008 that Blockchain History began gaining relevance, thanks to the work of an individual or group known as Satoshi Nakamoto.
Satoshi Nakamoto is credited as the mastermind behind blockchain technology. Very little is known about Nakamoto, as it is believed that he could be an individual or a group of people who worked on Bitcoin, the first application of digital ledger technology.
Nakamoto conceptualized the first blockchain in 2008, from which the technology evolved and found its way into many applications beyond cryptocurrencies. Satoshi Nakamoto released the first whitepaper on the technology in 2009. In the whitepaper, he detailed how the technology was well-equipped to enhance digital trust, given its decentralized nature, meaning that no one would ever control anything.
Since Satoshi Nakamoto stepped away and handed over Bitcoin development to other developers, digital technology has evolved, resulting in new applications that shape the blockchain story.