Blockchain History

The blockchain provides the technology that powers cryptocurrencies. The concept behind blockchain technology was first presented in 1991 by research scientists Stuart Haber and W. Scott Stortnetta, who devised a computationally efficient method for time-stamping digital documents to prevent forgery or backdating. However, this technology was never used, and the patent expired in 2004, four years before the invention of Bitcoin.

In 2004, Harold Thomas Finney II, introduced a system called reusable proof of work (RPoW). The system operated by collecting a non-exchangeable or a non-fungible Hashcash based proof of work token and in return created a RSA-signed token that could then be transferred from person to person. RPoW ensured that there was no double spending by creating a transparent server so that everyone could see and attest to its integrity. RPow is indirectly the early prototype of cryptocurrency.

Bitcoin was birthed in 2008 by a person or group  of people known as Satoshi Nakamoto, using trusted computing function like the RPoW to secure and decentralize transactions. Bitcoin is mined when a miner finds a block for and confirms transactions. The first bitcoin block was mined by Satoshi Nakamoto, for a reward of 50 bitcoins in January 2009. 

Vitalik Buterin, in 2013 attempted create a scripting language for bitcoin. His proposal was rejected, and he went ahead to found Ethereum, another block-chain based platform to include this feature we know today as 'smart contracts'.
According to an article by the Binance Academy,

"Smart contracts are  programs or scripts that are deployed and executed on the Ethereum blockchain, they can be used for example to make a transaction if certain conditions are met"

 These smart contracts are written in certain programming languages and can be used to create decentralized apps (DApps) which are applications that run on the Ethereum blockchain.

Today, there are new innovations in blockchain technology or that use blockchain technology everyday and a lot more people are embracing it because of its significant advantages. Blockchain technology is seeing application in many different fields not only limited to cryptocurrency.

References 

[1] Binance Academy, 'History of Blockchain' (online, 2022) <https://academy.binance.com//en/articles/history-of-blockchain>.
[2] BULB, 'Write to Earn. Read to Earn' (online, 2022) <https://www.bulbapp.io/>