In our last edition of the Reseller Edge newsletter, we discussed the basics of Cryptocurrency and how to understand this potential game changer. As our series continues, we look at the breakthrough technology behind it, blockchain. According to a Statista report, “Worldwide spending on blockchain solutions is expected to grow from $1.5 billion in 2018 to an estimated $11.7 billion in 2022.”
The History Behind Blockchain
The concept of blockchain dates back the early 1990s with W. Scott Stornetta and Stuart Haber. TechBullion states, “In 1991, the pair described the first work on a cryptographically secured chain of blocks.” Nearly three decades later, and shortly after the bank crisis of 2008, a person or group of people that went by the name of Satoshi Nakamoto, developed a decentralized currency based off of a technology called blockchain. Nakamato wanted to create a form of payment (cryptocurrency) which wasn’t controlled by a government, institution, or third party.
Blockchain is defined as a decentralized, distributed, and incorruptible digital ledger that is used to record transactions across many computers. According to Ginni Rometty, the CEO of IBM, “What the internet did for communications, blockchain will do for trusted transactions.”