Cryptographer David Chum first proposed a blockchain-like protocol in his 1982 thesis “Computer Systems Established, Maintained and Trusted by Mutually Suspicious Groups.” In 1991, Stuart Haber and W.Scott Stornatta wanted to create document timestamps that could not be tampered with and collect documents into one block.
The full description of how the first blockchain can be seen in the Bitcoin whitepaper, Satoshi describes his blockchain system. Bitcoin is a peer-to-peer electronic cash system that will allow online payments without needing a trusted third party. He also proposed a peer-to-peer network should create a timestamp to form an immutable record.
Crisis Breeds Innovation
Many crypto experts believe that the 2008 financial crisis inspired Satoshi. He wanted to create a pure financial system, meaning his new decentralized system would be independent of banks or the government.
His idea was groundbreaking because before his discovery. It was nearly impossible for countries and companies to complete cross-border transactions without financial institutions. With Bitcoin, transactions can be achieved, recorded, and verified without a middleman.
The unique thing about his system is that it uses a public ledger that allows all transactions to be traced and all addresses closely monitored while protecting the identity of the users. His new system is also powerful because it eliminates a lot of barriers.
Move money easily
For example, If you want to send money to your friend in another country before the bitcoin era, you must go through a central authority known as a Bank. The bank will take your full name and some sensitive information about you. Initiate a transaction and probably charge hefty fees to complete the transaction, but with Bitcoin, you just need to create a wallet to initiate the transaction.
The first blockchain has led to the tremendous development of new blockchain systems, and the use of blockchain has grown beyond the traditional peer-to-peer electronic system. These developments can be widely credited to the Ethereum blockchain system that introduced computer programs to codes known as smart contracts. Blockchain is used in gaming, logistics and supply chain, Insurance, real estate, and banking.
Fuse Network
The development of robust blockchain systems is essential for the world’s future. That is why the Fuse network team is building robust blockchain systems. We launched our blockchain network in 2019 to connect daily payments to the blockchain by leveraging a DeFi infrastructure to create a platform that allows entrepreneurs to turn their communities into valuable economies.
With Fuse Network, anybody can quickly build mobile-friendly applications that automate financial transactions. By linking your business data with Fuse Network’s smart contracts, you can lower the cost of running your business by eliminating complicated IT infrastructures.
