Blockchain: Utility and History
One of the most important, if not the most important, part of crypto-security is what is called a blockchain. A blockchain is what makes crypto-currency even possible by decentralizing data and information.
As avid readers of the Medium account (follow us if not!), you already know why blockchain is such an important technology. It is the basis of cryptocurrency and offers solutions for problems previously thought unsolvable. If you have yet to read our last post about blockchain, click here for background reading.
Seventeen years before the first cryptocurrency emerged, Stuart Haber and W Scott Stornetta invented the concept of blockchain, which includes timestamping documents. Their 1991 paper detailed how calculating hash values (numeric value of a fixed length that uniquely identifies data) and using private keys to sign off submitted data. Sound familiar? That’s because this is nearly identical to how Bitcoin works!
Blockchain made its public debut at the same time as Bitcoin (background reading) in 2009, but the two technologies are not the same. Bitcoin can not exist without blockchain, but blockchain can be used for many other purposes.
Separate from Bitcoin, blockchain is extremely effective when developing inter-organizational cooperation methods. At it’s core, it is an extremely efficient way of storing and communicating data.
The first era of blockchain was dedicated and rather limited to transactional processes(Bitcoin). A digital ledger technology of this kind lends itself generously to many applications in the finance world, and it is still very prominently used that way today.
Innovator Vitalik Buterin ushered in the next wave of blockchain application when he created the Ethereum Network. The Ethereum Network not only supports smart contracts but decentralized applications as well.
What are smart contracts and why are they so important? Stay tuned to this page for an in-depth look at this technology, but we can offer a brief summary here. Smart contracts are the same as a regular contract used to exchange an asset, but they eliminate the need for a middleman(bank, lawyer ect).
There are endless applications of blockchain technology and not enough time in one article to explain them all. As we look into this golden future, we are able to catch a glimpse of how blockchain will elevate our life. Some of these life-altering applications include secure sharing of medical data, personal identity protection, and voting.
JIFU is committed to full transparency and we have been hard at work developing a token that actively benefits our members. None of this would have been possible without the existence of blockchain. JIFU is also dedicated to making JIFUcoin a true utility token, meaning that our members can use it to buy products, services, and travel experiences.
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