TRIVERGENCE

4Blockchain

In 2008, a mysterious figure named Satoshi Nakamoto published a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This paper introduced the concept of blockchain—a decentralized ledger that could securely record and verify transactions without the need for intermediaries. Nakamoto's creation, Bitcoin, became the first successful implementation of blockchain technology.

As Bitcoin gained popularity, developers and visionaries began to explore the potential of blockchain beyond cryptocurrency. They realized that the underlying technology could be applied to various sectors, providing transparency, security, and immutability. In essence, a blockchain is an encoded digital ledger stored on multiple computers in a public or private network. It consists of data records, or blocks, aggregated into time-stamped chains that cannot be changed or deleted by a single actor; instead, they are verified and managed through automation and shared governance protocols. As a result, blockchain provides an unassailable, immutable transparent record.

Blockchain's potential was soon realized beyond the financial realm. Entrepreneurs and innovators began to develop new blockchain-based platforms. Ethereum, introduced in 2015 by Vitalik Buterin, allowed for the creation of smart contracts and decentralized applications (DApps). This opened doors for a new wave of innovation and experimentation.

In their best-selling book Blockchain Revolution, Don and Alex Tapscott described ...