You will read that blockchain is a form of distributed ledger technology (DLT) . Basically, a ledger that keeps accounting data - the oldest type of database known in history. For as long as civilizations have been engaging in trade or organized systems of government, methods of record keeping using ledger have been in use.
With the advent of the internet we began digitizing the ledger, and eventually in 1990 distributed ledgers where designed to manage document updates using timestamps across servers. A decade later the DLT concept was taken further by designing block structure to hold data.
Between 1990s and early 2000s, there were a series of developments toward digital currencies based on various cryptographic concepts.
Most notably, 1998 Nick Szabo created a digital currency: Bitgold . It was the first attempt at blockchain based cryptocurrency for peer to peer transactions. However digital assets are easily duplicated and BitGold was not able to resolve the common issue of double spending for peer-to-peer digital currencies without third party entities to authorize transactions.
In 2008 blockchain was fully developed, by someone going under the pseudonym of Satoshi Nakamoto published the paper, Bitcoin: A Peer-to-Peer Electronic Cash System. Bitcoins blockchain solution is the first blockchain to solve the double spending problem without needing any centralized authority as financial institutions are used today - hence Bitcoin introduced the first decentralized blockchain solution for p2p transactions.
Hello, My name is Uzma