The word Blockchain as it is intended today has come a long way: it should be noticed that the term itself cannot be found in the original Bitcoin white paper written by the unknown Satoshi Nakamoto who defined at first an electronic coin as a chain of digital signatures. Nakamoto presented a white paper named Bitcoin: A Peer-to-Peer Electronic Cash System in late 2008, while the Bitcoin network itself started on January 3rd 2009 when the first block of the chain was mined. Later, the term Blockchain began to be recognized as a chain of blocks that hold batches of all the valid transactions ever made since the beginning of the aforemen-tioned network.
But what do we really mean when we say Blockchain? What about Distributed Ledger Technology? And what if we read that a company is deploying a private Blockchain?
It is becoming increasingly clear that there should be more clarity when talking about Blockchain technology at large. Today, when talking about Blockchain, many imply the Bitcoin Blockchain while they would rather refer to a private Blockchain: they talk about Blockchain security and, if so, where’s the mining with the correlate Proof-of-Work which gives strength to the network? They talk about resiliency but if it is a private Blockchain by design there’s a single point of failure which corresponds to the node who runs and controls the whole network.
It is undeniable that given the relative young age of this tech there’s still a lot of confusion within the industry. Blockchain developments are moving quickly but there’s a need of creating a common ground in terms of terminology to help those who work and research in Blockchain being able to communicate their achievements to the public.
This is exactly what we are doing during our Blockchain Academy where by starting from the very core of Blockchain technology we help our attendees to grasp all the necessary knowledge to move at ease within this field.
Find out more about our Blockchain Academy at the following link. Don’t miss our Early Bird Promotion