Notes

Innovation
Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto,[58][104] with block chain technology in the text of a white paper published in 2008.[3]:2 The paper was submitted to a cryptography mailing list in 2008 and appeared in various other publications, beginning in 2009.[55][104][101][105]

A white paper was then released on 29 August 2009.[3] This white paper mentioned the use of decentralized timestamping and digital signatures.[107]

Prior art about the blockchain includes scientific papers and patents dating to at least 1975.[88][90][104][108]

Cryptocurrency

The cryptocurrency system developed from the bitcoin system. Research indicates that at least eight cryptocurrency systems have been proposed and about seventy were in existence as of July 2017.[109] Though originally motivated by cryptocurrency, the blockchain does not have to be cryptographically secured, and was designed to be immutable and public—even if integrity is lost, the history of actions remains available to be verified by anyone.

Purposes
While there are some who use and advocate for private blockchain systems, there are many other applications such as the Internet of Things, supply chain management, crowd-sourcing, real estate transactions, electronic voting and auctions, clinical trials, contract signing, and academic transactions.: ch.

Smart contracts
Smart contracts are software applications that facilitate, verify, or enforce the negotiation or performance of a contract. They were invented in 1994 by Nick Szabo and, as of 2017, are being tested on a blockchain Ethereum with the support of co-creators Joseph Lubin, Stephen Tual, and Gavin Wood. There are two classes of smart contracts: DAO smart contracts, and trust-minimized smart contracts: ch.

An example of a DAO smart contract is the DAO, which was planned as an organization that would exercise decisions and control through crowdsourced voting.[15]

Trust-minimized smart contracts do not need a trusted third party to enforce contracts. Such contracts are more difficult to build, as they require that some level of trust be placed in the software that is being used. https://tikdogloader.com/ Some have concluded that the complexity of the mechanisms involved for implementing trust-minimized contracts is too high to be practically viable[15]: ch.

Economics and business

Critics argue that the blockchain represents a fundamental technological change to the way that economic activity is carried out, and may be
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