Blockchain technology was introduced in 2008 by an entity under a pseudonym Satoshi Nakamoto. The technology gained a lot of attention in recent years due to its potential to revolutionize many fields and new applications are constantly researched. In simple terms the blockchain technology refers to a fully distributed system of ordered, immutable and append-only ledgers connected in a chain-like structure.
The most well-known implementation and application of blockchain is Bitcoin virtual currency, from which the technology originates. Bitcoin is a fully distributed, public and permissionless peer-to-peer system which utilizes Proof ofWork. Another implementation of blockchain technology is provided by Ethereum Foundation in a form of Ethereum Platform. It is a decentralised blockchain platform utilizing Proof of Work and smart contracts to provide infrastructure for multitude of applications. Finally, Multichain is a platform for creation of private blockchains using consensus protocol similar to Practical Byzantine Fault Tolerance. It was designed for usage within organizations and for financial transactions.
Blockchain starting to be more and more useful and important in different domains of industry and administration, and private life.