The Evolution of Blockchain Technology

concept of blockchain technology attracted attention after bitcoin was created by
Satoshi Nakomoto’s
article in 2009. Due to the design of an unusually decentralized system, it has become the focus of not only the crypto money investor but also international companies and governments. 

The concept of bitcoin and blockchain, which started to be discussed on forums in 2010, began to consolidate its place in 2011 when Wikileaks started to accept donations with bitcoin. After this date, the concept of blockchain began to separate from the shadow of bitcoin and came to a position to attract the attention of states. So much so that the Estonian government has started to work to include blockchain technologyin digital identity studies. 

This duo, which began to spread around the world and entered the field of view of states, saw the level of 1000USD in 2013. In the same year, the bitcoin ATM was opened and
Vitalik Buterin published the
ethereum whitepaper. Thus, thanks to the advantages of blockchain technology, the star of crypto coins began to shine. Following these developments, the Ethereum Foundation was established in 2014. By the end of the year, world-famous and proven companies such as Dell and Microsoft began to accept bitcoin for their payments. 

In 2015, “The Economist” magazine crowned bitcoin by moving it to its cover page. Also, this year has been one of the fruitful years for ethereum. In the consortium he established with 9 financial institutions, the Ethereum network reached about 40 members. When the year 2015, which was the turning point of technological infrastructures, was overturned, the hyperledger project was announced. Following these developments, which began to attract China’s attention, the China Blockchain Shenzen Consortium was declared with 31 members. 

In 2017, after China’s predisposition to the cryptocurrency market and blockchain technology was understood, countries did not want to be left behind in the face of this digital transformation and began to tighten their steps. In this context, the Crypto-Economics Research Institute has started its activities in Austria. In 2018, both international organizations and states increased their activities. The European Union has announced blockchain projects and announced that it has created funds. Switzerland has included bitcoin in its tax payments. In the United States, Singapore, Google, Facebook and Twitter have decided to take steps to become members of the same family. 

2019 has been a sensational year with Facebook’s Libra project. Facebook, which rolls up its sleeves to make people who do not have money, who do not use banks anywhere in the world, part of the financial market at even lower costs, has created mobility in the crypto money market. Following this effect, approximately 400 million bitcoin transactions are among the topics of discussion. Blockchain, whose star shines brighter with the influence of both China and Facebook, has become a subject of competition between countries.

China, in particular, has made strides indicating that it wants to lead the competition to make blockchain technology a genius part of social life. When we look at the year, we see that steps have been taken and pilot programs have been created to monitor tons of commercial goods, drugs, forensic cases and personal data with blockchain technology. Based on all these developments, it seems possible to think that the development of blockchain technology will continue to increase in the coming years and integrated systems can be established around the world.