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The Evolution of Blockchain


Blockchain app development has been continuously on the rise since Bitcoin’s long-lasting bull run took everyone by surprise a couple of years back. Today, blockchain slowly takes over the app development industry. This technology is used in creating crypto wallets, full-fledged exchanges, and even gambling apps or games.

However, the birth of blockchain technology dates way back. It was firstly introduced in 2009 when a mysterious figure by the alias of “Satoshi Nakamoto” launched the project that is now known as Bitcoin and made its first transaction. This was the first stage of blockchain technology, v1.0 and it was viewed as an economic experiment. Since then, this technology has really taken off and has now evolved up to its fourth installment.

V 1.0: Currency

As we’ve said before, blockchain started with the development of Bitcoin, where it implemented the ledger technology. By that point, this version of blockchain was all about currency, assuring that transactions are made securely and anonymously, without any third-party involvement.

V 2.0: Smart Contracts

After people realized that blockchain was not just a simple economic experiment, and it actually showed a lot of promise, Smart Contracts were born. It is basically a computer program that automatically performs or verifies a contract.

With the encryption technology that blockchain brings, Smart Contracts are ultimately impossible to hack. So, as you might have guessed, Smart Contracts saves people a lot of money.

Not only by preventing possible frauds, but also by reducing the costs of verification and execution. The most used blockchain in the smart contracts field is Ethereum.

V 3.0: DApps

A DApp basically stands for a decentralized application. Well, what does that mean?
They essentially store data in the blockchain, as opposed to the usual app where they store everything on a server making them centralized.

DApps cover a wide array of mobile applications. From crypto-wallets to all-out exchanges, and even mobile games or gambling apps. Some examples of DApps are Chainlink, Cipher or TRACEDonate.

The latter found an innovative way to fix the problem of transparency and traceability of charity organizations. We’ve all given to charities to help those in need. But have you ever asked yourself the question of how much of the money you donated, actually goes towards the noble cause?

This app basically answers your question. Because of blockchain, you are allowed to trace the money you’ve just donated and see how they are spent. Even more, as a donor, you can specify to the organization how you want your money to be used.

V 4.0: Blockchain taking over the industry

Today, blockchain technology is slowly making its way into the business world. Things such as automation, resource planning are now key to modern-day businesses, and that’s where blockchain comes to take part in

This type of technology is most useful in health care systems, data collection, supply chain management, and of course, financial transactions.

All in all, blockchain 4.0 is basically blockchain 3.0 but implemented for real-life use.

Conclusion

With that being said, blockchain shows us a lot of promise. It certainly offers innovative business solutions. And surely, this technology will eventually take part in our day to day lives.

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