Insights on History of the Blockchain Industry

Posted by Joe Smith on July 26th, 2022

What started as an infrastructure underlying Bitcoin cryptocurrency, the Blockchain technology has emerged as a true game changer. The technology, while introducing new possibilities and applications every now and then, has gained its own share of hype and scams.

Each and every  blockchain software development company should be well aware about the history of blockchain as well. 

1. Blockchain 1.0

The first generation of Blockchain was meant to improve the traditional monetary system. Bitcoin and other cryptocurrencies were introduced in this phase, which were mostly written in C++ and used to employ PoW (Proof-of-Work) consensus model.

2. Blockchain 2.0

While Bitcoins remained a hype in the market, Ethereum and Smart Contracts came into the limelight in the second Blockchain generation. The developers started treating Ethereum not merely as a cryptocurrency, but also a platform to deliver a scalable experience and build Dapps.

3. Blockchain 3.0

The next generation of Blockchain 3.0, is supposed to be the generation showcasing the most efficient Blockchain-based solutions. The team of expert blockchain app developers have gained the advantage of going with different consensus mechanisms besides PoW for their projects. 

4. Blockchain 4.0

With businesses lining up to adopt blockchain and making it the center element of their tech solutions, presently Blockchain 4.0 brings approaches and solutions for industries that makes it functional for business demands.

Industry 4.0 focuses on automation, integration of execution frameworks, and enterprise resource planning. Blockchain helps this modern industrial revolution by providing an increasing degree of privacy and security insurance.

While evolving from 1.0 to 4.0, Blockchain gained a huge momentum in the market – in one or the other form.

The technology continued to enjoy wider adoption across the globe – though not uniformly in all countries.

Learn more: https://appinventiv.com/blog/real-impact-of-blockchain-technology-on-economy/