Blockchain is to become a dominant game changer technology in many industries and markets around the world as it eliminates the middlemen while boosting business performance. Its implementation in modern supply chain management has resulted in fantastic results where whole chain has been automated while redundancies and middlemen are eliminated. The backbone of blockchain implementation as of this writing comes down to three platforms: Ethereum, Hyperledger and Corda. In short, the evolution of blockchain started with bitcoin or cryptocurrency, then gradually bitcoin technology is adopted by Ethereum for developing blockchain applications. Later on, other blockchain development derivatives such as Hyperledger and Corda platforms are emerged.
In this article, we briefly review the evolution of blockchain technology such as its different development phases and platforms.
Ethereum Blockchain Development
Although cryptocurrency or bitcoin technology gained popularity and adopted by many technology enthusiasts, it has the following shortcomings:
To address these issues, Vitalik Buterin, a Canadian cryptocurrency researcher and programmer, proposed the idea of Ethereum in late 2013. Funded by an online crowdfunding sale—an ICO—the system went live on July 30, 2015, with 11.9 million coins premined for the crowdsale.
The core idea for Ethereum is to implement a general purpose blockchain. With that, users can address a wide range of business problems. Ethereum introduced a few key concepts:
The idea of Solidity was initially proposed in August 2014 by Gavin Wood. The Ethereum project's Solidity team led by Christian Reitwiessner later developed the language. It is one of the four languages (Solidity, Serpent, Lisp Like Language (LLL), Viper, and Mutan) that was designed for Ethereum virtual machine (EVM).
The introduction of the smart contract concept, along with others, has significant implications:
Bitcoin and Ethereum, along with many of their variations, are collectively called public blockchain, since they are open to everyone who is interested in participating in the network. No approval is required. Public blockchains cannot satisfy the needs of many companies. As per these firms' business models, a participant has to receive approval before being authorized to join a network. To satisfy their needs, private blockchain platforms are implemented by modifying public blockchain platforms such as Ethereum and adding an authorization and entitlement component.
Since the membership of a private blockchain network is tightly controlled, several things can be simplified. For example, the consensus algorithm is simplified. Consequently, a primary blockchain platform has much better performance. Also, a private blockchain does not require that you issue a coin so that it gets its work done. Hyperledger is a well-known private blockchain. It is also referred to as an enterprise blockchain.
Ethereum greatly expanded the blockchain technology's capabilities. However, there are many scenarios where Ethereum is not enough, as we just pointed out. The issues of Ethereum are restated here:
Big companies across industries are addressing these issues. They form consortia to work on enterprise blockchain projects. With a permission-based enterprise blockchain network, a node has to receive approval before it can join the network. Hyperledger is one of them.
The Linux Foundation (LF) created the Hyperledger project in December 2015. Its objective is to advance cross-industry collaboration by developing blockchains and distributed ledgers. On July 12, 2017, the project announced its production-ready Hyperledger Fabric (HF) 1.0.
Currently, Hyperledger includes five blockchain frameworks:
The blockchain technology is still in its early stages. It may take many years before it becomes mature and its potential has been fully explored. At the moment, there is no universally agreed way to classify generations for the technology.
According to Melanie Swan, blockchain has 1.0 – 3.0 phases as follows:
Some others divided the blockchain evolution into four generations:
Regardless of how the generations are defined, it is certain that the growth of this technology is far from over. New ideas and implementations will be incorporated into the existing platforms to deal with challenges from real-life problems. In other words, blockchain technology will be nimble and is self-adjusted to be an enabler in resolving business problems. Issuing a cryptocurrency or a token is more relevant to public blockchains.
Now that you learned about blockchain technology phases and evolution, here is a list of related articles that are highly recommended:
Here is a list of related blockchain classes that are highly recommended:
Through High School Technology Services or HSTS, we offer private custom tutoring classes both online and in DC, MD and VA for almost all of our courses or bootcamps starting from $60 per hour. Give us a call or email us to discuss your needs.
We offer many intense hands-on bootcamp classes such as full-stack web development, blockchain engineering, software engineering with Java, etc. You can go to our Bootcamps page to learn more.
Are you ready to invest in yourself, reinvent your career and earn a high income? That's great! Give us a call or email us to discuss your needs!
Coding Bootcamps and High School Technology Services are among brands of WEG2G Group