Updated blockchain index.md (#26721)

Added additional information to history section & added new resource to more information section
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AngusCornall
2018-12-18 13:27:00 +11:00
committed by Christopher McCormack
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@ -13,14 +13,14 @@ A blockchain is built out of a combination of two different “hash-based data s
Even though blockchain can be applied to a big range of problems, it is not the solution to everything. This technology is usually used to solve problems where the parties don't trust each other. Even though blockchain can be applied to a big range of problems, it is not the solution to everything. This technology is usually used to solve problems where the parties don't trust each other.
A third party is usually needed to validate trust relationships. In the most common example, which is the banking system, a trusted authority is needed, such as a bank, to intermediate transactions, manage accounts, verify balances, and validate transfers. Blockchain then, comes in this case to replace the regulatory authority. In the case of cryptocurrencies, it replaces the figure of the bank, doing all the validations and guaranteeing the security and veracity of the transactions. A third party is usually needed to validate trust relationships. In the most common example, which is the banking system, a trusted authority is needed, such as a bank, to intermediate transactions, manage accounts, verify balances, and validate transfers. Blockchain then, comes in this case to replace the regulatory or central authority. In the case of cryptocurrencies, it replaces the figure of the bank, doing all the validations and guaranteeing the security and veracity of the transactions.
For this reason Blockchain is also known as **"The Trust Protocol"**. For this reason Blockchain is also known as **"The Trust Protocol"**.
## History ## History
The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. They wanted to implement a system where documents' timestamps could not be tampered with or backdated. In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the design, which improved its efficiency by allowing several documents to be collated into one block. The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. They wanted to implement a system where documents' timestamps could not be tampered with or backdated. In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the design, which improved its efficiency by allowing several documents to be collated into one block.
The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. It was implemented in the following year by Nakamoto as a core component of the cryptocurrency, bitcoin, where it serves as the public ledger for all transactions on the network. The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. It was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network. The identity of Satoshi Nakamoto is not known, with some claming him to be an Australian or Japanese man.
In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20 GB (gigabytes). In January 2015, the size had grown to almost 30 GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50 GB to 100 GB in size. Furthermore, Nakamoto introduced the concept of proof of work to ensure a more decentralised trust in the records' security. In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20 GB (gigabytes). In January 2015, the size had grown to almost 30 GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50 GB to 100 GB in size. Furthermore, Nakamoto introduced the concept of proof of work to ensure a more decentralised trust in the records' security.