HISTORY OF BLOCK CHAIN:

In 2008 a group of people called Satoshi Nakamoto gave the concept of blockchain for the first
time. Satoshi Nakamoto is recognized as the main source to bring blockchain technology in to
existence. People are not familiar with Nakamoto. It is commonly believed they are the pioneers
who worked on Bitcoin which is the first application of digital ledger technology. Nakamoto
recuperated the design in a significant way using a Hashcash-like method to timestamp blocks.
This did not require them to be signed by trustworthy concerns. Moreover, it helped to reduce
speed with which blocks are added to the chain. Nakamoto applied this design as a basic element
of the cryptocurrency Bitcoin, where it served as the public ledger for all transactions on the
network. Nakamoto after conceptualizing the first blockchain in 2008 explored ways into many
applications beyond cryptocurrencies. Later, in 2009 Satoshi Nakamoto issued the first
whitepaper about the technology. The whitepaper, included details of this technology with
respect to how well prepared it is to enrich digital trust and also giving decentralization concept
which means no one is in control of anything. At last, Satoshi Nakamoto quitted and dispensed
Bitcoin development to other main developers.
Cryptographically secured chain of blocks was explained by Stuart Haber and W. Scott Stornetta
in 1991. The purpose behind implementing it was to record sequence of encoded information i.e.
timestamps could not be interfered with it. It was further modified in 1992 by Bayer, Haber and
Stornetta. They integrated Merkle trees with the design in order to enhance its proficiency and
enabled it to accumulate numerous testimonials in to one block. Thus, digital ledger technology
progressed and resulted in new invention Blockchain which finally came into existence in 1991.
Bitcoin blockchain file size was about 20 Gigabytes on August 14, 2014 which consisted records
of all the transaction occurred on the network. The size augmented to 30 Gigabyte on January
2015. The size further grew from January 2016 to January 2017 from 50 Gigabyte to
100 Gigabyte. Satoshi Nakamoto originally used the words Block and Chain separately but
eventually propagated as Blockchain by the year 2016.

STRUCTURE OF BLOCKCHAIN
Blockchain refers to a peer-to-peer distributed ledger which is secured and used to maintain the
records of numerous transactions across several computers. The contents of the ledger can only
be renewed by adding another block linked to the previous block. It can be proposed as a peer-to-
peer network running on top of the internet. In simple words, blockchain is a manifesto which
permits people to execute various distinct transactions without central or trusted arbitrator
assistance. After making database it is shared among network participants transparently so that
content is accessed everyone. Database is managed by operating peer-to-peer network and a time
stamping server. The arrangement of the block is such that it references the content of the
previous block.