Basic Intro To Smart Contracts — Gear

A very short history of blockchain technology

The first real use case of blockchain technology was in 2008, when Bitcoin was initially introduced. Bitcoin introduced new ways of facilitating digital financial transactions that did not require traditional financial intermediaries. However, although at the time this was revolutionary, in this state, blockchain technology couldn’t be used for much else.The original iteration of blockchain technology was in a way comparable to the first evolution of websites. With this technology, you could do something that was new and impressive, but its fundamental functionality was severely limited. When blockchain technology was improved however, new possibilities arose, which meant that the second iteration of blockchain technology could be comparable to the introduction of Javascript to web pages. Now developers could build richer, more dynamic applications that greatly impacted user experience.