Where does the rapid development of Blockchain technology come from?

Blockchain technology, one of the biggest technologies of the 21st century, has had impacts on many different fields, from finance to manufacturing to education.

In 1991, Stuart Haber and W. Scott Stornetta laid the foundation for Blockchain technology with the idea of ​​a cryptographically secured digital ledger system. Their system allowed for transparent and immutable tracking of changes to documents, laying the foundation for what would later become Blockchain.

In 1992, they continued to develop the system by introducing Merkle trees, which improved efficiency and scalability. However, it was not until 2008 that Blockchain really broke through with the birth of Bitcoin.

In 2008, Satoshi Nakamoto, a person (or group, organization) known as the father of Bitcoin and Blockchain technology, published a whitepaper describing Bitcoin, a decentralized currency system based on Blockchain technology.

Since the birth of Bitcoin, Blockchain has developed at breakneck speed. New applications are constantly being created, exploiting the power of Blockchain to solve problems in many fields such as finance, supply chain, identity management,.

In 2013, Vitalik Buterin, one of the pioneers in the Bitcoin community, saw the great potential of Blockchain but was concerned about Bitcoin's limitations. Buterin aspires to create a more flexible Blockchain platform that can support a variety of applications.

In 2015, Ethereum was officially launched, marking an important turning point in Blockchain history. Ethereum is not only a cryptocurrency but also a platform that allows the development of decentralized applications (DApps) through "smart contracts".

Smart contracts are understood as automatically executing programs stored on Blockchain. They have the ability to facilitate transactions that are said to be secure, transparent, and efficient without the need for intermediaries.

The ability to support smart contracts has made Ethereum the ideal platform for countless applications in many fields such as finance, supply chain, identity management, etc. The Ethereum developer community is growing grow, contributing to the strong development of the Ethereum ecosystem.

Also in 2015, Hyperledger was founded by the Linux Foundation. Hyperledger's goal is to accelerate enterprise adoption of Blockchain, focusing on improving the efficiency and reliability of existing systems for global business transactions.

Since 2017, the Blockchain field has witnessed the birth of many new projects, known as Blockchain 3.0. These projects focus on solving the limitations of previous generations of Blockchain, while expanding the applicability of Blockchain to many new fields.

Blockchain technology is still considered by many countries as one of the important options for economic development goals. According to a report by Grand View Research, the global Blockchain market reached 5.92 billion USD in 2021, expected to increase to 163.83 billion USD in 2029.

Vietnam is highly appreciated for its Blockchain development potential. TechSci Research's report shows that Vietnam's Blockchain market will grow by double digits in the period 2023-2027. The representative of the Vietnam Blockchain Association affirmed that Vietnam is currently one of the countries with the leading rate of Blockchain adoption and development.

The attractiveness of Vietnam's Blockchain market is demonstrated by the appearance of many innovative startups. There are currently about 10 startups founded by Vietnamese people with a capitalization of over 100 million USD, typically Kyber Network of Luu The Loi has successfully raised 52 million USD from more than 21,000 investors worldwide.

According to data from the DTS Group Digital Transformation Alliance, there are currently about 17 million wallets related to cryptocurrencies and digital assets (NFT). Every year, about 500 - 1,000 businesses apply Blockchain to their business activities.

Jessica Tanner

Update 03 May 2024