Did you know that the centralized ledger system prevailed from a really long time ago? More than 5000 years ago, clay tablets were used as a record keeping centralized ledger. Here, the ancient Mesopotamians would draw pictures in row and columns along with punching holes to keep track of how many items they had in store. Quite fascinating, isn’t it?
But about 700 years ago, a newer kind of centralized ledger system emerged in northern Italy. Here, merchants tried to accomplish a logical connection between all the entries. Every item on the centralized ledger would have a debit and credit entry. So, you would have to enter the item twice. Apparently, this new form of centralized ledger was the pathway to “capitalism.”
The typical banking systems and keeping records came long after that. Where people used to keep everything record on paper. But after the invention of computers, everything started to digitize. In the 1980s and 90s computer system started to take over the typical banking centralized ledger systems.
And just ten years ago, a new form of decentralized database structure emerged. In 2009, Satoshi Nakamoto introduced the first distributed ledger technology that gets rid of the whole authoritative environment and promotes a fairground.
And this is how the revolutionary centralized ledger technology came into being. To clear it up, let’s jump into the next section, where I’ll explain what this distributed ledger system is all about.
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