Introduction to Blockchain technology 4.0
At the current time, Blockchain technology 4.0 is leading the trend in the information technology industry around the world. However, this technology has also experienced a long development journey with several versions before. In today’s article, Coming will go through the journey of this advanced technology from the early days until the newest version.
History of the Blockchain versions
1991-2008: The appearance of the Blockchain idea
The period 1991-2008 is considered as the beginning of the first version of Blockchain. The idea of a cryptographically protected blockchain was initiated by Stuart Haber and W. Scott Stornetta in 1991. This invention was innovated in 1992 through collaboration with Merkle trees. As a result, a block is allowed to contain more information and would not be faked. Then, in 2008 an individual or a group of people under the name Satoshi Nakamoto released the first complete version of the Blockchain platform.
2008-2013: Blockchain Version 1.0 (BTC)
In the 2008 – 2013 period, we witnessed the emergence of Bitcoin as the first application of Blockchain 1.0. Bitcoin is a digital currency with a transaction system that ensures absolute security, safety, and speed. However, at this stage, Blockchain 1.0 technology is still simple and mainly applied in financial transactions such as supporting currency conversion transactions, building digital payment systems, and improving monetary algorithms.
2013-2015: Blockchain Version 2.0 (ETH)
The Blockchain 2.0 version is distinguished from the previous version by the development of the Ethereum platform. This is the foundation of building exchanges and storing assets platforms without the control of central agencies and organizations. Users of Ethereum are not required to provide personal information, in other words, the technology gives users full controlling permission over their personal information. The platform’s dedicated cryptocurrency, Ether, is used to pay for transactions located on Ethereum.On the other hand, Ethereum allows users to program blockchains to control features on their apps and supports smart contracts. While Bitcoin is just a currency payment network, then Ethereum can be used for financial transactions, games, social networks, and other applications where users are kept private.Furthermore, this period also experienced the development of Hyperledger. This is an open-source project to create a Blockchain ledger, which improves the efficiency and transparency of business transactions.
2018: Blockchain Version 3.0 (DAG)
Besides the basic platform upgraded from the previous two versions, Blockchain 3.0 version also develops a cloud platform (Cloud Node), an Open Chain Access Protocol, and a microchip (Blocklet). In addition, the outstanding feature of blockchain 3.0 technology related to the DAG – Directed Acyclic Graph structure. It can be seen that under this structure, data in the Blockchain network is transmitted cyclically and follows a one-way direction, which solved the double-spending problem of previous Blockchain versions.
Period 2022 – present: Blockchain version 4.0
This is the most advanced Blockchain technology that has penetrated many areas in modern society and satisfied the demand of users. This version has been improved to target businesses and organizations and is expected to become a powerful assistant which helps transactions in applications to be conducted in a quick, secure, and efficient way. The features of blockchain technology 4.0 will be explained in more detail in the parts below of this article.
Improvements of Blockchain technology 4.0
Blockchain technology 4.0 not only inherits and improves the advantages of previous versions but also:
- Allows nonprofessional users to experience developing, building, and operating Decentralized Application – Dapp.
- Secures users’ information as well as ensures immutability and automatic retention of transaction information in their application,
- Provides high processing speed which is similar to the experience of surfing the web while fully performing important tasks.
- Solve the risk of data leakage based on the information decentralization mechanism.
- Develop an integrated IDE framework that supports Dapp to be cross-compatible with Blockchain platforms and allows operating on multi-platform Blockchain 4.0.
It can be said that Blockchain technology is still in the process of developing to meet more and more demands of businesses in the modernized and automated society.
Application of Blockchain technology 4.0
Here are some outstanding projects based on the foundation of Blockchain technology 4.0:
Callicrypto project in finance
This is a project based on the foundation of cryptocurrencies and Blockchain technology 4.0, which aims to create a safe payment and transaction platform for users. Focusing on creating a decentralized eSignature platform, the Callicrypto project is designed to be multi-platform to work on multiple devices, including mobile and desktop devices. In addition, Callicrypto supports various cryptocurrencies, which allows users to pay and transfer globally.
VeChain project in supply chain management
VeChain applies Blockchain technology 4.0 to provide efficient supply chain management, which gives manufacturers, suppliers, and customers permission to track and manage products accurately and reliably. Besides, users can also trace the origin and manage data by using a safe and secure information network protected by the encryption layer of Blockchain. In addition, it is also a cost-effective application for users and can support several different industries such as food and beverage, healthcare, insurance, or finance.
FitMax project in the healthcare industry
FitMax is a Web3 application developed to become a useful tool in the healthcare industry by Coming company. As a mobile application designed to help users track their process of physical fitness training and body metrics, FitMax has shown the success of a great combination of Blockchain technology 4.0 – AR and WHO. Users can record their physical activities, plan their exercises, and track their diets to make their workout process more effective. Moreover, FitMax also provides support services to help users stay up to date with healthcare expert knowledge, as well as advice from doctors and consultants.
Propy project in the Real Estate
The participation of Blockchain technology 4.0 has allowed Propy to develop features including: managing and transferring the real estate asset, solving the dispute, ensuring transparency, and supporting legal papers and processes for related parties. By solving outstanding problems in real estate, Propy has become a popular project because of its ability to save costs, reduce risks and increase transparency in the transaction process.
In this article, we have analyzed the development history as well as the improvements and applications of Blockchain technology 4.0. It can be seen that the technology has high applicability in many fields and is still being innovated in the future. In case your business desires to apply this technology to improve your services, you should consider Coming.io company – one of the leading digital transformation and automation service and solution providers – as your reliable partner. Let us support you to take advantage of this technology and bring your business to the digital age!