Quoted from a book entitled Blockchain for Dummies written by Manav Gupta, it is explained that initially blockchain was formed and developed to meet a great need for a system that works more effectively, efficiently, cost-effectively, is more secure, and proven safer to perform tasks such as: recap various financial transactions that occur in the future.
The idea of using blockchain itself was formed in 1991. At that time, there were two people who wrote and published a journal entitled Journal of Cryptography: How to Time Stamp a Digital Document, the two people were Stuart Haber and W. Scott Stornetta.
Initially blockchain was used for use in bitcoin and was developed around 2009. Blockchain development was carried out by a Japanese man named Satoshi Nakamoto.
Unlike the money produced by a central bank, which is still in the form of traditional money, the existence of bitcoin is slightly different where bitcoin does not have a central power or authority and does not have a party working to control it.
Instead of relying entirely on a central authority in terms of monitoring, obtaining verification, and approving transaction requests and for processing money receipts, bitcoin prefers to be activated using a network with peer to peer connections.
