Part 2/7:
While Bitcoin garners much of the attention, its true significance lies in the blockchain, the underlying ledger technology that supports it. Blockchain serves as a decentralized method for recording ownership claims and property rights. This technology represents a significant leap from historical methods of maintaining records, from ancient stone tablets to parchment and paper ledgers.
The evolution of property rights tracking has always required technology to achieve permanence and prevent fraud. Initially, ownership was denoted through physical means, such as stones or parchment—a feasible method, but not immune to manipulation. The introduction of databases in the 1970s was another advancement; however, they remained centralized, placing control in the hands of a single entity.