Blockchain history

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 Stuart Haber and Wakefield Scott Stornetta initially proposed a cryptographically protected chain of records in 1991. Twenty years later, the technology took off. Satoshi Nakamoto proposed a paradigm and application for blockchain in 2008. First blockchain and cryptocurrency established in 2009, starting blockchain's tech influence.

 

 Evolution of Blockchain: Phase 1- Transactions

2008-2013: Blockchain 1.0: Bitcoin Emergence

2008• Satoshi Nakamoto releases "Bitcoin: A Peer-to-Peer Electronic Cash System."

2009

• Hal Finney and Satoshi Nakamoto complete the first Bitcoin transaction.

2010

• A Florida coder buys two Papa John's pizzas using Bitcoin. Hanycez sent 10,000 BTCs, worth $60.
Bitcoin's market cap surpasses $1 million. 

2011

• 1 BTC = 1 USD, providing the cryptocurrency parity with the US dollar.

2012

• Vitalik Buterin, an early Bitcoin developer, established Bitcoin Magazine.


Evolution of Blockchain: Phase 2- Contracts

2013-2015: Blockchain 2.0: Ethereum Development

2013

BTC market cap topped $1 billion.
• Bitcoin topped $100/BTC for the first time.
•
Buterin releases "Ethereum Project," offering alternative blockchain uses outside Bitcoin (like smart contracts).

 

2014

 

Zynga, The D Las Vegas Hotel, and Overstock.com accept Bitcoin.
• Buterin's Ethereum Project is crowdfunded through an ICO, generating over $18 million in BTC and expanding blockchain.
• Over 200 blockchain businesses create R3 to find new uses for blockchain technology.
• PayPal introduces Bitcoin integration.
• First NFT issued

 

2015

 

Over 100,000 shops accept BTC.
• NASDAQ and San-Francisco blockchain firm Chain try trading private business shares.

The Linux Foundation announced open-source blockchain Umbrella in 2015. Hyperledger is a collaborative distributed ledger development platform. Hyperledger, led by Brian Behlendorf, promotes cross-industry blockchain and distributed ledger development.
Hyperledger promotes blockchain technology to increase global business transaction performance and dependability.

 

2016

 

• IBM's blockchain strategy targets cloud-based business solutions.
•
Japan acknowledges blockchain and cryptocurrency.

 

2017

 

Bitcoin exceeds $1,000/BTC.
• Cryptomarket cap hits $150 billion.
• JP Morgan CEO Jamie Dimon believes in blockchain as a future technology, giving it Wall Street's backing.
Bitcoin surpasses $19,783.21/BTC.
• Dubai will use blockchain by 2020.

 

Block created EOS. In 2017, a white paper describing a new blockchain system powered by EOS was published. EOS emulates CPU and GPU, unlike other blockchain systems.
EOS.IO is a decentralised operating system and smart contract platform. It encourages decentralised application deployment via an independent decentralised organisation.

 

Evolution of Blockchain: Phase 3- Applications

2018: Blockchain 3.0: the Future

2018 

• Facebook will form a blockchain group and may create its own coin.
• IBM creates a blockchain-based banking platform alongside Citi and Barclays.


2019


• China's president promotes blockchain as the central bank introduces its own cryptocurrency.
• Twitter & Square CEO Jack Dorsey says Square will hire blockchain developers.
• The NYSE unveils Bakkt, a crypto-trading digital wallet.


2020


• BTC nears $30,000 by 2020.
• PayPal launches cryptocurrency buying, selling, and holding.
• The Bahamas launches its central bank digital currency, the "Sand Dollar."
• Blockchain helps tackle COVID-19 by securely storing medical research data and patient information.


2021

• Bitcoin's market value hits $1 trillion.
• Web3 gains favour.
• El Salvador becomes first country to use Bitcoin as legal money.
• Tesla buys $1.5 billion in Bitcoin, becoming the first automaker to accept it.
• The metaverse, a blockchain-powered virtual world, gains popularity.


2022

 • Economic inflation and increasing interest rates cause cryptocurrency's $2 trillion market value loss.
• Google's Digital Assets Team supports blockchain-based systems.
• The U.K. proposes stablecoin protections.
Minecraft forbids blockchain and NFTs.

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