History of Blockchain | Evolution of Blockchain

Although blockchain is a relatively new technology, it already boasts a wealthy and interesting history. The next is a short timeline of some of the most necessary and notable events in the growth of blockchain.

Blockchain Evolution

The primary idea of blockchain dates back to 1991, when the idea of a cryptographically secured chain of data, or blocks, was launched by Stuart Haber and Wakefield Scott Stornetta. 20 years later the technology gained traction and widespread use. The year 2008 marked a pivotal point for blockchain, as Satoshi Nakamoto gave the expertise an established model and planned application. The primary blockchain and cryptocurrency formally launched in 2009, starting the trail of blockchain’s impact throughout the tech sphere.

2008

• Satoshi Nakamoto, a pseudonym for an individual or group, publishes “Bitcoin: A Peer to Peer Electronic Cash System.”

2009

• The primary profitable Bitcoin (BTC) transaction happens between computer scientist Hal Finney and the mysterious Satoshi Nakamoto.

2010

• Florida-based programmer Laszlo Hanycez completes the first ever buy using Bitcoin — two Papa John’s pizzas. Hanycez transferred 10,000 BTCs, the price about $60 at the time.
• The market cap of Bitcoin formally exceeds $1 million.

2011

• 1 BTC = 1 USD, giving the cryptocurrency parity with the US dollar.
• Electronic Frontier Foundation, Wikileaks and other organizations begin accepting Bitcoin as donations.

2012

• Blockchain and cryptocurrency are talked about in standard tv shows like The Good Wife, injecting blockchain into popular culture.
• Bitcoin Magazine was launched by early Bitcoin developer Vitalik Buterin.

2013

• BTC market cap surpassed $1 billion.
• Bitcoin reached $100/BTC for the first time.
• Buterin publishes the “Ethereum Project” paper, suggesting that blockchain has different prospects in addition to Bitcoin (like smart contracts).

2014

• Companies Zynga, The D Las Vegas Hotel and Overstock.com all begin accepting Bitcoin as payment.
• Buterin’s Ethereum Challenge is crowdfunded through an Initial Coin Offering (ICO) raising over $18 million in BTC and opening up new avenues for blockchain.
• R3, a group of over 200 blockchain firms, is fashioned to discover new methods blockchain may be applied in technology.
• PayPal announces Bitcoin integration.
• The first-known NFT is minted

2015

• The variety of retailers accepting BTC exceeds 100,000.
• NASDAQ and San-Francisco blockchain company Chain group as much as test the expertise for trading shares in personal corporations.

2016

• Tech giant IBM broadcasts a blockchain strategy for cloud-based enterprise solutions.
• The federal government of Japan acknowledges the legitimacy of blockchain and cryptocurrencies.

2017

• Bitcoin reaches $1,000/BTC for the first time.
• Cryptocurrency market cap reaches $150 billion.
• JP Morgan CEO Jamie Dimon says he believes in blockchain as a future technology, giving the ledger system a vote-of-confidence from Wall Street.
• Bitcoin reaches its all-time high at $19,783.21/BTC.
• Dubai broadcasts its authorities will be blockchain-powered by 2020.

2018

• Facebook commits to beginning a blockchain group and in addition hints at the potential of creating its personal cryptocurrency.
• IBM develops a blockchain-based banking platform with large banks like Citi and Barclays signing on.

2019

• China’s President Ji Xinping publicly embraces blockchain as China’s central bank announces it's working on its own cryptocurrency.
• Twitter & Square CEO Jack Dorsey announces that Square shall be hiring blockchain engineers to work on the company’s future crypto plans.
• The New York Stock Exchange (NYSE) announces the creation of Bakkt - a digital wallet firm that features crypto trading.

2020

• BTC virtually reaches $30,000 by the end of 2020.
• PayPal announces it's going to enable customers to buy, sell and hold cryptocurrencies.
• The Bahamas turns into the world’s first nation to launch its central bank digital currency, fittingly referred to as the “Sand Dollar.”
• Blockchain turns into a key participant in the fight against COVID-19, primarily for securely storing medical research data and affected person information.

2021

• Bitcoin surpasses $1 trillion in market value for the first time.
• Reputation for the implementation of Web3 rises.
• El Salvador becomes first nation to adopt Bitcoin as a legal tender.
• Tesla buys $1.5 billion in BTC, changing into the primary car producer to simply accept Bitcoin as a type of vehicle payment.
• The metaverse, a virtual environment incorporating blockchain technology, garners mainstream attention.

2022

• Cryptocurrency loses $2 trillion in market value, due to economic inflation and rising rates of interest.
• Google launches a devoted Digital Assets Team to offer buyer support on blockchain-based platforms.
• The U.K. government proposes safeguards for stablecoin holders.
• Popular video game Minecraft bans blockchain technologies and NFT use in its sport.