History of Blockchain

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History of Blockchain
Although blockchain is a relatively new technology, it already boasts a rich and interesting history. The following is a brief timeline of some of the most important and notable events in the development of blockchain.

Blockchain Evolution
The first concept of blockchain dates back to 1991, when the idea of a cryptographically secured chain of records, or blocks, was introduced by Stuart Haber and Wakefield Scott Stornetta. Two decades later the technology gained traction and widespread use. The year 2008 marked a pivotal point for blockchain, as Satoshi Nakamoto gave the technology an established model and planned application. The first blockchain and cryptocurrency officially launched in 2009, beginning the path of blockchain's impact across the tech sphere.

 

2008
Satoshi Nakamoto, a pseudonym for a person or group, publishes "Bitcoin: A Peer to Peer Electronic Cash System."
2009
The first successful Bitcoin (BTC) transaction occurs between computer scientist Hal Finney and the mysterious Satoshi Nakamoto.
2010
Florida-based programmer Laszlo Hanycez completes the first ever purchase using Bitcoin — two Papa John's pizzas. Hanycez transferred 10,000 BTCs, worth about $60 at the time.
The market cap of Bitcoin officially exceeds $1 million.
2011
1 BTC = 1 USD, giving the cryptocurrency parity with the US dollar.
Electronic Frontier Foundation, Wikileaks and other organizations start accepting Bitcoin as donations.
2012
Blockchain and cryptocurrency are mentioned in popular television shows like The Good Wife, injecting blockchain into pop culture.
Bitcoin Magazine 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 other possibilities besides Bitcoin (like smart contracts).
2014
Companies Zynga, The D Las Vegas Hotel and Overstock.com all start accepting Bitcoin as payment.
Buterin's Ethereum Project is crowdfunded via 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 formed to discover new ways blockchain can be implemented in technology.
PayPal announces Bitcoin integration.
The first-known NFT is minted
2015
Number of merchants accepting BTC exceeds 100,000.
NASDAQ and San-Francisco blockchain company Chain team up to test the technology for trading shares in private companies.
2016
Tech giant IBM announces a blockchain strategy for cloud-based business solutions.
The government of Japan recognizes 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 announces its government will be blockchain-powered by 2020.
2018
Facebook commits to starting a blockchain group and also hints at the possibility of creating its own 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 is working on its own cryptocurrency.
Twitter & Square CEO Jack Dorsey announces that Square will 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 company that includes crypto trading.
2020
BTC almost reaches $30,000 by the end of 2020.
PayPal announces it will allow users to buy, sell and hold cryptocurrencies.
The Bahamas becomes the world's first country to launch its central bank digital currency, fittingly known as the "Sand Dollar."
Blockchain becomes a key player in the fight against COVID-19, mainly for securely storing medical research data and patient information.
2021
Bitcoin surpasses $1 trillion in market value for the first time.
Popularity for the implementation of Web3 rises.
El Salvador becomes first nation to adopt Bitcoin as legal tender.
Tesla buys $1.5 billion in BTC, becoming the first car manufacturer to accept Bitcoin as a form of automobile 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 interest rates.
Google launches a dedicated Digital Assets Team to provide customer 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 game.

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