Timeline of important and notable events in the development of 'Blockchain Technology'
Let us take a closer look at the emerging technology that is
taking the world by storm. The sudden and dramatic rise of blockchain is
attributed to cryptocurrency. In fact, a digital asset such as cryptocurrencies
heralds the ‘Beginning of Blockchain's Technological Rise’ across the globe.
Experts think that blockchain technology is the future of
mankind that has the potential to change the lives of humans after the
internet.
Blockchain’s most well-known use (maybe for most lawmakers and some countries it is controversial) is in cryptocurrencies. So what are these cryptocurrencies that make it so controversial and alluring too? Cryptocurrencies are digital currencies (or tokens), like Bitcoin, Ethereum, or Litecoin, that can be used to buy goods and services. Similar to the digital form of cash, crypto can be used across the board to purchase food, grocery, clothes, and vehicle for your next home. Unlike cash, crypto uses blockchain to act as both a public ledger and an enhanced cryptographic security system, so online transactions are always recorded and securely.
Although blockchain is a new technology, it already boasts a rich and fascinating history. The following is a brief timeline of some of the most important and notable events in the development of blockchain.
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. Today it's worth $80 million. 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 was launched by early
Bitcoin developer Vitalik Buterin.
2013
BTC's 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 (e.g., smart contracts).
2014
Ø Gaming company Zynga, The D Las Vegas
Hotel, and Overstock.com all start accepting Bitcoin as payment.
Ø 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.
Ø R3, a group of over 200 blockchain
firms, is formed to discover new ways blockchain can be implemented in
technology.
Ø PayPal announces Bitcoin integration.
2015
Ø Number of merchants accepting BTC
exceeds 100,000.
Ø NASDAQ and San-Francisco blockchain
company Chain team up to test the technology for trading shares in private
companies.
2016
Ø Tech giant IBM announces a blockchain
strategy for cloud-based business solutions.
Ø The government of Japan recognizes
the legitimacy of blockchain and cryptocurrencies.
2017
Ø Bitcoin reaches $1,000/BTC for the
first time.
Ø Cryptocurrency market cap reaches
$150 billion.
Ø 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.
Ø Bitcoin reaches its all-time high at
$19,783.21/BTC.
Dubai
announces its government will be blockchain-powered by 2020.
2018
Ø Facebook commits to starting a
blockchain group and also hints at the possibility of creating its own
cryptocurrency.
Ø IBM develops a blockchain-based
banking platform with large banks like Citi and Barclays signing on.
2019
Ø China’s President Ji Xinping publicly
embraces blockchain as China’s central bank announces it is working on its own
cryptocurrency
Ø Twitter & Square CEO Jack Dorsey
announces that Square will be hiring blockchain engineers to work on the
company’s future crypto plans
Ø The New York Stock Exchange (NYSE)
announces the creation of Bakkt - a digital wallet company that includes crypto
trading
2020
Ø Bitcoin almost reaches $30,000 by the
end of 2020
Ø PayPal announces it will allow users
to buy, sell and hold cryptocurrencies
Ø The Bahamas becomes the world’s first
country to launch its central bank digital currency, fittingly known as the
“Sand Dollar”
Ø Blockchain becomes a key player in
the fight against COVID-19, mainly for securely storing medical research data
and patient information
0 Comments