History of Blockchain in Timeline
Blockchain is a distributed, immutable ledger composed of blocks linked cryptographically. Each block contains a hash of the previous block, a timestamp, and transaction data, creating a chain. This structure makes the blockchain resistant to alteration; changing data in any block requires altering all subsequent blocks and achieving network consensus. This inherent security and transparency make it suitable for various applications requiring data integrity, such as cryptocurrencies and supply chain management.
1982: David Chaum proposes blockchain-like protocol
In 1982, David Chaum proposed a blockchain-like protocol in his dissertation "Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups".
1991: Haber and Stornetta Describe Secured Chain of Blocks
In 1991, Stuart Haber and W. Scott Stornetta described a cryptographically secured chain of blocks, aiming to create a system where document timestamps could not be tampered with.
1992: Dwork and Naor Propose "Pricing via Processing" to Combat Junk Mail
In 1992, Cynthia Dwork and Moni Naor, and Eli Ponyatovski proposed the original idea of "Pricing via Processing or Combatting Junk Mail".
1992: Merkle Trees Incorporated into Blockchain Design
In 1992, Haber, Stornetta, and Dave Bayer incorporated Merkle trees into the blockchain design, improving efficiency by allowing multiple document certificates to be collected into one block.
1995: Surety Publishes Document Certificate Hashes in The New York Times
Since 1995, Surety has been publishing document certificate hashes in The New York Times every week.
1997: Hashcash Designed by Adam Back
In 1997, Adam Back designed Hashcash, which bitcoin uses to prolong the blockchain by requiring new entries to include proof of work.
2008: Satoshi Nakamoto Conceptualizes Decentralized Blockchain
In 2008, Satoshi Nakamoto conceptualized the first decentralized blockchain, improving the design by using a Hashcash-like method to timestamp blocks without requiring a trusted party and introducing a difficulty parameter to stabilize the block addition rate.
2008: Blockchain Created for Bitcoin
In 2008, Satoshi Nakamoto created the blockchain as a public, distributed ledger for Bitcoin transactions, solving the double-spending problem without a central authority. This implementation has inspired other cryptocurrencies and applications. The blockchain may be considered a type of payment rail.
2008: 2008 Financial Crisis
Nikolai Hampton noted that profound adverse implications can happen during financial crises or debt crises such as the 2008 financial crisis, where politically powerful actors may make decisions that favor some groups at the expense of others.
2009: Bitcoin Released as Open-Source Software
In 2009, Bitcoin, the first cryptocurrency, was released as open-source software.
2011: Namecoin Forked from Bitcoin
In 2011, Namecoin, a cryptocurrency supporting the ".bit" top-level domain (TLD), was forked from Bitcoin. The .bit TLD requires an alternative DNS root as it is not sanctioned by ICANN.
March 2013: Bitcoin Split Resolved by Nodes Returning to Old Rules
On 12 March 2013, a Bitcoin split was resolved when a majority of nodes using the new software returned to the old rules, preventing a permanent split.
August 2014: Bitcoin Blockchain File Size Reaches 20 GB
In August 2014, the Bitcoin blockchain file size reached 20 GB, containing records of all transactions that have occurred on the network.
October 2014: MIT Bitcoin Club Provides Bitcoin to Students
In October 2014, the MIT Bitcoin Club, with funding from MIT alumni, provided undergraduate students at the Massachusetts Institute of Technology access to $100 of bitcoin.
2014: Nxt Community Considers Hard Fork After Theft
In 2014, the Nxt community considered a hard fork to rollback blockchain records after a theft of 50 million NXT from a cryptocurrency exchange, but the proposal was rejected.
January 2015: Bitcoin Blockchain Size Grows to Almost 30 GB
In January 2015, the Bitcoin blockchain size had grown to almost 30 GB.
September 2015: Ledger Academic Journal Announced
In September 2015, the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research, Ledger, was announced.
2015: Namecoin Usage Statistics
As of 2015, the .bit TLD, supported by Namecoin, was used by 28 websites out of 120,000 registered names.
January 2016: Bitcoin Blockchain Size Grows to 50 GB
From January 2016 to January 2017, the Bitcoin blockchain grew from 50 GB to 100 GB in size.
April 2016: Standards Australia Proposes Blockchain Standards
In April 2016, Standards Australia proposed to the International Organization for Standardization the development of standards to support blockchain technology, leading to the creation of ISO Technical Committee 307.
September 2016: Banks Express Interest in Implementing Distributed Ledgers
According to a September 2016 IBM study, many banks expressed interest in implementing distributed ledgers for use in banking and are cooperating with companies creating private blockchains, it is occurring faster than expected.
December 2016: Inaugural Issue of Ledger Published
The inaugural issue of the peer-reviewed academic journal Ledger was published in December 2016. The journal covers aspects of mathematics, computer science, engineering, law, economics and philosophy that relate to cryptocurrencies.
2016: Blockchain Adoption Reaches Early Adopters Phase
According to Accenture, in 2016 blockchains attained a 13.5% adoption rate within financial services, reaching the early adopters' phase. Industry trade groups also joined to create the Global Blockchain Forum.
2016: Popularization of the Word "Blockchain"
By 2016, the words "block" and "chain," originally used separately in Satoshi Nakamoto's paper, were popularized as a single word, "blockchain."
2016: Businesses Test Blockchain Technology
By late 2016, there were a few operational blockchain-based products, and some businesses had started testing and implementing the technology to assess its impact on organizational efficiency.
2016: Ethereum Hard Fork After The DAO Hack
In 2016, Ethereum underwent a hard fork to compensate investors after The DAO was hacked due to a code vulnerability. This resulted in the creation of Ethereum and Ethereum Classic chains.
2016: Venture Capital Investment Shifts
In 2016, venture capital investment for blockchain-related projects was weakening in the US but increasing in China.
2016: Catalini and Tucker Study on Bitcoin Adoption
The 2016 study by Catalini and Tucker on adoption rates of bitcoin at MIT revealed that when people who typically adopt technologies early are given delayed access, they tend to reject the technology.
2016: Blockchain Wallets Quadruple Between 2016 and 2020
The number of blockchain wallets quadrupled to 40 million between 2016 and 2020.
January 2017: Bitcoin Blockchain Size Grows to 100 GB
From January 2016 to January 2017, the Bitcoin blockchain grew from 50 GB to 100 GB in size.
November 2017: CryptoKitties Launched
In November 2017, CryptoKitties, the first known game to use blockchain technologies, was launched, where players purchase NFTs with Ethereum cryptocurrency.
December 2017: CryptoKitty Sold for Over $100,000
In December 2017, CryptoKitties made headlines when one virtual pet sold for more than US$100,000.
2017: IBM Partners with ASCAP and PRS for Music
In 2017, IBM partnered with ASCAP and PRS for Music to adopt blockchain technology in music distribution. Also in 2017, Imogen Heap's Mycelia service was proposed as a blockchain-based alternative to give artists more control over their songs.
2017: Cardano Adopts Proof-of-Stake Model
In 2017, early concern over the high energy consumption of proof-of-work blockchains was a factor in Cardano adopting the less energy-intensive proof-of-stake model.
2017: Universities Establish Crypto and Blockchain Departments
Many universities founded departments focusing on crypto and blockchain, including MIT, in 2017. In the same year, Edinburgh became "one of the first big European universities to launch a blockchain course".
April 2018: Bitcoin Market Capitalization Highest
As of April 2018, Bitcoin has the highest market capitalization.
May 2018: Gartner Reports Low Blockchain Adoption Among CIOs
In May 2018, Gartner found that only 1% of CIOs indicated any kind of blockchain adoption within their organizations, with only 8% planning or experimenting with blockchain in the short term.
June 2018: BIS Criticizes Energy Consumption of Proof-of-Work Blockchains
In June 2018, the Bank for International Settlements criticized the use of public proof-of-work blockchains for their high energy consumption.
2018: PwC Survey Shows High Exposure to Blockchain
According to a 2018 study conducted by PricewaterhouseCoopers (PwC), surveyed 600 business executives and determined that 84% have at least some exposure to utilizing blockchain technology.
2018: IMF Discusses Smart Contracts
An IMF staff discussion from 2018 reported that smart contracts based on blockchain technology might reduce moral hazards and optimize the use of contracts in general, but "no viable smart contract systems have yet emerged."
2018: Weaver Examines Blockchain Security and Efficiency
In 2018, Nicholas Weaver of the International Computer Science Institute at the University of California, Berkeley, examined blockchain's online security and the energy efficiency of proof-of-work public blockchains and found both to be grossly inadequate. Bitcoin used 31TWh-45TWh of electricity which produced 17-23 million tonnes of CO2.
2018: CryptoKitties Causes Ethereum Network Congestion
In early 2018, CryptoKitties created significant congestion on the Ethereum network, accounting for approximately 30% of all Ethereum transactions.
June 2019: Blockchain Featured on BBC World Service
On June 29, 2019, the BBC World Service radio and podcast series Fifty Things That Made the Modern Economy identified blockchain as a technology with far-reaching consequences, with economist Tim Harford discussing its wider applications and challenges.
2019: Gartner Reports on Blockchain as a 'Game-Changer'
For the year 2019 Gartner reported 5% of CIOs believed blockchain technology was a 'game-changer' for their business.
2019: Namecoin Dropped by OpenNIC
In 2019, Namecoin was dropped by OpenNIC due to malware and potential other legal issues.
2019: Investment in Blockchain Technology Reaches $2.9 Billion
In 2019, it was estimated that around $2.9 billion were invested in blockchain technology, an 89% increase from the previous year.
2019: Gartner Survey on Blockchain in Higher Education
The Gartner 2019 CIO Survey reported that 2% of higher education respondents had launched blockchain projects, and another 18% were planning academic projects in the next 24 months.
2020: Bitcoin Ledger Size Exceeds 200 GB
By early 2020, the Bitcoin ledger size had exceeded 200 GB.
2020: Solana and Polkadot Adopt Proof-of-Stake Model
In 2020, early concern over the high energy consumption of proof-of-work blockchains was a factor in Solana and Polkadot adopting the less energy-intensive proof-of-stake model.
February 2021: Janet Yellen Calls Bitcoin Inefficient
In February 2021, U.S. Treasury Secretary Janet Yellen called bitcoin "an extremely inefficient way to conduct transactions", citing the staggering amount of energy consumed.
March 2021: Bill Gates Comments on Bitcoin Electricity Usage
In March 2021, Bill Gates stated that "Bitcoin uses more electricity per transaction than any other method known to mankind", adding that "It's not a great climate thing."
October 2021: Valve Bans Blockchain Games on Steam
In October 2021, Valve Corporation banned blockchain games, including those using cryptocurrency and NFTs, from its Steam digital storefront service. The ban was an extension of their policy against games offering in-game items with real-world value. Epic Games, a competitor, expressed openness to blockchain games.
2021: Bitcoin Energy Consumption Study
In 2021, a study by Cambridge University determined that bitcoin used more electricity (121 terawatt-hours per year) than Argentina (121TWh) and the Netherlands (109TWh). According to Digiconomist, one bitcoin transaction required 708 kilowatt-hours of electrical energy.
2021: Renewed Interest in GameFi
In the second half of 2021, limited successes of some games, such as Axie Infinity during the COVID-19 pandemic, and corporate plans towards metaverse content, refueled interest in the area of GameFi.
January 30, 2022: China Trials Blockchain Applications
On January 30, 2022, Beijing and Shanghai were among the cities designated by China to trial blockchain applications.
2022: Potential use of blockchain technology in sustainable management discussed in a paper published in 2022.
In 2022, a paper was published discussing the potential use of blockchain technology in sustainable management.
2022: UCC Amendments Introduce Controllable Electronic Records
In 2022, the United States amended the Uniform Commercial Code (UCC), introducing Article 12, which establishes "controllable electronic records" (CERs) as a new category of personal property, providing legal clarity for cryptocurrencies.
2022: Ethereum Converts to Proof-of-Stake
In September 2022, Ethereum converted from proof-of-work to proof-of-stake.
2022: Corporate Blockchain Investment Estimated to Reach $12.4 Billion
The International Data Corp estimated that corporate investment into blockchain technology would reach $12.4 billion by 2022.
2025: World Economic Forum Estimates GDP Stored on Blockchain
It has been estimated by the World Economic Forum that by 2025, 10% of the world's GDP will be stored on blockchain related technology.
2030: PwC Estimates Blockchain Business Value at $3 Trillion Annually
According to PricewaterhouseCoopers (PwC), blockchain technology has the potential to generate an annual business value of more than $3 trillion by 2030.
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