History of Blockchain in Timeline

Blockchain is a distributed, immutable ledger comprised of interconnected blocks secured using cryptography. Each block contains a timestamp, transaction data, and a cryptographic hash of the preceding block, forming a chain. This structure ensures that any alteration to a block necessitates changes to all subsequent blocks, making tampering extremely difficult. Because changes require consensus across the network, blockchains offer a high level of security and transparency, making them resistant to fraud and manipulation. Blockchains are used in diverse applications such as cryptocurrencies, supply chain management, and secure data sharing.

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 Cryptographically Secured Chain of Blocks

In 1991, Stuart Haber and W. Scott Stornetta described a cryptographically secured chain of blocks, aiming to implement a system where document timestamps could not be tampered with.

1992: Dwork and Naor Propose Pricing via Processing for Junk Mail Combat

In 1992, Cynthia Dwork and Moni Naor proposed "Pricing via Processing or Combatting Junk Mail", which served as the original idea for Hashcash puzzles.

1992: Haber, Stornetta, and Bayer Incorporate Merkle Trees

In 1992, Haber, Stornetta, and Dave Bayer incorporated Merkle trees into the blockchain design, enhancing 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, Haber and Stornetta's company, has published their document certificate hashes weekly in The New York Times.

1997: Adam Back Designs Hashcash

In 1997, Adam Back designed Hashcash.

2008: Nakamoto Conceptualizes the First Decentralized Blockchain

In 2008, Satoshi Nakamoto conceptualized the first decentralized blockchain. Nakamoto's design used a Hashcash-like method for timestamping blocks and introduced a difficulty parameter to stabilize the rate at which blocks were added to the chain.

2008: Creation of Blockchain for Bitcoin

In 2008, an individual or group known as Satoshi Nakamoto created the blockchain as a public, distributed ledger for Bitcoin transactions. This innovation solved the double-spending problem without needing a central authority, inspiring various applications and public blockchains used by cryptocurrencies.

2008: Adverse Implications of Private Blockchains During Financial Crisis

Referencing the 2008 financial crisis, Nikolai Hampton argued in Computerworld about the adverse implications of private blockchains, stating that 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 was forked from bitcoin. Namecoin is a cryptocurrency that supports the ".bit" top-level domain (TLD).

March 2013: Bitcoin Split Resolved by Returning to Old Rules

On March 12 2013, to prevent a permanent split, a majority of nodes using the new software returned to the old rules, resolving the Bitcoin split.

August 2014: Bitcoin Blockchain Size Reaches 20 GB

In August 2014, the bitcoin blockchain file size, which contains records of all transactions on the network, reached 20 GB.

October 2014: MIT Bitcoin Club provides students with bitcoin

In October 2014, the MIT Bitcoin Club provided undergraduate students at the Massachusetts Institute of Technology access to $100 of bitcoin, with funding from MIT alumni.

2014: Nxt Community Considers Hard Fork After Theft of NXT

In 2014, the Nxt community considered a hard fork to rollback blockchain records after a theft of 50 million NXT from a cryptocurrency exchange. The proposal was rejected, and funds were partially recovered through negotiations.

January 2015: Bitcoin Blockchain Size Grows to Almost 30 GB

In January 2015, the bitcoin blockchain size grew to almost 30 GB.

September 2015: Announcement of Ledger journal

In September 2015, the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research, Ledger, was announced.

2015: .bit TLD usage

As of 2015, the .bit TLD was used by 28 websites, out of 120,000 registered names.

January 2016: Bitcoin Blockchain Size Grows to 50 GB

In January 2016, the bitcoin blockchain size grew to 50 GB.

April 2016: Standards Australia Proposes Blockchain Standards to ISO

In April 2016, Standards Australia proposed to the International Organization for Standardization (ISO) to develop standards for blockchain technology, leading to the creation of ISO Technical Committee 307.

September 2016: IBM Study on Banks Implementing Distributed Ledgers

According to a September 2016 IBM study, many banks have expressed interest in implementing distributed ledgers for use in banking and are cooperating with companies creating private blockchains, occurring faster than expected.

December 2016: Ledger journal is published

In December 2016, the inaugural issue of Ledger journal was published.

2016: Popularization of the Term "Blockchain"

By 2016, the words "block" and "chain," initially used separately in Satoshi Nakamoto's paper, were popularized as a single word, "blockchain."

2016: Businesses Test Blockchain Technology

By late 2016, some businesses had been testing blockchain technology and implementing it at a low level to gauge its effects on organizational efficiency in their back office.

2016: Increase in Blockchain Wallets

From 2016, the number of blockchain wallets quadrupled to 40 million by 2020.

2016: Ethereum Hard Fork to "Make Whole" Investors in The DAO

In 2016, Ethereum was hard forked to "make whole" the investors in The DAO, which had been hacked. This fork resulted in a split creating the Ethereum and Ethereum Classic chains.

2016: Blockchain Reaches Early Adopters Phase in Financial Services

In 2016, according to Accenture, blockchains reached a 13.5% adoption rate within financial services, entering the early adopters' phase. Industry trade groups also created the Global Blockchain Forum.

2016: Catalini and Tucker study adoption rates

In 2016, adoption rates were studied by Catalini and Tucker, revealed that when people who typically adopt technologies early are given delayed access, they tend to reject the technology.

2016: Venture Capital Investment Shifts from US to China

In 2016, venture capital investment for blockchain-related projects was weakening in the US but increasing in China.

January 2017: Bitcoin Blockchain Size Grows to 100 GB

In January 2017, the bitcoin blockchain size grew to 100 GB.

November 2017: Launch of CryptoKitties

In November 2017, CryptoKitties, the first known game to use blockchain technologies, was launched.

December 2017: CryptoKitties Virtual Pet Sells for Over $100,000

In December 2017, a virtual pet in the game CryptoKitties sold for more than US$100,000.

2017: Bitcoin Hard Fork Results in Bitcoin Cash

In 2017, Bitcoin underwent a hard fork, resulting in the creation of Bitcoin Cash. The split was due to disagreements on how to increase transactions per second to meet demand.

2017: Launch of Cardano blockchain

In 2017, Early concern over the high energy consumption was a factor in Cardano adopting the less energy-intensive proof-of-stake model.

2017: IBM partners with ASCAP and PRS for Music to adopt blockchain

In 2017, IBM partnered with ASCAP and PRS for Music to adopt blockchain technology in music distribution.

2017: Universities found departments focusing on crypto and blockchain

In 2017, Many universities have founded departments focusing on crypto and blockchain, including MIT. Also in the same year, Edinburgh became "one of the first big European universities to launch a blockchain course", according to the Financial Times.

April 2018: Bitcoin's Market Capitalization is Highest

As of April 2018, Bitcoin has the highest market capitalization.

May 2018: Low Blockchain Adoption Among CIOs

In May 2018, Gartner found that only 1% of CIOs reported blockchain adoption within their organizations, and only 8% were planning or experimenting with blockchain.

June 2018: Bank for International Settlements criticizes high 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 Reveals Significant Exposure to Blockchain Technology

A 2018 study by PwC, surveying 600 business executives, found that 84% had at least some exposure to utilizing blockchain technology.

2018: Nicholas Weaver examines blockchain's security and energy efficiency

In 2018, Nicholas Weaver examined blockchain's online security, and the energy efficiency of proof-of-work public blockchains, and in both cases found it grossly inadequate. The 31TWh-45TWh of electricity used for bitcoin in 2018 produced 17–23 million tonnes of CO2.

2018: IMF Staff Discussion on Smart Contracts

In 2018, an IMF staff discussion reported that smart contracts based on blockchain technology might reduce moral hazards and optimize the use of contracts, but noted that "no viable smart contract systems have yet emerged".

2018: CryptoKitties Causes Ethereum Network Congestion

In early 2018, CryptoKitties caused significant congestion on the Ethereum network, accounting for approximately 30% of all Ethereum transactions.

June 2019: BBC Series Identifies Blockchain as a Technology with Far-Reaching Consequences

In June 2019, the BBC World Service radio and podcast series Fifty Things That Made the Modern Economy identified blockchain as a technology with significant consequences for economics and society.

2019: Limited Number of CIOs View Blockchain as a Game-Changer

In 2019, Gartner reported that only 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: Investments in Blockchain Technology Reach $2.9 Billion

In 2019, approximately $2.9 billion was invested in blockchain technology, an 89% increase from the previous year.

2019: Blockchain technology accepted in Chinese legal proceedings

In 2019, blockchain technology was first accepted as a method for authenticating internet evidence by the Hangzhou Internet Court in Chinese legal proceedings.

2019: Gartner CIO Survey on Blockchain Projects in Higher Education

The Gartner 2019 CIO Survey reported 2% of higher education respondents had launched blockchain projects and another 18% were planning academic projects in the next 24 months.

2020: Increase in Blockchain Wallets

By 2020, the number of blockchain wallets had quadrupled since 2016, reaching 40 million.

2020: Bitcoin Ledger Size Exceeds 200 GB

By early 2020, the bitcoin ledger size had exceeded 200 GB.

2020: Launch of Solana and Polkadot blockchains

In 2020, Early concern over the high energy consumption 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", saying "the amount of energy consumed in processing those transactions is staggering".

March 2021: Bill Gates comments on Bitcoin's energy consumption

In March 2021, Bill Gates stated that "Bitcoin uses more electricity per transaction than any other method known to mankind", adding "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 being hosted on its Steam digital storefront service, claiming that this was an extension of their policy banning games that offered in-game items with real-world value. Epic Games said that they would be open to accepted blockchain games in the wake of Valve's refusal.

2021: Study on Bitcoin electricity consumption

In 2021, a study by Cambridge University determined that bitcoin (at 121 terawatt-hours per year) used more electricity than Argentina (at 121TWh) and the Netherlands (109TWh).

2021: Refueled interest in GameFi

In 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. Several major publishers, including Ubisoft, Electronic Arts, and Take Two Interactive, have stated that blockchain and NFT-based games are under serious consideration for their companies in the future.

January 30, 2022: China trials blockchain applications

As of January 30, 2022, Beijing and Shanghai are among the cities designated by China to trial blockchain applications.

2022: Electricity usage of bitcoin and Ethereum

By 2022, the University of Cambridge and Digiconomist estimated that the two largest proof-of-work blockchains, bitcoin and Ethereum, together used twice as much electricity in one year as the whole of Sweden, leading to the release of up to 120 million tonnes of CO2 each year.

2022: Paper Discusses Blockchain for Sustainable Management

In 2022, a paper was published that discussed the potential use of blockchain technology in sustainable management.

2022: Corporate Investment in Blockchain Technology Estimated to Reach $12.4 Billion

In 2022, the International Data Corp estimated that corporate investment into blockchain technology would reach $12.4 billion.

2022: Amendments to the Uniform Commercial Code in the United States

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 to address legal uncertainties for cryptocurrencies.

2022: Ethereum converts to proof-of-stake

In Sept, 2022, Ethereum converted from proof-of-work to proof-of-stake.

2025: World Economic Forum Estimate of GDP Stored on Blockchain

The World Economic Forum estimated that by 2025, 10% of the world's GDP would be stored on blockchain related technology.

2030: Blockchain Technology Potential to Generate $3 Trillion in Annual Business Value

By 2030, PricewaterhouseCoopers (PwC) estimates that blockchain technology has the potential to generate an annual business value of more than $3 trillion.