What is the history behind Blockchain?

    Blockchain history

    Even though blockchain is a relatively young technology, it has a long and fascinating history. The following is a chronology with some of the most significant and well-known events in the history of blockchain technology.

    2008 – “Bitcoin: A Peer-to-Peer Electronic Cash System” is published by Satoshi Nakamoto, a codename for a person or group.

    2009 – Between software engineer Hal Finney and the enigmatic Satoshi Nakamoto, the first genuine Bitcoin (BTC) transaction occurs.

    2010 – Laszlo Hanycez, a programmer from Florida, makes the first Bitcoin purchase – two Papa John’s pizzas. Hanycez sent 10,000 BTC, which was worth roughly $60 at the time. It is now worth $80 million. Bitcoin’s market capitalization has officially surpassed $1 million.

    2011 – The cryptocurrency is pegged to the US dollar at 1 BTC = $1USD.

    The Electronic Frontier Foundation, Wikileaks, and other groups have begun to accept Bitcoin as a form of payment.

    2012 – The Good Wife, for example, has discussed blockchain and cryptocurrencies, integrating blockchain into popular culture. Vitalik Buterin, an early Bitcoin developer, founded Bitcoin Magazine.

    2013 – The market capitalization of Bitcoin has crossed $1 billion. For the first time, Bitcoin achieved a price of $100 per BTC. Buterin publishes a paper titled “Ethereum Project,” which suggests that blockchain technology can be used for more than just Bitcoin (e.g., smart contracts).

    2014 – Zynga, The D Las Vegas Hotel, and have all begun to accept Bitcoin as payment. Buterin’s Ethereum project was crowdfunded through an Initial Coin Offering (ICO), which raised more than $18 million in Bitcoin and opened up new blockchain possibilities. R3, a partnership of over 200 blockchain companies, was founded to find innovative methods to use blockchain in technology. PayPal has announced the incorporation of Bitcoin.

    2015 – The number of merchants who accept Bitcoin has surpassed 100,000. The NASDAQ and Chain, a blockchain startup based in San Francisco, have teamed up to explore the technology for trading shares in private companies.

    2016­ – IBM has unveiled a blockchain approach for cloud-based corporate applications. The Japanese government acknowledges the validity of blockchain and cryptocurrency.

    2017 – For the first time, Bitcoin exceeds $1,000/BTC. The market capitalization of cryptocurrencies has surpassed $150 billion. JP Morgan CEO, Jamie Dimon, has asserted in blockchain as a technology in the future, indicating that Wall Street believes in the ledger system. At $19,783.21/BTC, Bitcoin sets an all-time high. Dubai has said that by 2020, its administration would be blockchain-based.

    2018 – Facebook has stated that it will form a blockchain team and has hinted at the prospect of developing its own coin. Large banks including Citi and Barclays have signed on to IBM’s blockchain-based banking infrastructure.

    2019 – President Ji Xinping of China has openly endorsed blockchain, and China’s central bank has said that it is developing its own cryptocurrency. Square will hire blockchain experts to work on the company’s future crypto plans, according to Twitter and Square CEO Jack Dorsey. The New York Stock Exchange (NYSE) has announced the launch of Bakkt, a digital wallet and cryptocurrency trading platform.

    2020 – By the close of 2020, Bitcoin will have almost reached $30,000 in value. PayPal has announced that users would be able to purchase, sell, and store bitcoins. The Bahamas has become the first government in the world to introduce its own digital currency, dubbed the “Sand Dollar.” In the battle against COVID-19, blockchain becomes a major role, primarily for providing secure storage of medical research information and patient information.

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