History of the Blockchain

Let’s look at important dates in the development of blockchain technology.

Some people believe that Bitcoin magically appeared back in 2009. This is not the case. We have to look way back to 1991. Stuart Haber and W. Scott Stornetta were the ones who invented the concept of blockchain technology.

This paper explains the foundations of blockchain, a cryptographically secured chain of blocks.

The next step towards the launch of the first blockchain and Bitcoin came from Nick Szabo in 1998. He created the concept of bit gold, which was a decentralized digital currency. He also developed the concept of smart contracts. Smart contracts are either a computer program or transaction protocol which intends to automatically execute or control and document legally relevant events and actions according to the terms of a contract. This is a very sophisticated way to say when the conditions of A is met, B can be done or distributed.

Satoshi Nakamoto implements the first blockchain in 2009. This is a digital ledger for transactions made using the native coin, Bitcoin.

In 2014 blockchain technology separates from just straight currency transactions and its potential for other implements is researched. Blockchain 2.0 is created, referring to implements beyond currency.

Vitalik Buterin creates the Ethereum blockchain in 2015, which introduces the concept of organizing computer programs into the blocks. This becomes known as the smart contract as Nick Szabo conceptualized back in 1998.

These people changed the world and are true digital pioneers. Thank you for the visionary work you completed. The world is a better place because of you.

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