History of Blockchain

Dr P.Kavitha
ASP/CSE
History of Blockchain in 1991-1992
• 1991: In 1991, researcher scientists named Stuart Haber and W. Scott Stornetta
introduce Blockchain Technology.
• These scientists wanted some Computational practical Solution for time-stamping
the digital documents so that they couldn’t be tempered or misdated. So both
scientists together developed a system with the help of Cryptography. In this
System, the time-stamped documents are stored in a Chain of Blocks.
• 1992: After that in 1992, Merkle Trees formed a legal corporation by using a
system developed by Stuart Haber and W. Scott Stornetta with some more
features.
• Hence, Blockchain Technology became efficient to store several documents to be
collected into one block. Merkle used a Secured Chain of Blocks that stores
multiple data records in a sequence.
• However, this technology became unused when the Patent came into existence in
2004.
Blockchain in 2000-2004
• 2000: In the year 2000, Stefan Konst published his theory of
cryptographic secured chains, plus ideas for implementation.
• 2004: In the year 2004, Cryptographic activist Hal Finney introduced a
system for digital cash known as “Reusable Proof of Work”.
• This step was the game-changer in the history of Blockchain and
Cryptography. This System helps others to solve the Double Spending
Problem by keeping the ownership of tokens registered on a trusted
server.
Blockchain in 2008
• 2008: After that 2008, Satoshi Nakamoto conceptualized the concept
of “Distributed Blockchain” in his white paper: ”A Peer to Peer
Electronic Cash System”.
• He modified the model of Merkle Tree and created a system that is
more secure and contains the secure history of data exchange.
• His System follows a peer-to-peer network of time stamping. His
system became so useful that Blockchain become the backbone of
Cryptography.
Blockchain in 2009-2013
• 2009: After that, the evolution of Blockchain is steady and promising
and became a need in various fields.
• In 2009, Satoshi Nakamoto Releases Bitcoin White Paper.
• It is so secure that the following surprising news will give proof of
that. A person named, James Howells was an IT worker in the United
Kingdom, he starts mining bitcoins which are part of Blockchain in
2009 and stopped this in 2013.
 Blockchain in 2009-2013

• He spends $17,000 on it and after he stopped he sells the parts of his

laptop on eBay and keep the drive with him so that when he needs to
work again on bitcoin he will utilize it but while cleaning his house in
2013, he thrashed his drive with garbage and now his bitcoins cost
nearly $127 million.
• This money now remains unclaimed in the Bitcoin system.
Blockchain in 2014-2015
• 2014: The year 2014 is marked as the turning point for blockchain
technology. Blockchain technology is separated from the currency and
Blockchain 2.0 is born.
• Financial institutions and other industries started shifting their focus
from digital currency to the development of blockchain technologies.
• 2015: In 2015, Ethereum Frontier Network was launched, thus
enabling developers to write smart contracts and dApps that could be
deployed to a live network.
• In the same year, the Linux Foundation launched the Hyperledger
project.
Blockchain in 2016-2018
• 2016: The word Blockchain is accepted as a single word instead of two
different concepts as they were in Nakamoto’s original paper.
• The same year, a bug in the Ethereum DAO code was exploited
resulting in a hard fork of the Ethereum Network.
• The Bit finex bitcoin exchange was hacked resulting in 120,000 bitcoin
being stolen.
Blockchain in 2016-2018
• 2017: In the year 2017, Japan recognized Bitcoin as a legal currency.
Block.one company introduced the EOS blockchain operating system
which was designed to support commercial decentralized
applications.
• 2018: Bitcoin turned 10 in the year 2018. The bitcoin value continued
to drop, reaching the value of $3,800 at the end of the year. Online
platforms like Google, Twitter, and Facebook banned the advertising
of cryptocurrencies.
Blockchain in 2019-2022
• 2019: In the year 2019, Ethereum network transactions exceeded 1
million per day. Amazon announced the general availability of the
Amazon Managed Blockchain service on AWS.
• 2020: Stablecoins were in demand as they promised more stability
than traditional cryptocurrencies. The same year Ethereum launched
Beacon Chain in preparation for Ethereum 2.0.
Blockchain in 2019-2022
• 2022 : Ethereum has shifted from Proof of Work(PoW) to Proof of
Stake(PoS) consensus mechanism.
• The original Ethereum mainnet merged with Beacon Chain which has
Proof-of-Stake. Now it is existing as one chain.
• Ethereum’s energy consumption has reduced by ~99.95%.
Overall Blockchain History
 Blockchain History
Timeline Blockchain Bitcoin Ethereum
Stuart Haber and Scott Stornetta Work on
1991 NA NA
The First Blockchain
Merkle Trees formed a legal corporation
1992 using a system developed by Stuart Haber NA NA
and W. Scott Stornetta
Stefan Konst published his theory of
2000 NA NA
cryptographic secured chains
Cryptographic activist Hal Finney introduced
2004 NA NA
“Reusable Proof of Work”.
Satoshi Nakamoto conceptualized the
concept of “Distributed Blockchain” in his
2008 NA NA
white paper: ”A Peer to Peer Electronic Cash
System”.
∙ James Howells was an IT worker
in the United Kingdom, who starts
2009 mining bitcoin. NA
∙ Satoshi Nakamoto Releases
Bitcoin White Paper
Cont.
Timeline Blockchain Bitcoin Ethereum
Ethereum Blockchain Is Funded By
2014 Blockchain 2.0 is born. NA
Crowdsale
Linux Foundation launched the Ethereum Frontier Network was
2015 NA
Hyperledger project. launched
Blockchain is accepted as a single word Bitfinex bitcoin exchange was hacked
2016 NA
instead of two different concepts resulting in 120,000 bitcoin being stolen.
Block.one company introduced the EOS
2017 Japan recognized Bitcoin as a legal currency. NA
blockchain operating system.
Google, Twitter, and Facebook banned
2018 Bitcoin turned 10 in the year 2018. NA
the advertising of cryptocurrencies.
Ethereum network transactions
2019 NA NA
exceeded 1 million per day.
Ethereum launched Beacon Chain
2020 Stablecoins saw a rise. NA
in preparation for Ethereum 2.0.
Ethereum Merge. Ethereum’s
2022 NA NA
consensus mechanism is now PoS.
Thank You