BLOCKCHAIN, the history
2014
Future
2009
2018
Blockchain 4.0
Blockchain 2.0
Blockchain 3.0
Blockchain 1.0
Business and Usability Focus
Bitcoin Era
Ethereum Era
Enterprise Focus
+ info
+ info
+ info
+ info
Blockchain technology has continued to evolve since it was initially introduced in 1991 and then later reintroduced with the concept of digital currency by Satoshi Nakamoto. Each year, the technology has improved to be more secure, scalable, and flexible, leading to the rise of Blockchain 3.0 and future developments.
BLOCKCHAIN timeline
1989
1991
1992
2004
2000
Haber and Stornetta
Cryptographic Secured Chains
Intro to Digital Currency
Paxos Protocol
Merkle Trees
2014
2008
2015
2016
2009
Bitcoin
Satoshi Nakamoto
Ethereum Fork
Ethereum and Hyperledger
Blockchain 2.0
2018
2019
2022
2017
2020
Crypto Ads Banned
Increased Transactions
Ethereum shifts to PoS
Stablecoins
Japan
BLOCKCHAIN, the future
Integration
User Experience
Interoperability
+ info
+ info
+ info
References
Charles, Wendy M. 2022. "Introduction to Blockchain." In Blockchain in Life Sciences. Edited by Wendy M. Charles. 3-23. Singapore: Springer Nature. DcentAI. 2024. "Interdisciplinary Innovations: Bridging Blockchain and AI with IoT and Big Data. Medium, April 30. Accessed June 22, 2024. https://medium.com/sample-dcentai- blog/interdisciplinary-innovations-bridging-blockchain-and-ai-with-iot-and-big-data- 6e655b9b3a18. “History of Blockchain.” 2023. Geeks for Geeks, October 6. Accessed June 21, 2024. https://www.geeksforgeeks.org/history-of-blockchain/.
Khan, Saif. 2023. "Designing the Future: User Experience (UX) in Blockchain and Cryptocurrency. Medium, October 7. Accessed June 22, 2024. https://bootcamp.uxdesign.cc/navigating-ux-blockchain-crypto-7b5648cce70e. Lewis, Marc. 2023. “Enabling Blockchain Interoperability: Connecting Across Chains with Kaliedo.” Kaleido, October 11. https://www.kaleido.io/blockchain-blog/blockchain- interoperability.
Namasudra, Suyel and Akkaya Kemal. 2023. Blockchain and its Applications in Industry 4.0. Singapore: Springer Nature Singapore Pte Ltd. https://doi.org/10.1007/978-981-19 -8730-4.
Rohan. 2024. “Blockchain 4.0 – Everything You Need to Know.” Medium, May 2. Accessed June 22, 2024. https://medium.com/@rohan_ideausher/blockchain-4-0-everything- you-need-to-know-3951d080781a.
Yaga, Dylan, Peter Mell, Nik Roby, and Karen Scarfone. 2018. “Blockchain Technology Overview.” National Institute of Standards and Technology. October. https://doi.org/10.6028/nist.ir.8202.
Interoperability
Interoperability is the ability of various blockchain systems to exchange data and communicate. As blockchain continues to evolve, communication will become more seamless between networks, adding various benefits:
- Improved scalability
- New use cases
- DeFi
- Asset Tokenization
- Gaming Industry
- Larger user base (Lewis 2023)
Blockchain 1.0
Blockchain 1.0 occurred when Distributed Ledger Technology (DLT) was introduced, enabling a blockchain for digital currency, Bitcoin (Namasudra and Kemal 2023, 2-3). Bitcoin's Peer-to-Peer digital currency system is:
- Secure and Tamper-Proof
- Transparent
- Facing challenges with scalability (Rohan 2024)
Integration
Blockchain will integrate with other technologies, such as AI, IoT, and Big Data, increasing technological advancement (Rohan 2024). Interoperability and scalability are the main challenges for these various technologies to integrate and reach their full potential. However, projects like DcentAI are supporting interdisciplinary collaboration by:
- Encryption and decentralized storage support privacy and security and ensure secure collaboration.
- Distributed GPU and storage resources are used to enable parallel processing.
- Using the blockchain immutable ledger, AI's anomaly detection, and IoT devices data generation to support innovation (DcentAI 2024).
Blockchain 4.0
Blockchain 4.0 is the future as blockchain continues to evolve. The new generation will focus on:
- Improving how businesses operate
- Enhanced usability and user experience
- Seamless communication between networks
- Integration with AI, Big Data, IoT, etc. (Rohan 2024).
User Experience
Blockchain will focus more on business usability and make changes that improve user experience by making interactions more user-friendly and accessible (Rohan 2024). Expected developments include:
- dApps will become more user-friendly and intuitive, resembling traditional applications.
- Cryptocurrency will be integrated with traditional financial services, allowing users to efficiently manage their traditional and digital assets.
- With more education around blockchain and user-friendly applications, the adoption rate will increase (Khan 2023).
Blockchain 2.0
With Blockchain 2.0, decentralized applications (dApps) could now be developed, and smart contracts were introduced to automate, execute, and verify agreements. Continued Challenges:
- Transaction speed
- Communication between networks
- Energy Consumption (Namasudra and Kemal 2023, 2-3)
Blockchain 3.0
Blockchain 3.0 introduced processing power and the ability for blockchain networks to interact (Namasudra and Kemal 2023, 2-3). Additionally, there was an emphasis on:
- Enterprise application
- Improved scalability
- Interoperability between various blockchain networks (Rohan 2024).
Hirschfeld Blockchain History
Madeline Hirschfeld
Created on June 23, 2024
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Transcript
BLOCKCHAIN, the history
2014
Future
2009
2018
Blockchain 4.0
Blockchain 2.0
Blockchain 3.0
Blockchain 1.0
Business and Usability Focus
Bitcoin Era
Ethereum Era
Enterprise Focus
+ info
+ info
+ info
+ info
Blockchain technology has continued to evolve since it was initially introduced in 1991 and then later reintroduced with the concept of digital currency by Satoshi Nakamoto. Each year, the technology has improved to be more secure, scalable, and flexible, leading to the rise of Blockchain 3.0 and future developments.
BLOCKCHAIN timeline
1989
1991
1992
2004
2000
Haber and Stornetta
Cryptographic Secured Chains
Intro to Digital Currency
Paxos Protocol
Merkle Trees
2014
2008
2015
2016
2009
Bitcoin
Satoshi Nakamoto
Ethereum Fork
Ethereum and Hyperledger
Blockchain 2.0
2018
2019
2022
2017
2020
Crypto Ads Banned
Increased Transactions
Ethereum shifts to PoS
Stablecoins
Japan
BLOCKCHAIN, the future
Integration
User Experience
Interoperability
+ info
+ info
+ info
References
Charles, Wendy M. 2022. "Introduction to Blockchain." In Blockchain in Life Sciences. Edited by Wendy M. Charles. 3-23. Singapore: Springer Nature. DcentAI. 2024. "Interdisciplinary Innovations: Bridging Blockchain and AI with IoT and Big Data. Medium, April 30. Accessed June 22, 2024. https://medium.com/sample-dcentai- blog/interdisciplinary-innovations-bridging-blockchain-and-ai-with-iot-and-big-data- 6e655b9b3a18. “History of Blockchain.” 2023. Geeks for Geeks, October 6. Accessed June 21, 2024. https://www.geeksforgeeks.org/history-of-blockchain/. Khan, Saif. 2023. "Designing the Future: User Experience (UX) in Blockchain and Cryptocurrency. Medium, October 7. Accessed June 22, 2024. https://bootcamp.uxdesign.cc/navigating-ux-blockchain-crypto-7b5648cce70e. Lewis, Marc. 2023. “Enabling Blockchain Interoperability: Connecting Across Chains with Kaliedo.” Kaleido, October 11. https://www.kaleido.io/blockchain-blog/blockchain- interoperability. Namasudra, Suyel and Akkaya Kemal. 2023. Blockchain and its Applications in Industry 4.0. Singapore: Springer Nature Singapore Pte Ltd. https://doi.org/10.1007/978-981-19 -8730-4. Rohan. 2024. “Blockchain 4.0 – Everything You Need to Know.” Medium, May 2. Accessed June 22, 2024. https://medium.com/@rohan_ideausher/blockchain-4-0-everything- you-need-to-know-3951d080781a. Yaga, Dylan, Peter Mell, Nik Roby, and Karen Scarfone. 2018. “Blockchain Technology Overview.” National Institute of Standards and Technology. October. https://doi.org/10.6028/nist.ir.8202.
Interoperability
Interoperability is the ability of various blockchain systems to exchange data and communicate. As blockchain continues to evolve, communication will become more seamless between networks, adding various benefits:
Blockchain 1.0
Blockchain 1.0 occurred when Distributed Ledger Technology (DLT) was introduced, enabling a blockchain for digital currency, Bitcoin (Namasudra and Kemal 2023, 2-3). Bitcoin's Peer-to-Peer digital currency system is:
Integration
Blockchain will integrate with other technologies, such as AI, IoT, and Big Data, increasing technological advancement (Rohan 2024). Interoperability and scalability are the main challenges for these various technologies to integrate and reach their full potential. However, projects like DcentAI are supporting interdisciplinary collaboration by:
Blockchain 4.0
Blockchain 4.0 is the future as blockchain continues to evolve. The new generation will focus on:
User Experience
Blockchain will focus more on business usability and make changes that improve user experience by making interactions more user-friendly and accessible (Rohan 2024). Expected developments include:
Blockchain 2.0
With Blockchain 2.0, decentralized applications (dApps) could now be developed, and smart contracts were introduced to automate, execute, and verify agreements. Continued Challenges:
Blockchain 3.0
Blockchain 3.0 introduced processing power and the ability for blockchain networks to interact (Namasudra and Kemal 2023, 2-3). Additionally, there was an emphasis on: