David Chaum, as we know him was a professor who created concept of vault system in 1979 during his doctorate.
Infact he held the first annual crypto and cryptology conference, called 'CRYPTO' back in 1980.
Infact he held the first annual crypto and cryptology conference, called 'CRYPTO' back in 1980.
The earliest known real world application of proof of work based algorithms in financial and economic settings dates back a little further than 1980:
Image link: https://i.imgur.com/3rA5lQ9.jpg
People of past eras would carve rocks into the shape of coins, in a proof of work format, to facilitate trade.
This is the earliest known version of bitcoin. Today, large quantities of electricity are used to conduct proof of work, instead of the physical labor needed to batter rocks into coins. But the basic principles and fundamentals remain the same.