The first electronic cash payment made over computer networks was realized using eCash

On May 27, 1994, a landmark event in the history of digital currency took place: the first electronic cash payment over computer networks was successfully demonstrated. This pioneering transaction was conducted using eCash, a digital cash system developed by cryptographer David Chaum and his company DigiCash. The payment was made during Chaum’s keynote address at the first conference on the World Wide Web, held in Geneva.
 

The eCash system was a groundbreaking innovation that allowed for payments to be made from any personal computer to any other workstation, over email or the Internet. It was designed to provide the privacy of paper cash while maintaining the necessary security for electronic network environments through public key cryptography. The eCash technology was compatible with Microsoft Windows, Macintosh, and most UNIX platforms, and it was integrated with Mosaic, the most popular software for accessing databases, email, or other services on the Internet and World Wide Web at the time.
 

The significance of this event cannot be overstated, as it laid the foundation for the future of electronic payments and the concept of digital currencies. The eCash system was the first to offer a software-only solution for secure online transactions, a departure from the previous reliance on hardware-based security like tamper-resistant chips.