Financial Planning 8 Inventions That Made Our Lives Easier Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mint.com Published Jan 23, 2012 5 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. Over the past two centuries, many people have used their knowledge, skills and experience in order to create a host of inventions that have made the world a much better place for us to live. Here are eight paramount discoveries and innovations that have improved our standard of living and have given us the opportunity to pursue our personal and business endeavors in a more comfortable and prosperous fashion. Financial Services Banknote (paper currency) – Tang Dynasty of China – 7th Century China is not only credited with having invented paper, but it is also generally recognized to have been the first country in the world to use paper money. The paper money system helped improve economies worldwide as it moved them from a barter economy of trade. Healthcare Vaccinations – Edward Jenner – 1796 Edward Jenner’s work is widely regarded as the foundation of immunology. Mr. Jenner is well renowned throughout the world for his innovative contribution to immunization and the ultimate eradication of the smallpox disease. Local Anesthesia – William Morton – 1846 William Morton was the first to show how ether could be used to allay the pain of operations. His use of anesthesia was displayed at a public demonstration to the surgeons of the Massachusetts General Hospital in Boston on Oct. 16, 1846, where John Collins Warren excised a tumor from a patient’s neck. William Morton was neither the inventor, nor the discoverer of anesthetics, and for 20 years acrimony, vituperation and litigation surrounded the credit for the development of anesthesia. Antibiotics – Alexander Fleming – 1928 Alexander Fleming discovered the active substance that he termed “penicillin” while working on the influenza virus. Fleming made this discover by observing that mold had developed accidentally on a staphylococcus culture plate and that the mold had created a bacteria-free circle around itself. He was inspired to further experiment and he found that a mold culture prevented the growth of staphylococci, which verified his discovery. To this day, penicillin is used to treat a host of bacterial infections. Food and Drink Pasteurization – Louis Pasteur – 1862 Louis Pasteur developed the process now known as “pasteurization,” which is a process of heating a food to a specific temperature for a definite length of time and then cooling it immediately in order to reduce the number of viable pathogens that may cause disease. Dairy products, canned foods, juices, syrups, water and wines are the primary products that are pasteurized today. Transportation Modern Automobile – Karl Benz – 1886 Karl Benz patented all of the processes that made the internal combustion engine feasible for use in cars. Karl Benz and his wife, Bertha Ringer Benz, were the founders of the Mercedes Benz automobile manufacturing company. Energy Modern Alternating Current Electrical Supply System – Nikola Tesla – 1891 Nikola Tesla filed for seven U.S. patents in the field of polyphase alternating current motors and power transmission. Tesla’s patents comprised a complete system of generators, transformers, transmission lines, motors and lighting. Tesla is also credited with the invention of the radio, although a patent dispute with the Marconi Company that was ultimately decided by the U.S. Supreme Court brings into question if he should receive the sole credit for the radio invention. Technology Electronic Digital Computer – John Atanasoff and Clifford Berry – 1937 John Atanasoff and Clifford Berry constructed the first electronic computer with vacuum tubes while working for Iowa State College. The Atanasoff-Berry computer was the first digital computer, and introduced the concepts of binary arithmetic, regenerative memory and logic circuits. The Atanasoff-Berry machine never reached the production stage and remained a prototype. The Others While this list consists of well-known and distinguished inventors, it is important to note that their works were built upon the ideas and labor of many people in order to create the final product or service that we enjoy and use today. It is unfortunate that many of the contributors to a key invention or innovation will likely go unremembered and uncompensated, and hopefully governments throughout the world will strive to resolve this problem by putting in place a more equitable patent system. A recent step toward accomplishing this goal was the passage of the America Invents Act on Sept. 16, 2011. The passage of this Act has moved the U.S. patent system from a “first to invent” to a “first to file” system, which means that all parties know up front that if they have a good idea for an invention, they need to be the first to file a patent application with the United States Patent and Trademark Office in order to protect their intellectual property rights. Passage of this Act should also eliminate delays previously experienced through interference proceedings and allow a patented product to come to market in an expedited manner. The Bottom Line For current entrepreneurs, the recent change in U.S. patent law, in conjunction with the use of low-cost, powerful personal computers and the affordability of the ever expanding Internet, should provide a much greater business environment for establishing a successful small business. We have already seen a number of relatively new and successful companies that have benefited from online intangible business models. Examples include Google, Amazon, E-Bay, YouTube, LinkedIn, Craigslist, Wikipedia and PayPal, to name a few. Now, with the change in U.S. patent law, a host of new online businesses should have an additional advantage for establishing a successful small business operation. “8 Inventions That Made Our Lives Easier” was provided by Investopedia.com. Previous Post 2 Credit Rules That Don’t Make a Ton of Sense Next Post Will the Keystone Pipeline Decision Affect Prices at the Pump? Written by Mint.com More from Mint.com Browse Related Articles Mint App News Intuit Credit Karma welcomes all Minters! Retirement 101 5 Things the SECURE 2.0 Act changes about retirement Home Buying 101 What Are Homeowners Association (HOA) Fees and What Do … Financial Planning What Are Tax Deductions and Credits? 20 Ways To Save on… Financial Planning What Is Income Tax and How Is It Calculated? Investing 101 The 15 Best Investments for 2023 Investing 101 How To Buy Stocks: A Beginner’s Guide Investing 101 What Is Real Estate Wholesaling? Life What Is A Brushing Scam? Financial Planning WTFinance: Annuities vs Life Insurance