1630s, "one who blinks," agent noun from blink (v.). As a type of horse eye screen to keep the animal looking straight ahead, from 1789. Slang meaning "the eye" is from 1816. Meaning "intermittent flashing light" is from 1923.
"(In the UK) an orange ball containing a flashing light, mounted on a striped post on the pavement at each end of a zebra crossing", 1930s: named after Leslie Hore- Belisha (1893–1957), British politician, Minister of Transport when the beacons were introduced.