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Things you need to know about Blockchain and Timestamping, if you are a beginner
With the simple enactment of timestamping and Blockchain, the internet may become safer and more trusted.
What was blockchain technology initially intended? Generally presuming that it was created in 2008 by Satoshi Nakamoto as part of his white paper, creating Bitcoin (BTC) since Bitcoin would build on decentralized ledger technology, a blockchain needed to established as the cryptocurrency foundation.
Since 2008, blockchain technology has elaborated well beyond cryptocurrency usage and is now being appertained in various useful examples, from healthcare to capital to green tech and many more.
But blockchain tech didn’t begin with Satoshi’s white paper. It genuinely excogitated in 1991 as a way to verify and protect content through a concept called timestamping.
A history lesson from Blockchain
Ind that in the past, you could turn over through the pages of a notebook to see the dated entries. They cite other means of documentation, such as mailing oneself a letter or having something countersigned, but in those cases, encroaching of documents would be identified instantly. But not in a digital world, where certificates can be desexed with no evidence left behind.
“The challenge is to timestamp the data, not the medium,” they wrote. The first determination they offered was to send a document to a timestamping service. The TSS would then withhold a copy for safe-keeping, which could be brought out for comparison when needed.
Why do we need timestamping?
The need for avouching documents wasn’t just a 1990s enterprise. In a world where there’s so much digital subject matter produced and when incertitude in the content on the internet seems to be rising, timestamping might be the way to achieve the limpidity and accountability that’s needed.
The idea is simple. A unique hash is generated from a piece of content’s text, title, or date, and added to the Blockchain. This not only locks in the time at which a piece of content was created to a public distributed ledger but if any part of that content is altered, the hash changes too, showing that it was tampered with or that a new version was created.