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Thursday, September 23, 2021

Blockchain’s Original Use Of Timestamping To Return Today

Use of blockchain technology doesn’t end with the crypto market. It dates back to the time when blockchain was first created for the use of timestamping documents. Market analysts suggest the possible return of timestamping to make the internet a much safer place today.

Blockchain was presumed to be first created by Satoshi Nakamoto in 2008 as a BTC white paper. Since the new digital asset had a decentralized ledger structure, there was a need for a separate blockchain tech to provide the backbone. The 2008 tech has spread beyond the use of cryptocurrency mining. It is now used in a variety of sectors, for instance in green tech, healthcare, finance and so on.

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But this is not the beginning of blockchain as we know it. A lesson in history will tell us that this technology was first created in 1991 as a tech that could verify and safeguard digital content through a method called timestamping.

Timestamping To Return To Blockchain To Increase Authenticity

Before the digital world, there were dated notarized entries that could be used as certified documents. However, a shift to the digital world called for the invention of the blockchain tech that could be used for the purpose of authentication. Otherwise, digital documents could be easily altered or tampered with.

Analysts are currently of the opinion that there is a need of timestamping in the present-day world. The internet seems to be expanding rapidly. With that there is a growth of mistrust and fraudulent activities. Therefore, there is an even greater need for safekeeping, verification and authenticity within the various market systems.

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Timestamping tech would allow content creators to mark their work to put an end to copyright disputes and plagiarism. Analysts believe that this technology will also help improve transparency, authenticity and accountability.

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