What you Should know about Timestamping in Blockchains

Multicoin / November 27, 2018 / 10

Timestamping in Blockchains

Timestamping; in the simplest way simply refers to the process of attributing a particular time identity to the creation or modification of a product, content or document.

The idea of timestamps has existed for over 200years. According to Wikipedia; the idea is as old as Hooke's law and might have preceded Newton.

The idea was simple; an inventor; creator; intellectual or whoever was working on an idea.

Despite not being ready to share this idea or invention with the public; for the need of more time to straighten out the kinks; how does this individual lay claim to his originality of the idea if it is in future stolen or claimed before they officially present it?

This was what inspired Hooke to try to figure out an inimitable or otherwise unquestionable system of evidence.

Both Newton and Galileo are believed to have enlisted some form of encryption to protect their intellectual property from being published before they were ready to do so.

Timestamping in old industrial settings and factories were required to keep track of how much work an employee was getting done per day.

How Timestamping in blockchains work

With the new level of technological know-how and continuity; digital timestamping is an obvious necessity.

Making use of blockchain

Timestamps can be classified based on their different schemes and levels or types of security they are trying to achieve.

There are;

1. PKI-based (Public Key Infrastructure) stamps that Are built on a set of policies, and procedures that manage online digital certificates. They are necessary for regulating online transactions and other activities where basic encryption and password coding are inadequate security measures. These include e-commerce and internet banking as well as secure emails....

2. Linking based schemes where various time stamps are related to each other.

3. Database: a time stamp where document hashes are saved in reliant archives.

4. Transient key scheme; this is a variant of PKI.
All these are just a few of the types of timestamps available.

A Trusted Time Stamp or TTS is one issued by a trusted third party acting as a Trusted Stamping Authority (TSA)
A TTS is basically proof that certain data or software was in existence prior to a particular time period.

For blockchain miners, this is necessary to keep tabs on their mining progress.

Also, bitcoin technology has been able to facilitate the creation of a decentralized timestamp system.

By hashing data; it can be incorporated into a transaction on the blockchain and secured.

This security relies on how much computations that are carried out after the encryption of the hash; such that any attempt to unravel or mess with the timeStamp will ultimately unravel the entire blockchain leading to a devaluation of the digital currency to zero.

There are various decentralized blockchain time Stamp providers.
Timestamping on blockchain is tamper proof and relevant for keeping digital content including files, emails, and even plain text.

Examples of such providers include Origin stamp, Open timestamp.

When it comes to bitcoin technology, the possibility kitties ate endlessly and this is just one of them.