Introduction to Blockchain and Timestamping

Begin your journey into the transformative world of blockchain and timestamping.

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The Blockchain?

Blockchain is the underpinning technology behind cryptocurrencies such as Bitcoin. But the power of blockchain extends beyond digital currencies. It's a decentralized, digital ledger that records transactions across a network of computers. The decentralization aspect of blockchain ensures that no single entity holds power or control. Instead, it promotes collaboration and transparency, making it an efficient and secure way to track transactions without needing a central authority.

Timestamping

A timestamp is a crucial digital record that precisely pinpoints the exact moment when a specific event occurred. This could be any number of things, from a user login request or the creation of a document to the moment a photo was captured.

Timestamping is a fundamental aspect of digital applications, serving as a verifiable trail of when and how these events transpired. This ability to 'go back in time' and reference a timestamp as irrefutable proof of an event's occurrence is a powerful tool in today's increasingly digital world.

Documents, in particular, are subject to multiple timestamping events. This begins with the primary timestamp at the moment of creation and extends to subsequent timestamps marking edits, access by different parties, and even deletion.

The value of blockchain

Each interaction with the document is faithfully recorded, providing a comprehensive timeline of its history. In essence, timestamps function as the digital world's heartbeat, providing a rhythm and sequence to events and actions.

An essential consideration for timestamps is trustworthiness. Can we rely on a timestamp to be genuine? Did the event truly take place, or was the timestamp falsified? To create a trustworthy record, blockchain technology is employed.

Given its immutability, transparency, and security features, blockchain is ideally suited for recording timestamps. This is exactly why VIDT employs the Ethereum and Binance Smart Chain blockchains for its timestamping use case.

Explore how VIDT has helped various AI-Validator implement VIDT timestamping technology into their businesses.