The mysterious Creator of Bitcoin Satoshi Nakamoto also credited with the authorship of the technology of the distributed registry, known as the Blockchain, which is based on Bitcoin and most other cryptocurrencies. However, the first instance of a blockchain was discovered in the pages of the New York Times in 1995.
Blockchain — the list of permanent records called blocks, which contain a cryptographic hash of the previous block, transaction data and a time stamp. This technology was developed for continuous control no changes to be a reliable system for financial transactions.
The blockchain is considered by many industries as a way to improve data security and transparency, while reducing operating costs.
The biggest advantage of the blockchain for business is its chronological chain of hashed data that it logs. This method of data timestamping cryptography Stuart Haber and Scott Stornetta invented in 1991.
In the “physical world” mapping and validation much simpler. For verification of documents, there are notaries, and even something simple like a sealed envelope, could potentially prove that the document arrived without any modifications. However, digital documents fared radically different.
Both developer Haber and Stornetta, tried to solve the problem of digital verification of documents. They knew that these must be accompanied by a clearly fixed time indicators, to ensure that any changes in the document will be detected. So the developers, it became clear that the timestamp is the guarantee of authenticity.
Together Haber and Starrett came to use a cryptographic hashing algorithm to create a unique identifier for each document. The ID will change every time they make changes to the document. The Duo eventually launched its own service timestamping called Surety .
The main product Surety, AbsoluteProof, is the first instance of the blockchain. The software used to generate a cryptographic hash of the digital document, which is then sent to the Surety to create a time stamp. The stamp acts as a unique identifier, certificates of authenticity.
Then a copy of the stamp goes to “a universal registry database” consisting of hashed cliches customers, creating a constant registry of all customers, Surety ever created. Development does not allow anyone outside Surety, to change the stamp.
The difference between Bitcoin and bloccano AbsoluteProof from Surety lies in the fact that the Bitcoin blockchain has decentralizovanno, adding a layer of lightheartedness to a technology first invented by Haber and Stornetta.
As another “absolute” evidence of the verification process from the Surety company each week did publish in the New York Times in a small ad. In the end, these notes, published in the New York Times since 1995, are the first example of Blockchain technology, and after the global financial crisis of 2008 will inspire Satoshi Nakamoto to create Bitcoin.
It is noteworthy that three of the eight paragraphs of the description of Bitcoin, proposed by Satoshi Nakamoto, developed by Haber and Stornetta. It is obvious that Nakamoto used a system AbsoluteProof from Surety as inspiration during the development of the Bitcoin blockchain, improving what was originally planned, Stewart and Scott, since 1991.