Author: Jeff Garzik 2014-07-25 01:41:19
Published on: 2014-07-25T01:41:19+00:00
The timestamp on the blockchain provides an extra piece of reliable data that is not being exploited by applications. This 'time', as agreed upon by more than 50% of participants, can be kept fairly accurate within a +/- 10 minute time window. The validity of the blockchain can be tested with cryptographic proofs and a review of difficulty growth/decline. Using the blockchain as an approximate time source gives a worldwide consensus without direct trust of any player. Reliable 'time' has been impossible up until now, but using the blockchain as an approximate time source gives a world wide consensus without direct trust of any player. Bitcoin core developers and open source evangelists, like Jeff Garzik, are working to exploit this potential use of the blockchain.
Updated on: 2023-06-09T01:30:56.535786+00:00