Chainpoint – Verifying Timestamp Blockchain Proof Standard?
Chainpoint is an open standard that allows individuals to create a timestamped proof of any data, file, or process.
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What Is Chainpoint?
Chainpoint, found online at Chainpoint.org, is an open standard for creating a timestamped proof of any data. Users can anchor an unlimited amount of data to multiple blockchains. Then, they can verify the integrity and existence of data at any time without relying on a trusted third party.
The platform was first introduced in June 2015. In August 2016, the company announced Chainpoint 2.0. In the months since, the developers have released Chainpoint 3.0 (although as of August 2017, the latest release is still in beta).
Some of Chainpoint’s best-known clients include Microsoft, Philips, and Blockstack, among others.
How Does Chainpoint Work?
Chainpoint works by linking a hash of your data to a blockchain, then returning a timestamped proof. A Chainpoint service receives hashes that are aggregated together using a Merkle tree. The root of the tree is anchored in the bitcoin and Ethereum blockchains. Throughout this process, a Chainpoint proof is created and continually upgraded. When the process is complete, there’s a final Chainpoint proof that defines a path of operations cryptographically linking your data to one or more blockchains.
What’s the use of a Chainpoint proof? Well, the Chainpoint proof is a JSON-LD document containing information to cryptographically verify a piece of data anchored to a blockchain. It proves the data existed at the time when it was anchored. The value of a Chainpoint proof lies in its ability to be verified without reliance on a trusted third party.
You can view an example of a Chainpoint proof online at Chainpoint.org.
Chainpoint is a blockchain-based standard that allows anyone to create a universally verifiable proof of any data, file, or series of events. First introduced in 2015, the platform has since expanded to Chainpoint 3.0 in 2017 (although it’s currently in beta). Today, the platform continues to allow users to anchor an unlimited amount of data to multiple blockchains, then generate proofs of that data. Those proofs are available in an easy-to-access file, then viewable for anyone to access.
Today, Chainpoint is used by Microsoft, Philips, Tierion, Blocknotary, Blockstack, and other notable companies.
You can learn more about Chainpoint by visiting the official website at Chainpoint.org.