New York Times Report: Blockchain Discovery was 23 Years Ago in AbsoluteProof Product
Crypto news outlet, BTC Wires narrated that the likes of blockchain technology was first hinted by the New York Times in 1995, making it much earlier than Bitcoin creator, Satoshi Nakamoto’s findings.
In today’s society, blockchain is considered disruptive, as it has the ability to encourage traceability of data while ridding any industry of corruption. Furthermore, its digital aspects make it far more desirable that heavy-in paperwork procedures.
So, how was blockchain represented nearly 23 years ago? According to the report, Stuart Harber and Scott Stornetta were the first to discover the technology in 1991. The duo’s purpose was to find ways to preserve “authenticity of data” and ensuring that data is immutable.
Their goals led them to successfully prove the originality of data through timestamp, a digital record of the time a particular event took place in. Furthermore, the use of cryptographic hashing algorithms came of significant use, especially when it came to creating unique IDs for every document and once again regenerating new IDs every time a change was made.
Their combined efforts allegedly guided them to launch Surety, a time stamping service provider. Eventually, they came up with a product called AbsoluteProof, which supported digital documents.
According to BTC Wires, the single factor that sets blockchain technology and Absolute Proof apart is the fact that the former is decentralized – which one might either see as a system free of control or one that cannot be trusted. Surety’s hash rates were first reported by the New York Times, which the news outlet believes serves as the foundation of blockchain technology.
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