Normally when we exchange documents or digital media, we are not concerned to prove that the data existed at a point in time. However, this is not always the case. Many times we also have to prove that a document was not altered or a digital media was created and shared at a certain point in time. This helps to prove ownership and/or avoids legal disputes. Using the Bitcoin Blockchain to store the existence of the document and/or media ensures that the timestamps can be independently verified. Similarly, since there is no single entity in control of the Blockchain, tampering attempts are futile and no single middleman can be persuaded to alter data. This is also removes costly Time Stamp Authority (TSA) intermediaries. Anyone can review the timestamp and can use publicly available tools to validate documents.
Open Time Stamp
At XcooBee we rely on OpenTimeStamps.org to connect us to to the bitcoin Blockchain and provide an independent agency. This allows anyone with access to the Bitcoin Blockchain and the SDK from OpenTimeStamps to validate documents and timestamps.
How does this work
The good thing is that you can can do this easily using the three step bee-hire wizard that you are used to.
- Using the wizard, look for Timestamp
- Upload any of the files you would like to timestamp
- Let the bee do its work
Behind The Scenes
XcooBee Timestamp bee creates a digital fingerprint of your file(s). This is called a “hash”. We use the sha256 algorithm to do so. It helps us create a unique sequence of bytes that will identify your file. We cannot recreate your file from it but it can be used as unique fingerprint. You can, however, use the original file and only the original file to create the same hash and thus prove that your file produced this hash.
It is the hash (digital fingerprint) that we send to OpenTimeStamps’ for time-stamping. OpenTimeStamp than records the hash in the Bitcoin Blockchain and sends us confirmation. The confirmation is returned quickly. However, the bitcoin recording process may take a few hours to complete as OpenTimeStamps gathers sufficient number of transaction before the final posting.