Satoshi Nakamoto who has created the blockchain known as the distributed ledger technology that had revealed the first instance of distributed ledger definition determined in pages of New York Times Circa 1995 pre-existing Nakamoto’s formation by 13 years.
Blockchain which is an increasing list of enduring records known as blocks that are linked by a cryptographic method to the preceding block having a timestamp. The technology is impossible to modify creating a trustless system for things such as financial transactions.
Distributed ledger definition explains the meaning of a blockchain technology. While at present, the blockchain technology is being measured to track transactions outside payments. It is seen by a lot of industries as a method to enhance a data security and transparency at the same time by lessening the operating charges. Blockchain’s biggest advantage for businesses is around its sequential chain of a hashed data called a timestamping data that was invented by the famous cryptographers Stuart Haber and Scott Stornetta in 1991.
Haber and Stornetta used a cryptographic hashing algorithm to create an exclusive ID for every document. The ID would alter whenever the document would get changed. The pair eventually launched their own timestamping service called Surety. AbsoluteProof was surety’s main service that served as the best example of blockchain before Bitcoin. The seal acts as the unique ID verifying authenticity.
As further, an absolute proof of Surety is similar to the blockchain technology verification process, the company would publish afresh added values every week to the New York Times in a small advertisement in the classified section. A record published in the New York Times, dating back as far as 1995, that serves as the first-ever example of blockchain technology, and would stimulate Bitcoin creator Satoshi Nakamoto to make Bitcoin in the wake of the 2008 worldwide monetary crisis.
As per the report published in News BTC, in bitcoin’s whitepaper, Nakamoto had referenced 3 different papers that were written by Haber and Stornetta. It’s a complete proof that Nakamoto used Surety’s AbsoluteProof system as motivation for Bitcoin and gave a distributed ledger definition to the blockchain, achieving what Haber and Stornetta formerly set out to achieve.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]