A Breakdown of the Oldest Blockchain Listed In the New York Times
The blockchain technology has been making headlines over the last few years. The blockchain has led to a revolution in the technology world.
However, it has emerged that the first blockchain existed about 14 years ago, according to a classified section in the New York Times.
Basically, blockchain is a public ledger run by users linked to it. It has encrypted data which can be accessed by users with the capability to decrypt it. The blockchain can be used in numerous industries. This network has been a game changer for businesses that deal with the movement of assets. Additionally, its ability to hold any information makes it useful in the industry.
The blockchain first came alive back in 1991 courtesy of Stuart Haber and Scott Stornetta where it was a series of hashed information. It was used to provide a time stamp on digital files as a way of achieving veracity.
The two innovators come up with ways of locking out hackers who would alter the document. In case of any attempts to tamper with the document, changing the hash was to be undertaken first. They later sort ways of authenticating the digital files and settled on sending the documents through a hashing algorithm which created the ID for the file. In the end, data could only be changed if an ID had also been tampered with.
At this point, they resolved to use newspapers. They were looking for the ability to relate data to digital hash figures where the technology can be accessible but cannot be tampered within. Newspaper worked in a similar manner.
The the two launched a trial version of the blockchain dubbed Surety with its product being labelled AbsooluteProof. The AbsoluteProof was responsible for coming up with a document’s hash and stamp once it had been relayed to specific servers.
There was a universal registry database that was responsible for hosting AbsoluteProof’s seals. Just like today, the issues of trust with blockchain emerged 14 years ago.
As a safety measure, Surety came up with value figures for seals stored in the database on a weekly basis. The New York Times was later selected to convey the hash values. The fear backdating stamps was therefore ruled out.
Although the world has seen a rapid growth of the internet, the current blockchain can be viewed as an improvement to the oldest version.