Timestamps in cryptocurrencies

Cryptocurrencies use various timestamping schemes to avoid the need for a trusted third party to add timestamp records to the blockchain

by Lorenzo Ciotti
SHARE
Timestamps in cryptocurrencies

Timestamping is the process of generating and affixing a timestamp on a computer, digital or electronic document. The time stamping process consists in the generation, by a trusted third party, of a digital signature of the document which is associated with the information relating to a certain date and time.

Affixing the timestamp makes it possible to establish the existence of an IT document starting from a certain instant and to guarantee its validity over time. When the user with his own software starts the process of affixing the time stamp on the digital document, a request is automatically sent containing a series of information to the Accredited Certification Body.

The institution simultaneously verifies the correctness of the information request, generates the timestamp and returns it to the user. This automatic and immediate process guarantees the safety and validity of the marking process.

Timestamps in cryptocurrencies

The affixing of a timestamp on an electronic document makes it possible to give a certain date to the document with probative value, in order to associate a digital document with a legally certain date and time that can be enforced against third parties.

For this reason, the cases in which the use of timestamps is indicated are those in which it is necessary to have a certain and legally valid date.
Time stamping guarantees a certain date and time for an IT document at the time of its affixing.

The timestamping service of an IT document consists in the generation, by a Certification Authority, of a digital signature of the document, even additional to that of the subscriber, which is associated with the information relating to a date and a certain time.

Cryptocurrencies use various timestamping schemes to avoid the need for a trusted third party to add timestamp records to the blockchain. The digitized procedures to certify a time stamp are simple, safe, effective and efficient procedures.

They make it possible to generate significant tangible and intangible savings: reduction of costs and processing times for paper, cancellation of postage and stamp costs, process optimization, reduction of errors, significant contribution to the green economy, greater security, transparency and legal value compared to paper area.

ISO (International Organization for Standardization) has defined ISO 8601 as the standard for timestamps. A timestamp (in a narrative context) can also include precise information such as explicitly expressed dates, references or hints to individuals who really existed, descriptions of habits or the type of life of a certain period.

SHARE