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by comeonnow
4369 days ago
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Impending lawsuit from THE SOCIAL NETWORK... No, in all seriousness I think the key to services such as these is trust. Trust that no matter what the company won't falter and nip into the database and change a few dates. When people actually need this service, they'll really need it and I'm wondering without an accredited and independent survey of the site and company (as well an employees) whether this will be worth anything legally and in a court of law? I don't know |
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They're using the Bitcoin blockchain to post the one-way hash proving that the document existed at a certain time. They wrote: "This is possibly the first non-currency application of the Bitcoin Blockchain packaged in a commercial way for non-technical users."
That's precisely what Bitcoin is solving: it's the first system allowing to have trust without a chain of trust, without a central authority. And this is why IMHO Bitcoin is huge.
In a way Bitcoin-the-cryptocurrency is "just" one application of that decentralized trust.
Now that said that technique is known since a long time: if I'm not mistaken people have been using SHA256 of documents as private (?) keys to make a tiny transfer in the Bitcoin blockchain since basically as long as Bitcoin existed.
It's good to see it as an easy-to-use service although apparently there are already free alternatives...