Timestamps create an extra layer of trust for your data files. Do you want to have extra proof of the existence of a specific version of a document on a certain date, a timestamp will create this extra proof without having to visit (and pay) a notary or lawyer.
A timestamp firstly creates a hash, a unique fingerprint, of a data file. The software that calculates this hash creates a unique code based upon the complete digital file. When any alterations in the file are made: a new version or the addition of (illegal) extra code, the original hash will no longer be valid. The ‘fingerprint’ has changed.
In the next step of the timestamp process, the service will create a file containing the exact moment the hash was created, the hash itself, the identity that requested the timestamp and the location where the file is stored.
In the final step, a ‘block’ is created with this information and entered in the blockchain. After validation the Geens timestamp certificate will also contain the ‘block’ address in the ledger where this information is stored. The ledger is ‘open’ so anybody at any time can check whether a certificate given as proof is legit.
This process is tamper-proof and in a growing number of countries the timestamp is accepted as legal evidence of the authenticity of a digital file.
In general, the blockchain technology is designed to be tamper-proof and fully transparent. A blockchain includes an immutable ledger. It can be viewed as an unbreakable chain of ‘blocks’ that contain a minimum of information. The process, how a block can be added to the ledger, requires a process of proving the block. Only an approved block will be added to the front of the chain.
No block can ever be removed from the chain. This makes the blockchain a valuable technology also often referred to as the immutable ledger technology.
With a timestamp, the ‘block’ information contains the indisputable proof of the existence and exact content of a data file. On the blockchain no actual file data is stored. The ledger ‘block’ contains a link where the data file can be found. For timestamped files in your Geens, only persons authorized by you(r team) may get access to check the actual timestamped data file within your Geens. As an extra security, the immutable logging of all file activities within your Geens makes this activity visible for you.
The Geens NPO has a partnership with the NEM foundation. Both parties strive to empower entities and individuals to securely access services in the growing digital economy.
The New Economy Movement Foundation is endorsed by an international network, compiled of a wealth of experience in IT, entrepreneurship, business processes, trading, property and asset development, international management and academia. The business’ ethos is to provide NEM’s blockchain technology platform to strengthen enterprises whilst being run by the people, for the people. NEM’s team provides this through an array of support and education, from training events and service providers to technical support for the NEM ecosystem.
Learn more at www.nem.io
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