Many people are talking about the “proofs” since blockchain technology became widely used. If you’ve been paying attention to blockchain technology for more than a year or two, you’re probably familiar with concepts like Proof of Authority, Proof of Stake, Proof of Work, and others. In this post, we’ll examine the notion of “Proof of Existence” through the lens of blockchain technology, which is all about keeping a non-repudiated ledger of acts.
How Can It Be Obtained, and What Does It Mean?
PoE, as its name implies, is concerned with providing evidence of the existence of a piece of information or an entity (or existed). The mechanism behind PoE is similarly straightforward and illuminating: to “prove” to authorized readers that a given record was produced on the specified date and time, a timestamp and signature are attached to it.
Right now, millions of data are freely circulating online without any verifiable way to verify when they were created or by whom. Our system allows creative professionals to easily have their files timestamped by uploading them to a control panel. Thus, it will be recorded in the public ledger and cannot be altered or removed, guaranteeing that the evidence of existence will always be preserved. The same is true of cryptocurrency exchanges like crypto boom and eToro.
An outsider listening to this debate may wonder why “Proof of Existence” is such a big deal if they have never been engaged in the creation of an IP before. The explanation, though, is straightforward. It may not be necessary for the average individual with a 9 to 5 job (that involves little creativity or originality) who does not need legal protection or research. However, if you have a novel idea that requires some work and you believe it has the potential to win a Nobel Prize, you should probably keep it safe from the “giants” in your field.
Before sharing your concept with a third party, have it time stamped so that everyone is on the same page about when and where the idea first emerged.
Surely by now, you see that PoE is of paramount importance in governmental and public sector use cases, where agencies and governments must be ready to manage large numbers of conflict resolutions. In addition, the need to implement cybersecurity and privacy measures is increasing at a phenomenal rate, making now the ideal time to pursue Proof of Existence on Blockchain. This is so, in large part, because end-users need not rely on a centralized authority to solve their problems, and the system can operate automatically in response to triggers, without requiring human intervention.
Real-World Illustration of the Urgency of PoE
In 2010 several government buildings in Haiti were destroyed by an earthquake. In addition, numerous structures that were meant to house government records and other legal papers were destroyed during this time. As a consequence, both the servers and the land register data disappeared, leading to many disagreements about who exactly owned what.
It’s a business-grade blockchain managed by an alliance of research institutions that have agreed on how to govern the network. Nonetheless, the scope is really specific, making it an excellent option for safeguarding research.
This decentralized application (DApp) has been deployed on the Bloxberg blockchain. It’s aimed at a specific segment of the research sector and makes it possible to verify and keep tabs on gene research data (maintained in an arbitrary file). Certify lets end-users validate the files, without divulging the content, much like other major blockchain technologies that allow the users to monitor PoE.
The PoE use case it targets is very relevant, and the tool itself is useful in a variety of contexts, including the academic, legal, government, financial, and educational sectors. Members may use the blockchain to digitally sign papers and grant various credentials.
It’s distinct from other common digital signature services since it supports joint signatures, a feature often requested for official documents like academic credentials and legal contracts. This final output looks a lot like a “multi-signature receipt” for this reason.
It’s quite clear that blockchains’ general nature makes them applicable to any setting, not just financial ones. Importantly, we can see a multitude of consortium chains developed on enterprise-grade blockchains because of the PoE functionality, which was first introduced by the Bitcoin blockchain and has allowed developers and entrepreneurs to construct additional use cases on this technology.
Governments’ use of blockchain technology is a positive step, especially in light of the recent cryptocurrency price increases. In addition to improving their operations, this would pave the way for other governments to follow suit and use the power of blockchain technology to improve services for their inhabitants.