Timestamping means a sequence of numbers in a specific format used to identify the time that a transaction takes place. In other words, it means to securely keep a track of modification and creation time of the documents. Timestamping is done in a secured way such that even the owner can’t change it once it is recorded. For trust and security, it is to be issued by a trusted third party which are acting as Time Stamping Authority (TSA). Digital signatures and hash functions are used to create the timestamp. It has made cryptocurrency exchanges more secure and beneficial.
Decentralized timestamping on the blockchain
It is possible to keep a timestamp in the cryptocurrency world. The decentralized blockchain is used for this purpose. The main aim of any timestamp is to store anonymous fully hidden, tamper-proof timestamps for any type of digital content. No one should be able to change the timestamp with or without using any tool. For this, the digital content is hashed. The hashed data is now stored in a blockchain. It is one of the most secure proof to verify the time or date the data existed. The timestamping tool available in the market will be able to hash files, emails, or even plain text. You can store the hashed files in the blockchain. The only thing you have to check for any timestamp service you are looking for is, the experience, privacy, and whether or not it is tamper proof. Moreover, you can check the submission time.
Timestamping can be used by anyone who wants to provide documents, photos, emails or any digital files that has been created. As soon as the owner submits the unique fingerprint to their timestamping service, the service will embed the fingerprint into the transaction. The service will first aggregate the submitted hashes. When the transaction is done, it is impossible for anyone on the internet to change those hashes. The hashes couldn’t be altered once the transaction is done. Once the process is completed, anyone can verify the timestamp. All you need to do is turn on your internet connection and look for the blockchain explorer.