Delta Business Management, a London based investment company, is developing its own blockchain for timestamping, named Delta ID Coin . Douglas Millard, from Delta Business Management, told CoinTelegraph CT r: 25 in a personal conversation on November 21st, that the addition will allow the company to register its users issuing a coin on the Bitcoin CT r: 8 blockchain. Timestamping On The Blockchain Timestamping on the blockchain is not new in the cryptocurrency world, but for the ones that are entering this ecosystem late, a little explanation is due: the blockchain, the backbone of most cryptocurrency, is essentially a public ledger where transactions are written. But apart from the actual Bitcoin (or altcoin ) transactions, the ledger also allows a certain amount of extra data to be recorded into each block. This creates the conditions to store proof that something happened at that exact time. Would it be a land property transfer, the publication of a book, the fact that you have given a present to your girlfriend or even just a bet between friends. Anything you can think of, essentially, can be stamped with a time precision of less than half an hour on the blockchain. This registration method has two advantages: first it’s economic, because with a simple, inexpensive Bitcoin transaction anything can be stored, second nobody can tamper with the registered data, ever, thanks to blockchain technology being distributed and unmodifiable. However, the amount of data that can be added to any Bitcoin transaction is limited, so to get around the issue other solutions, often described as “ sidechains ”, are used to alleviate Bitcoin blockchain bloat. Not Another ALT Coin From the little information available, it seems that Delta ID Coin will represent Delta Business ’ clients and allow them to have a proof by […]
