In an age of encryption, one of the major innovations of Bitcoin is their block-chain technology, which allows for total transparency. – If Craig Wright’s claim that he is the creator of Bitcoin withstands further scrutiny, he will be credited not only with the birth of the digital currency, but also the sophisticated blockchain technology that makes it work.
The Australian computer scientist said in a blog post today that he is the elusive and until now unknown author of Bitcoin. Three news organizations, the Economist , BBC , and GQ , say Wright has shown them proof that has left them convinced of his claim. Wright promised to release more data for skeptics who are withholding judgment.
The identity of Bitcoin’s inventor, known only by the pseudonym Satoshi Nakamoto, has been one of the biggest mysteries in tech. Various people have been the target of speculation as the real Nakamoto, Wright among them.
Since its creation in 2009, the number of Bitcoins has grown to more than 15 million, at a current value of approximately $450 each.
"This incredible community’s passion and intellect and perseverance has taken my small contribution and nurtured it, enhanced it, breathed life into it," Wright wrote in a his post today.
Bitcoins are traded in transactions where the identities of each party are encrypted and secret. But the underlying technology of bitcoin is such that despite the secrecy, the digital trail of each bitcoin is publicly recorded and open to verification."The key thing is all bitcoins are in one big chain," said Peter Todd, a bitcoin developer. The blockchain keeps a record of all Bitcoins and the encrypted transactions associated with them.Blockchain technology — incorporating encrypted data with an open-source digital trail — can be used for other applications aside form Bitcoins."Anytime you have […]
