Craig Wright Incident Proves Blockchain Can Detect Frauds

Most of us know about the recent incidents revolving around Craig Wright, an Australian computer scientist, who claimed that he is the creator of Bitcoin. He even went ahead and provided certain proofs to support his declaration. His claims took the internet by storm, until people decided to make use of the blockchain technology, to verify the proof. Those who double checked his proof had something entirely opposite to say.

The concept of Bitcoin emerged after a whitepaper was published by Satoshi Nakamoto in 2008. The whitepaper showed theoretically proved that the problems plaguing the development of digital currency can be solved by making use of blockchain, an underlying distributed ledger technology. Within a year, Bitcoin was a reality. Even after over 7 years since it was introduced, no one really knows anything more than just the name of its creator. Satoshi Nakamoto has remained unknown, save for a few speculations. Is it a single person or a group of people who created Bitcoin, no one really knows for sure.

There have been few names in the list of probable Satoshi Nakamoto’s and one among them is Craig Wright. When the media published the list, he rubbished the claims and said that he is not Satoshi Nakamoto. However, fast-forwarding to about a year, he backtracked his earlier stand and decided to claim himself to be the Satoshi Nakamoto. Backing the claims were his proofs, which happened to be cryptographic private keys from two different early bitcoin blocks.

It is already known that the bitcoin blockchain keeps a permanent record of all the transactions happening over the network. The cryptographic hashes associated with private keys and public keys can be used for comparing against other signed transactions using the same private key. In the case of Craig Wright, transparency offered by the Bitcoin […]

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