Unlocking the Future of Timekeeping: NIST's Groundbreaking Blockchain Timestamps
The National Institute of Standards and Technology (NIST) has spiced up the world of timekeeping with its recent foray into using a blockchain-like structure to map timestamps. Dubbed the NIST Randomness Beacon, the prototype implementation generates blocks of full-entropy bit-strings, which are sequentially numbered, timestamped and signed, and furnished every 60 seconds. Interestingly, NIST’s innovation recalls earlier suggestions of using blockchain for timekeeping.
This emerging technology closely mirrors a hash chain or a blockchain. A hash chain shares semblance with a blockchain as both deploy cryptographic hash functions to bind two nodes. However, blockchains, which underpin Bitcoin and similar systems, are typically purposed to uphold distributed consensus around a publicly accessible ledger of data, incorporating specific rules regarding data encapsulation and permissions.