Whereas the Bitcoin structure is basically a proof of labor system to construct a brand new model of digital fee system, its timestamping server helps unlock a brand new use case in Central American nation Guatemala’s presidential election.
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Bitcoin & Guatemala Election
A stunning use case was found due to the expertise behind Bitcoin through the 2023 Guatemalan common election. The nation’s president elect Bernardo Arévalo confronted allegations of election misconduct and the opposing candidate demanded that there be a recounting of votes. That’s when Easy Proof’s internet device stepped in to indicate that the voting was truly timestamped when the voting closed on the day of election. This had reportedly helped confirm the authenticity of voting with their respective timings.
Why Election Confronted Allegations In First Place?
On August 29, 2023, Arevalo was confirmed because the winner of the election by the nation’s authorities, solely to be challenged legally in regards to the sudden victory over a strong candidate. In accordance with a report by The Related Press, the president elect confronted a slew of authorized challenges and allegations of irregularities since he defeated a candidate favored by the nation’s conservative elite.
Within the “Bitcoin: A Peer-to-Peer Digital Money System” whitepaper by Satoshi Nakamoto, timestamping is used effectively to generate a hash primarily based proof of labor, one that’s not possible to tamper with except your complete chain’s proof of labor is redone. The timestamp server is used to forestall double spending and keep the integrity of the community.
This improvement within the area comes at a time when one other Central American nation, El Salvador, continues to empower the Bitcoin ecosystem. The nation had adopted BTC as authorized tender in September 2021, turning into the primary on the planet to undertake a cryptocurrency formally.
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