While the Bitcoin structure is essentially a proof of labor system to construct a brand new model of digital cost 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 shocking use case was found due to the expertise behind Bitcoin through the 2023 Guatemalan normal 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 Simple Proof’s internet device stepped in to point out that the voting was really 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 Faced 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 surprising victory over a strong candidate. According to a report by The Associated 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.
In the “Bitcoin: A Peer-to-Peer Electronic Cash System” whitepaper by Satoshi Nakamoto, timestamping is used effectively to generate a hash based mostly proof of labor, one that’s unimaginable to tamper with until the whole chain’s proof of labor is redone. The timestamp server is used to forestall double spending and keep the integrity of the community.
This growth 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 earth to undertake a cryptocurrency formally.
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