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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 stunning use case was found due to the expertise behind Bitcoin in the course of 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 Simple Proof’s net software 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 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 sudden 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 all the chain’s proof of labor is redone. The timestamp server is used to stop double spending and preserve 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, changing into the primary on this planet to undertake a cryptocurrency formally.

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Anvesh studies main crypto updates round U.S. regulation and market transferring traits. Published over 1,200 articles to date on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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