IO Global develops use of Blockchain to synchronize world time, without failures – DiarioBitcoin

IO Global develops use of Blockchain to synchronize world time, without failures - DiarioBitcoin

IO Global develops use of Blockchain to synchronize world time, without failures - DiarioBitcoin By Daily EditorBitcoin

Scientists from IO Global, the company of Cardano, develop the first technology-based crypto time source Blockchain.


IO Global, the company behind CardanoIt is not just technology for finance, there is also a strong scientific research component.

On this occasion, through a press release he informs that he is working on the use of technology Blockchain to provide a more robust weather source than GNSS (Global Navigation Satellite System) for IoT (Internet of Things) and distributed systems.

The innovation eliminates the need for Blockchain systems to rely on external sources of internet time, making government and commercial systems more resistant to external attacks.

Central timing

The innovative research is reconsidering central timing, with a way to globally sync clocks across a blockchain and provide a more secure and tamper-proof global time source for everything, from IoT devices, such as measurement devices in supply chains, to fully distributed devices, systems, particularly where the interruption of a central clock represents a security risk.

The research is carried out by Ouroboros Chronos, the Greek word for time, which is the latest version of Ouroboros, the consensus algorithm that underpins the blockchain Cardano.

The new protocol could dramatically increase the resilience of critical telecommunications, transport and commerce infrastructures and systems by synchronizing with a unified network clock that does not have a single point of failure, making it extremely difficult to attack.

See also  Standardize commissions in Bitcoin Lightning network nodes: new proposal

Stronger and less dependent data

Time and position derived from British Government satellites: Blackett recently highlighted the need for more robust timing data and the dangerous reliance of critical sectors, from smart grids to autonomous vehicles, on Global Navigation Satellite Systems (GNSS), which are vulnerable to interference. , cyberattacks and space weather.

The Network Time Protocol (NTP) it is also used by many computers as a proxy for global time, and as such is a potential attack vector. The world’s first National Timing Center, led by the National Physics Laboratory, has recently been created to investigate alternative and more robust timekeeping services for everything from telecommunications to intelligent transportation. Today, international metrology centers have to comparing clocks operating at different frequencies and in multiple locations to check their accuracy, and the new research enables blockchain technology to more securely synchronize clocks.

Chronos: time synchronization

The breakthrough of Chronos is the creation of an internal time synchronization system based on Blockchain. The new clock synchronization mechanism allows participants from different geographies to synchronize with a unified and robust global clock, replacing weaker time sources that could be susceptible to tampering.

Furthermore, it enables the Blockchain protocol to accurately mark transactions with a cryptographically secure time source, free from the vulnerabilities of externally hosted clocks, and it will make cryptocurrencies more resistant to attacks that target time information. By enabling accurate timing and therefore full traceability of all transactions, this scientific achievement also marks an important step towards creating fully auditable and fraud-proof financial systems.

See also  AFIP disconnected Bitcoin mining farm with undeclared equipment

Chronos is the latest improvement of the protocol Ouroboros that sustains the blockchain Cardano, the green blockchain that overcomes the energy inefficiency problems of Bitcoin and Ethereum. It is currently being used to improve traceability, transparency and sustainability in the supply chains of US beef and lamb. And even provide a decentralized national database of student and teacher digital IDs that tracks local academic achievement to help target resources, drive lesson planning, and combat credential fraud in Ethiopia. .

Blockchain to calibrate local clocks

Professor Aggelos Kiayias, Director of the Technology Laboratory Blockchain from the University of Edinburgh and chief scientist of IO Global, who led the investigation, said: “The problem of synchronizing clocks without a central timekeeper is essential to creating a truly robust decentralized financial system. For the first time, we have developed a blockchain mechanism that allows a group of dynamically evolving parties to calibrate their local clocks to be consistent, even if they go back and forth following arbitrary engagement patterns. By creating a global clock based on Blockchain, we have also paved the way to a more secure and tamper resistant time source. with many possible external applications ”.

Source: Press release from IO, IO whitepaper

Version of DailyBitcoin

Picture of Unsplash

See also  5,000 Bitcoin Mining Rigs Shut Down Due to Rising Electricity Costs

Leave a Comment

Your email address will not be published.