Company uses Bitcoin to certify legal documents

Can anyone offer some explanation on if this actually makes sense?

Here is the walkthrough

View Reddit by Garbondon34View Source

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  1. I can’t read that but most likely hash of doc is embedded with transaction data. It functions as a time stamp that the doc existed at certain point. It does not certify correctness of anything in the document. It could say garbondon kills small kittens for fun.

    You could write a book, hash a PDF of it, put hash in a transaction. If anyone says it’s their book later you can point to the transaction and the world can see that this PDF and its hash existed on such and such day, and your copyright challenger is just trying to be sneaky.

  2. Whoa whoa whoa there buddy! That sounds a lot like intrinsic value, which would make this an alternate reality or something. Now I have to determine if I’m living in the Matrix, or if all the FUD about Bitcoin having no intrinsic value was just lies.

  3. I think that document is in some obscure language, Swahili or Zulu. Please translate

    This service has been operating for years

    Any Bitcoin user can do this for themselves. This transaction is an example:

    The OP_RETURN output of that transaction contains a hash


    The person who owns a document which has that hash can use that transaction to prove that his document existed before the timestamp of block #700638

What do you think?

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