Channel Island Alderney Conducts Blockchain Trial with Z/Yen’s ChainZy Tech
The government of Alderney, the northernmost of the Channel Islands, is experimenting with a blockchain-based online timestamping service through a project called MetroGnomo, live since 1 January 2016.
The experimental timestamping service utilizes the ChainZy mutual distributed ledger technology developed by London think-tank Z/Yen.
Professor Michael Mainelli, Executive Chairman of Z/Yen explains:
“MetroGnomo’s ledger is the same type of technology used by cryptocurrencies such as Bitcoin, Ethereum, or Ripple. These systems can also provide timestamping, but at costs ranging from US$0.07 to US$2.00 or so. MetroGnomo uses a novel approach to confirming timestamps that avoids these costs, ‘agnostic broadcasting’’ developed by Z/Yen Group. Because the costs are so low, MetroGnomo timestamping costs millionths of a penny or cent to provide.”
MetroGnomo emails free timestamps to any email. Users request a stamp identification in the form of a registration number, which can be used one or many times. Then, they submit either a piece of data or a computer file they want timestamped. MetroGnomo writes the timestamp onto an indelible computer ledger shared across multiple machines and returns a confirmation receipt. The confirmation receipt can be checked at any time in the future on any number of machines proving that the user had recorded such-and-such a file at a specific time.