Which is kind of like taking every 5th letter from document. It's like a fingerprint: every document produces a different one, yet the same document always produces the same one.
Since the blockchains history lasts forever and each block is securely timestamped, we'll save your fingerprint in there.
In 10 years when you need to prove that your document existed in past, you can create the doc fingerprint again and find the document on blockchain, with timestamp.
Busyman is a startup platform connecting ideas with smart equity established in Prague in 2010. Idea makers, innovators, creators or people with great ideas come to our platform looking for smart money investors, who are willing to share their life business experiences and help grow these ideas.
We have observed that in many specific cases, it is very difficult to protect ideas, especially from the IT field. Patent offices do not offer this protection and if they do, the process of applying is slow and not very flexible. Also once the application is approved in a country specific patent office, for instance in the Czech Republic, all the details of the patents become available online to the world and basically anybody can copy the know-how, unless the patent application is submitted in most countries in the rest of the world, which is almost impossible and extremely expensive for startups.
We are of the opinion that timestamping specific know-how on the blockchain could be an alternative to this old and ineffective system.
Naturally the protection of ideas on the blockchain will initially never be as strong as the one provided by patent offices. The main idea supporting this case however is that in case anybody misuses the idea, and for example in 5 years from the immutable timestamp, the know-how is used by someone else, the creator can prove to the world that he was the one who created.
The world today is driven by social networks. These forces can easily help idea makers to point towards those who are using ideas without any rights. We believe that internet societies powered by blockchain will have the power the force good behaviour.
We are of the opinion that timestamps can also be used in a variety of industries and applications where a proof that any document, information or contract existed in a certain point of time. A good example can be notary and legal services.