Central American Country Uses Bitcoin To Conduct Fair Election; Here’s How
While the Bitcoin architecture is largely a proof of work system to build a new version of electronic payment system, its timestamping server is helping unlock a new use case in Central American country Guatemala’s presidential election.
Also Read: XRP Lawyer John Deaton Representing Ex-Ethereum Advisor On ETH Gate?
Bitcoin & Guatemala Election
A surprising use case was found thanks to the technology behind Bitcoin during the 2023 Guatemalan general election. The country’s president elect Bernardo Arévalo faced allegations of election misconduct and the opposing candidate demanded that there be a recounting of votes. That’s when Simple Proof’s web tool stepped in to show that the voting was actually timestamped when the voting closed on the day of election. This had reportedly helped verify the authenticity of voting with their respective timings.
Why Election Faced Allegations In First Place?
On August 29, 2023, Arevalo was confirmed as the winner of the election by the country’s authorities, only to be challenged legally about the unexpected victory over a powerful candidate. According to a report by The Associated Press, the president elect faced a slew of legal challenges and allegations of irregularities since he defeated a candidate favored by the country’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 proof of work, one that is impossible to tamper with unless the entire chain’s proof of work is redone. The timestamp server is used to prevent double spending and maintain the integrity of the network.
This development in the region comes at a time when another Central American country, El Salvador, continues to empower the Bitcoin ecosystem. The country had adopted BTC as legal tender in September 2021, becoming the first in the world to adopt a cryptocurrency officially.
Also Read: Is Terra Co-Founder Do Kwon Coming To US? SEC Files Motion In Court
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- XRP Price Outlook After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
