A new project from IO Global makes it possible to synchronize clocks globally and to create a tamper-proof time source. Application areas that benefit from this are, for example, the IoT or financial systems.
A current research project led by IO Global has set itself the goal of redefining central time measurement using the blockchain. This emerges from a press release that BTC-ECHO has received. The blockchain can therefore be used to synchronize clocks globally and thus provide a reliable and tamper-proof global time source. This unmistakable and invulnerable precision can be useful for many applications. These include Internet of Things- (IoT) devices, measurement devices in supply chains and distributed systems. The use of the new technology is of central importance, especially where a malfunction of a central clock would pose a security risk.
The name of the project Ouroboros Chronos refers to the Ouroboros Protocol. This is the consensus algorithm on which the Cardano blockchain is based and developed by IO Global. Many IT systems use the Network Time Protocol (NTP) as a central timer. However, this is subject to disruptions and also possible cyber attacks. Research institutions around the world sometimes use other synchronization mechanisms. However, coordinating these clocks with different frequencies is very time-consuming and costly.
Synchronizing clocks without a central timekeeper is essential to creating a truly robust decentralized financial system. We developed a blockchain mechanism for the first time that allows a multitude of parties to calibrate their local clocks so that they are consistent. By creating a global clock based on the blockchain, we have also paved the way for a reliable, tamper-proof time source with many possible external applications
said Professor Aggelos Kiayias, Director of the Blockchain Technology Laboratory at the University of Edinburgh and Chief Scientist at IO Global.
Forgery-proof time stamp for crypto transactions
The world of cryptocurrencies should also benefit from Ouroboros Chronos benefit. The blockchain protocol also makes it possible to provide transactions with a cryptographically secure time source. This is free of the weak points of externally hosted clocks and makes crypto transactions more resistant to attacks that target time information. The communication refers to a recent study carried out by the UK government “Blackett Review“. The result: the need for more reliable time data and the dangerous dependence of critical sectors on global navigation satellite systems (GNSS) is very high.
Ouroboros Chronos however, it provides an exact time indication and thus complete traceability of all transactions and should therefore also make its contribution to fully verifiable and fraud-proof financial systems. The Cardano blockchain is already being used today to improve the traceability, transparency and sustainability of many supply chains.