Unraveling the Intersection of Timekeeping and Blockchain: The NIST Randomness Beacon
Introduction
The National Institute of Standards and Technology (NIST) has developed a prototype implementation called the NIST Randomness Beacon, which generates full-entropy bit-strings posted in blocks of 512 bits every 60 seconds. Each value is sequence-numbered, time-stamped, signed, and includes the hash of the previous value to ensure integrity and prevent tampering. This system has prompted discussions about the intersection of timekeeping and blockchain technology.
The Relationship Between Blockchain and Timekeeping