FP-01-02


Bitcoin Blockchain Timestamp Recognition Policy (BBTRP)

1. Purpose and Intent:

To instate the Bitcoin blockchain as the primary and singular mechanism for timestamping documents, transactions, and other legal instruments in order to ensure authenticity, transparency, and indisputability.

2. Definitions:

Blockchain: A decentralized digital ledger of all transactions across a network of computers.
Timestamp: A sequence of characters, denoting the date and/or time at which a certain event occurred.
Bitcoin blockchain: A specific type of blockchain, used for the digital currency Bitcoin.
3. Policy Implementation:

Legal Recognition: All timestamps registered on the Bitcoin blockchain are recognized as the authentic time of occurrence for legal proceedings, documentation, and any other pertinent activities.
Proof of Timestamp: Any entity wishing to prove the timestamp of an event, transaction, or document will need to provide the associated Bitcoin transaction ID and demonstrate its inclusion in a block.
Priority: In cases of disputes regarding the timing of events, the Bitcoin blockchain timestamp will have precedence over all other forms of timestamping.
4. Procedures:

Integration with Legal Institutions: All legal institutions must have the capability to access and verify timestamps from the Bitcoin blockchain.
Education: The government will provide training programs for legal practitioners to understand and utilize Bitcoin blockchain timestamps.
Dispute Resolution: A specialized unit will be established to handle disputes specifically arising from timestamp discrepancies outside the blockchain.
5. Limitations:

Financial Constraints: While the Bitcoin blockchain is a formidable tool for timestamping, it requires transaction fees. Institutions and individuals will need to factor this into their costs.
Network Delays: Due to network congestion, there may be delays in recording a timestamp on the blockchain. Such nuances must be taken into account during legal deliberations.
Accessibility: Not everyone may have immediate access to the Bitcoin blockchain. Provisions must be made to ensure that all citizens can equitably avail of this timestamping facility.
6. Amendments:

The policy is open to amendments as and when the technological landscape evolves, ensuring that the legal framework remains robust and relevant.