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in a reasonable timeframe, donated funds can be automatically returned to the donors. All of this logic of handling funds can be performed without trust in a central authority. Donors can be sure their money won’t be spent until proof-of-work is provided, and they can be sure they will always get their money back otherwise. They can also be 100% certain each donor’s money will go into the right hands. An example implementation of a crowdsale17 is available in the Ethereum page. 2.2.3.4 Prove That You Said Something in the Past An interesting aspect of the blockchain is that its mere existence is proof that every transaction in it happened at some point in time. Although a certain variance in the timestamp of a transaction is expected (as it will get set by the node that creates the block that contains it), anything recorded in the blockchain happened at some point in the past. In fact, it is possible to assert it happened before or after other events also recorded or linked in some way to the blockchain. Since the blockchain allows for arbitrary state to be stored in it, it is possible to link an arbitrary message to an address. Anyone can confirm by looking at the blockchain that that message was produced at some point in the past by the owner of an address. All the owner needs to do is prove he is the owner of the address that produced the same message in the past. This can simply be done by performing a transaction using the same address as before. Suppose you wrote a book. Before sending copies to your friends and editors, you decide to prove it was you who wrote it by storing its proof of existence in the blockchain. If your book gets plagiarized before getting published (by one of the editors, for instance), you can prove it was you who wrote it by showing you linked its hash to an Ethereum address. When anyone wants to confirm you own the address, you can show it to them through any transaction of their choice. The blockchain ensures any person in doubt can see the association between the hash of the book and your address, proving you had access to the full copy of the book at some point in the past. 2.2.3.5 Proof of Existence for Digital Assets The concept of the previous example can be extended to a proof of the existence of anything that can be hashed. In other words, anything with a single digital representation can be hashed and stored in the blockchain, just like the arbitrary message from above. Later, any user can query whether the element was hashed and added to the blockchain. Here18 is one working example of this concept. There are many more examples of things that can be implemented with Ethereum, check them out19 ! 17 https://www.ethereum.org/crowdsale 18 https://chainy.info 19 http://dapps.ethercasts.com 39PDF Image | Intro to Ethereum and Smart Contracts
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