How it works
Hash ( datestamp + Geolocation stamp + image data + Previous hash() )
I want to create a blockchain where an incident can be converted to an asset. This asset has a value that changes with its being 'percieved'. This value can be a randomly generated number to begin with.
The more number of views it gets, the more its value increases. But here is the catch. These views are real views. A person has to go to the place of the incident, witness it and ‘mine’ an encrypted key by being present in that geo-location and viewing the incident. The ‘proof of work’ is calculated by taking a combination of the location, the ‘observation’ and another variable into a new HASH.
This 'transaction' is then noted in the distributed digital ledger and is broadcasted to all nodes of the Incident Network . This record is immutable and is replicated on the accounts of every user. Each user is a node or peer in the peer-to-peer network.
When an incident is reported/ observed/ viewed, it is ‘verified’ and ‘keys’ are generated.
A hash is a function that converts an input of letters and numbers into an encrypted output of a fixed length. A hash is created using an algorithm and is essential to blockchain management in cryptocurrency.
