Craig Wright Satoshi Nakamoto case proves: Blockchain technology can detect fraud

As we all know, the recent incident of Craig Wright - the Australian computer scientist claimed that he is Satoshi Nakamoto, the creator of Bitcoin. He even provided some evidence to support his claim. The incident quickly swept the entire Internet field, until people decided to use blockchain technology to verify Wright's claim. In the end, after multiple verifications, the conclusion reached was completely opposite to Wright's.

Bitcoin has been around since 2008, when Satoshi Nakamoto published a white paper that theoretically showed that the development problems facing digital currencies could be solved using blockchain technology. Within a year, Bitcoin became a reality. Even more than seven years later, people still know nothing about the creator except his name. Satoshi Nakamoto has become a mystery. Whether Satoshi Nakamoto is a person or a group of people is unclear.

The industry also created a list of suspected Satoshi Nakamotos, including Craig Wright. When the list was released to the media, Wright strongly denied it. However, about a year later, he went back on his word and claimed that he was Satoshi Nakamoto, and provided his evidence - encrypted private keys from two different early Bitcoin blocks.

We already know that the Bitcoin blockchain is a permanent record of all transactions that have occurred on the network. A cryptographic hash with a public and private key can be used to compare with other transactions signed with the same private key. In the case of Craig Wright, the transparency provided by the Bitcoin blockchain made it easy for the public to compare Wright's signature with existing entries on the blockchain. The Bitcoin community discovered some discrepancies in Wright's signature because it was similar to the signature of an earlier transaction.

The Bitcoin community was able to analyze the signature within hours of Wright’s announcement. If it weren’t for the transparent and immutable nature of blockchain data, the whole thing might have been overlooked and Wright could have been directly identified as Satoshi Nakamoto. Especially with two prominent Bitcoin community figures, Jon Matonis and Gavin Andresen, supporting Wright’s statement, it might have been easy to accept Wright’s claims.

This is just one example of how blockchain technology can be used to verify transactions and encrypt keys. These features are being adopted by various industries. Blockchain-based registries and repositories use the same concepts to ensure the security and integrity of platform packages and information.

Distributed ledger technology can provide advanced solutions for information and ownership of intellectual property, real estate, stocks or medical records. The technology can not only be used to store information, but also to control this information and set access rights independently. Similarly, by querying the records on the distributed ledger, users can also verify the validity, timestamp and status of registered entries.

In addition, information stored on the blockchain is almost impossible to change, and any changes that need to be made must be made by the owner of the private key of the entry, which prevents anyone from attempting to change or forge records.