This is a quote from the book "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto
...s that the data must have existed at the time, obviously, in order to get into the hash. Each timestamp includes the previous timestamp in its hash, forming a chain, with each additional timesta mp reinforcing the ones before it.



4. Proof-of-Work
To
implement a distributed timestamp server on a peer-to-peer basis, we will need to use a proof-of-work system similar to Adam Back's Hashcash[6], rather than newspaper or Usenet posts. The ...
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