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The word Timechain can be used to refer to the nature of the Bitcoin Block chain as a chain of timestamped events in history. Transactions themselves do not have a timestamp component and as such are attributed with the timestamp of the Block they end up being included in. It is possible to include more accurate timestamp information in a Bitcoin transaction as part of an Application layer protocol, however this must be done with the explicit intent of a secondary system existing, that can interpret the time in the format used in the transaction payload.