Trust. Trust-less. Centralized. Decentralized. P2P. Peer to Peer.
The start of Trustless Trust!
In 2008, Satoshi Nakamoto published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System, which outlined the conceptual and technical details of Blockchain technology and Bitcoin Cryptocurrency. Perhaps this is the start of the The New Internet based on Blockchain. And this the start of the Cryptocurrencies or Coinworld or the new digital currencies.
There is a mention of the word trust – 14 times in that article!
- Trusted party,
- Trusted third party,
- Trusted central authority etc.,
The conclusion paragraph of the paper starts as:
We have proposed a system for electronic transactions without relying on trust.
Meanings of Trust:
noun -firm belief in the reliability, truth, or ability of someone or something.
verb – believe in the reliability, truth, or ability of.
Blockchain – technology of trust:
Blockchain is referred as the new technology of trust.
And this is another masterpiece reading:
Blockchain, another hype?? So many of them!!!
I have been an enthu of emerging / disruptive new technologies. A decade back – well some of them were – Cloud computing, Social Media etc., Now IoT, AR/VR/MR Augmented Reality, Virtual Reality and AI etc., But still I spend a lot of time (and some money) to learn Blockchain. Simply I am interested in Blockchain and prioritizing Blockchain. Is Blockchain technology another hype? I have seen so many of them (ALL HYPES) in my IT industry experience spanning three decades.
The question with Blockchain is:
Can Blockchain really work in the real time – in future?
The answer more or less revolves around TRUST. TRUST. TRUST.
Can we trust P2P – Peer to Peer instead of Centralized authority like a bank?
A detailed exploration of technology and business aspects is required to answer this. We will see in the coming posts in Chain Scripts.
My take is:
When people tend to have less trust in trusted third parties (Kingdoms, Governments, Institutions and Centralized Banks) they can prefer trust-less Blockchain technology.
Let us end this with the quote:
“In God we trust; all others bring data.” ― W. Edwards Deming
/Malick, Chain Scripts, Chennai, India.
‘I have no special talent. I am only passionately curious’. -Albert Einstein