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RE: The blockchain revolution and the end of trust

in #blockchain6 years ago

This property of blockchains makes them 'trustless', where transactions between individuals no longer need a trusted third party, such as a bank.

I do agree, however, individual trust is just as important in the event of the law or "code" becoming obsolete, out-of-date, or otherwise disrupted. Trust can only be guaranteed by those who uphold it; blockchain will strengthen that trust and solidify it on a much broader spectrum.

Blockchains allow social agreements, or "smart contracts", to be formalised and entrusted to machines to execute at the right time, and right conditions.

These smart contracts still rely on some level of trust of each party. Verifying trust should always be. Never should humans relinquish their responsibility to verify trusted parties and audit each component of the system.

When we rely too much on an imperfect system, we allow for unintended consequence (in my personal opinion).

We must at some point accept a 90% success rate because 100% is entirely utopian​. That should not deter us from improving upon these systems, but also should not afford us complacency. Dynamic problem solving is the key to sustaining progress.

I have sent a private message (check your memos) which I felt was something you should take note of and I have encrypted so that only you and I may read it. I appreciate what you are doing here and I wish to see it progress in a healthy and prosperous way.

I believe that the blockchain is going to improve the realm of business, as well as the human condition. It will take great effort and individuals that value trust in order to create a more trustworthy system. We must work together to make improvements that benefit us all.

It cannot be left to a small group of hands to solve the problems of many.
Synergy is the way ✌️😎

Best, Brandon / @grow-pro

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