The blockchain revolution and the end of trust

in #blockchain4 years ago (edited)

“One Ring to rule them all

One ring to find them,
One ring to bring them all,
And in the darkness bind them,
In the land of Mordor
where shadows lie”

The one ring

In the classic, the “Lord of the Rings”, Sauron’s ring was a coveted tool of power that let the holder control those connected to it. The story shows how men struggled with an object of power, which though first intended for good, ultimately corrupted all that touched it.

Societies and centers of power

Societies naturally organise by creating centers of power, starting with head of the family, on to the village chief, and all the way up to the European Union and United Nations.

Centralisation is a good thing, and has led to rapid evolution of society, with institutions such as banks, railways, corporates, governments, etc. all coming to play.
Big Corp
credit: barewalls.com

However, centralisation also means that we have to yield power to those we trust, and they have not always acted in our best interests. Recent examples include:

  1. Enron - The billion dollar company that was embroiled in accounts-fraud and insider trading, where executives sold stocks to the public they knew were worthless, in the months leading Enron's bankruptcy.
  2. 2008 Credit Crisis - Resulted from risky mortgage products and lax lending standards by banks, which then repackaged bad loans and sold them to unsuspecting countries. This led to the financial crisis spreading in Germany, UK, Ireland and other European nations.
  3. Banks failing - This happens more often than we realise, with a recent example being ABLV, Latvia's third largest bank failing under accusations of money laundering.
  4. Corrupt fiscal policy and failed nation states - Countries that have printed their money to levels where inflation becomes detrimental include Germany, Zimbabwe and Venzuela. In 1971 the US ended the gold standard, after other nations realised it had been printing more currency than it could back with Gold.
  5. Supply chains - that harm the environment, people or animals in developing countries to provide their customers with cheaper products. Apple was recently discovered to having its products made with poor labour practices, that involved children.
  6. Social media data exploitation by large companies who own, farm and sell your personal information.
  7. Land rights - Powerful officials in poorer countries regularly grab property because citizens are unable to provide substantial proof of ownership.

Code is Law - a new future

image.png
credit: itpro

Blockchains allow social agreements, or "smart contracts", to be formalised and entrusted to machines to execute at the right time, and right conditions. These codified laws can be audited by anyone, and are impossible to hack. Since everyone can look at these contracts, the need for having to trust a third party is eliminated, and instead transferred to machines that automate trust.

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

Imagine a future where machines talk to each other, to track supply chains, pay carbon credits, manage the ownership of assets and emission of currencies in a new world, where trust is guaranteed by technology.

image.png
credit: wiminno

The internet gave us easy access to information, which we now take for granted. Blockchains will make trust a natural, expected and readily available commodity. Trust will be so ubiquitous to society, that it will be an invisible fabric of business.

Sort:  

I am all in!

That's it! It's the beginning of a new kind of trust! :)

Great article. I agree, the thought of eliminating what makes things complicated or corrupted is ideal and needed now. The issue of the ring of power also follows a decentralized system. In the next case, the power would be linked to the actual power used to store, validate, and keep the invisible fabric alive. How do you solve an issue of everything being stored on virtual smart contracts and in virtual currency if there was no more virtual anything? Would this be another great opportunity for aggressors to exhibit land grabs on your "7. Land Rights" issue? In the end, whoever controls the internet, storage, systems, code, and electric power could also become the one that holds the freedom. Any thoughts?

Disclaimer: I am all in for eliminating the middle man and the transference of power to those that truly deserve it. I am simply advocating we all ask the hard questions to better the outcome of every possible future situation. Thanks!

Trustless society that's quite impressive! We need to revolutionized our current traditional system, because It don't make sense adopting old system that no longer work anymore.

you are so on point @cortexx, thinking about the world as it is today, we seem to have gotten lots if not all things wrong right from education to religion to relationships to money...it seems it keeps getting crazy and unless there is a change, i wonder what the next generation will look like.

Great post @hitwill

It'd be like trying to fix or repair a Model-T when we have Telsa Roadster technology.

Having both in your garage would be cool. The Model T, you can repair yourself and its a piece of history. While the #Tesla can repair its self with a virtual system update and also a piece of history. :-)

Someday blockchain will show us "it doesnt matter what Trumps think of ".

Centralization is not the answer - decentralization is! Privacy and the ownership of our own data as intellectual property will be reality. Everyone keep your data safe and private with Brave, DuckDuckGO, and soon Substratum - check it out.

They are tethering it to gold so you pump and dump chumps can't hurt those who buy and hodl.

Are blockchain systems a pump and dump? Maybe not.

Trump is running the biggest pump and dump in history and his stock market is at the dump stage, he's pumping it with tax cuts and he's dumping it with huge spending and he's gonna get fired and dumped when interest rates start to rise on that twenny trill he is pumping to the moon, ouch!

Agreed...

Bullshitting, flip-flopping, free-wheeling and waffling might work on the campaign trail to convince the dumb rednecks, but it won't fly in a courtroom or when under oath.

I agree but I don't see it getting to a courtroom, Trump is their man, he may have campaigned on draining the swamp but all he has done since getting elected is fill it up with ex Goldman employees and other ex big corpas. Every now an then he will throw out a tough stance on some thing or other to appear autonomous from the deep state but it's all just a side show. You can't make America great again by increasing spending when it's already through the roof.

very lovely

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The Lord of the Rings.
I read it with interest.

The trust and transparency is what attracted me to STEEM and Steemit. Thanks for the post

But in the end it's just zeros in a computer. The value we can create with it that's the exciting part. Offline Bitcoin would be very exciting. But what material would we use? Maybe metal with gold plating. Maybe every coin could have a digital chip inside.

2008 Credit Crisis results in the emergence of crypto, I agree.

blockchain has 2 aspects.
one is that i can keep it forever.
the other is that i can't delete it forever.

I totally agree with your opinion.
blockchain is so simple and so complement.

Correction: Blockchain has but ONE aspect. It lasts as long as humanity. Let's not forget about climate change and mass extinction. Or nuclear Armageddon for that matter. Oh and if I didn't forget to mention we will be running out of clean drinking water planet wide soon. Already in many places in the US.

We could actually use blockchain technology to distribute our water supplies... Also, if we are fairly advanced in the decentralization process, what are you going to nuke? It would not make sense to attack one specific place and it would not make sense to destroy the entire planet unless you are against the existence of life alltogether...
I'm not that pessimistic about our future as you seem to be :D

wow, thanks for the reminder. yeah there is still a lot to do in this world of good and evil.

it is so sad that we are even allowed to defecate in water anymore :( modern composting toilets are odorless and efficient ...

Can we clean the water?

yes we can. it's expensive right now but if we really need to do it, we will in spite of the price.

Yes. water distillers

Yes with water distillers but the fact this hasn't already happened shows a bigger agenda

You can nuke all the nodes.

Regulations in some countries and ban in some other countries are only hurdles in the way of blockchain other than that blockchain is completely decentralized.

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FLAG

Sorry bro, you don't beg here. If you want people to follow you produce good content and write good comments, begging will get you nowhere!

The blockchain technology is the backbone of cryptoworld and it is the one that keeps cryptocurrency rollen'

Blockchain will definitely be a leader in ushering in a new way of thinking by creating an environment where trust is as you say natural. The trust and transparency is what attracted me to STEEM and Steemit. Thanks for the post! Resteem

I’m not sure how I feel about the trust aspect. I stumbled upon a post that scientifically, and in detail, debunked another post putting out a load of vaccination misinformation. The misinformation post itself attracted at reward in excess of $200.

If I were to stumble upon that post, should I trust it? Poster reputation and reward implies yes, however the wider picture implies no.

As such, blockchain is merely a mechanic here, trust is not an inherent element of it.

I would have to agree @fourfourfun. I have only been here a a few days and seen my fair share of poster that apparently are in dire need of new hearts, lungs and neuticles. Granted most don't have a large reward, but it goes to show that trust is more an illusion even on the blockchain.

I feel like Smeigle with my bitcoins right now, I don't ever want to part ways :)

My precioussss 😁

ha ha ha.

But in the end it's just zeros in a computer. The value we can create with it that's the exciting part. Offline Bitcoin would be very exciting. But what material would we use? Maybe metal with gold plating. Maybe every coin could have a digital chip inside.

Money in my bank account is just zero's too. I guess these zero's are important lol

Nice

code is law, i remembered the dao, code was vitaliked :)

indeed, it proved that it was centralised after all...

newb to this. i thought the fork was an eth 'community' majority decision?

Well no, you are mixing it up. The fork was because the ETC backers were not happy with the decision been made for the DAO reversal, which goes against the principles of what an imutable blockchain should be.

ah ok, thanks for the clarity! the fork not because of the DAO attack but how the attack was dealt with.

In a nutshell, yes :-)

cool, thx.

Very true, but I think that blockchains will only work for the good of society if we the people make them work. As this article on Scientific American demonstrates, if the blockchains we end up using as a society end up being owned by the same private entities we have today, then we are more fucked than before. Imagine if Facebook ends up still being popular, but it runs on a private blockchain. That means that now our data would be completely indestructable, but under their control. The blockchain by itself won't do the trick, I think. Its the Blockchain + Us that does it. Even today with cryptocurrencies, we see some blockchain based cryptos becoming centralised, some would argue bitcoin is in danger of such. So I think the nanny days are over, when society sits back and expects the 'authorities' to do whats best for us. It won't suck itself. We have to come together as humanity and employ these new techs for common good, me thinks. The good thing is, FINALLY we have the technologies that enable this to happen, but we still have to keep an eye out.

Very true - Vinay Gupta thinks we'll reach a middle ground in the short term, where blockchains take on more authority, without entirely disrupting 'trusted' intermediaries. Eventually, we should push harder to completely eliminate those intermediaries.

thanks for sharing topic

this happening is happening all around the world and you can ,nt do anything about it but the question is we all used to this

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Do we want the future in our hands or the few 1%

I don't see this happening since we are being empowered so much and the competition on the market will allow nobody to be able to abuse the position. Since it's being called out faster now when everyone have internet access.

Fully agree with you m8. I dont think it's a matter of if it falls into the wrong hand's, it's just a matter of when. It wont be long. Ive given myself 2 years. Get in, make some cash and get the hell out. Blockchain is just the foundation of the bigger picture. Fully digital currency. if you notice how contact less an apple /android pay are slowly becoming the norm.

The blockchain is here to stay and to create some awesome projects in the near future :)

Trust is good, control is better, that's the focus of a centralized system.

A decentralized system hands over the control to every single individual participating. Is that better?

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Thank You! ⚜

Blockhain is just going to get bigger and bigger as more companys realize what it is capable of.

Personally, I believe we are still at the beginning of this crypto journey and lots to happen over the coming months and years.

All hail the blockchain!!

go blockchain!!!!! woo

How can we push the envelope and accelerate the blockchain revolution globally?

No need to do anything. It will happen automatically. I mean what else would people do? This is the latest tech. People are addicted to tech.

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I get the idea of what you are saying, that blockchain is one stop solution against all government conspiracies, frauds, banks etc.

One ring to get them all.

But I didn't get the post; maybe you should have elaborated it a bit.

And I thought the value of Bitcoin is that now distrusting actors can engage in a partnership or commerce despite their distrust of each other, not because of some new found trust facilitated by the Blockchain, but because they know the Blockchain is tamperproof (more or less) and in any case they can audit the Blockchain and so trust simply does not enter the picture at all. That's the genius: it solves the Byzantine General's problem and the Prisoners' Dilemma; the age old requirement for free trade, trust, is thus taken out of the calculus. Genius!

Longer term, blockchain will change the world but that does not mean that all shite coins without a use case, roadmap or reason to exist will suddenly be worth millions. We need to see a lot of consolidation in the crypto space. Speculation on the price does not help the tech develop or progress.

We the people must find/create the new value of money. The value of money cannot be perpetual wars vs PoC, as it is presently the case w/ fiat central banksters puff money. But, neither can it be, i believe, a farm of computer machines churning out #hashed computations faster than the other computer farms. No ordinary person can compete with #hashing (mining) farms. I often ask myself, what is the value of expensive money? And my next question then is: what is that expensive thing that we must buy with it?
cryptocurr.jpg

all in all we just another brick in the wall. nothing really matters for high authorities if somebody lives or die., they are only concern about their own profit and loss.

Hey hitwill, nice content this!

I'm getting into blockchain investing so this post provided some value to me!

btc rule all coins in the blockchain this is how it works... if bitcoin is down all price of all coins will follow.

BTC rule them all.

the One Ring. One Power. One main crypto currency hold supreme to all coins in crypto market exchange.

You're right bro....

We need to decentralize BTC.

BTC is too easy to trace.

This may be true right now. But it won't when useful dapps is coming out. We may even see other coins take over number 1 spot. Especially if one dapp can attract billions of users.

Trust and Transparency, that is what we need in this world, and that is what blockchains can offer.

Agreed, only thing better than trust, maybe, is transparency and integrity.

Blockchain technology and its decentralized nature is the solution for many problems the world is currently facing. As @dan said,

Well today people say it's impossible to live in a world without a government-backed by violence and I say don't give up. Instead, join us and help us innovate the solutions and adopt them. It does matter what it is, whether you worried about pollution or child abuse or roads and highways, all these things that people act it up, well you need the government for this that the other thing. Don't give up we can find a solution. Let's work together.

You can read The full context here

Blockchain has the ability to act as an alternative to apparent tyranny the world is facing now. There is no intermediary, no data selling. The blockchain is the solution and the future! And proud to be a part of such a revolution 'Steemit' .

Well said there, @sathyasankar. So much is happening in the background, beyond bitcoin, the grand daddy of blockchains

All hail the blockchain!

Intelligent individuals like us are tired of having to rely on incompetent people running our lives...or at a minimum parts of them.

It is due time we start to take control of our finanances, and how we trade currency with one another. We need to evolve. We need to be smarter. There are better options. The masses need to understand this.

Looking forward to a future where we transfer as much trust as possible from block-heads to blockchains ;-)

hitwill please guide me u r realy gud steemner

There is even corruption in way of choosing. So who gets selected because of corruption for sure will only corrupt the system.
Anyways steemit is simply new way of everything. No centralisation means everyone has greater responsibility and similar power which is a new trend.

That's a very good point. Sierra Leone has recently tested the blockchain for its elections, by recording some of the results there. We'll soon see an end to voting debacles that happen in poor and developed nations.

For sure if its a hit it could change the trend of unfair elections.

r u from pakistan

No i am from kashmir.

you are right

Well, that is why I'm a big fan of Decentralization network like blockchain.
Human's can cheat you, but the machine can't.
I don't know why people are again this network,
even google has ban crypto related adds, Which maybe is the reason for this crypto crash.
But I'm here standing hoping for good that we all will watch this community grow fast and it will keep growing.

There was also the recent debacle with Facebook, where they had been keeping and sharing data they should not have been. That drove down Facebook's value today by a few billion dollars

I don't know when they will accept the reality that blockchain is the future.

Well said, brother!!!

Thank you Brother :)

Taking back power from corrupt organizations will be liberating. Thank you blockchain for breaking the chains that bind us to these organizations.

Sure!
The blockchain is truly the revolution into another dimension of trust.

It sure is! Supply chains will be changed massively by the blockchain. Check out what sweet bridge are doing, and the chat they have with Vinay Gupta

i dont think so

Blockchain tech is a great innovation of our society because it records all data and opens us to a paperless world, thus no need to cut trees!

you r right

Brother, it does not fare!
In your previous post, you told me that you'll come up with another travel. but you didn't :'(

Blockchain will be the leader consider on your post :).
nice info sir!!

great post! Blockchain tech is a great innovation of our society.

the crypto and blockchain have bright future and will change the world

The blockchain is truly the revolution into another dimension of trust.

It is not the end of trust... it is the rise of a trustless economy - when you trust the code, there is no need to trust in the people you don´t know...

I believe our abundant future will feature can-be-trusted blockchain based interactions, sustainable energy to power machinery & to desalinate sea water for fresh water and the knowledge and time to explore our universe.

Blockchain will now be the "ONLY" trusted party in the virtual world with accuracy and readily accommodated business transaction fast!

all hail blockchain!!

Well written about the importance of blockchain.

There is even debasement in method for picking. So who gets chose in light of defilement for beyond any doubt will just degenerate the framework.

Wow! Can you imagine what the currency could be in 50 years? Information could become currency. It’s already a commodity!

That is a very far out thought! We might reach a point where money is not issued by governments anymore.

In the same way that airlines are no longer government managed

You have a way of presenting blockchain technology that just blows me away, imagine a world where there is no fear of trust, my mom often told us that when you dont want your cat to eat your fish you have to put where it cant find it but not to tell your cat it should not eat your fish. There is no way we can trust any centralised power after years of continuous selfish interest but we indeed can trust unhackerble systems...Thanks for this once again bro!

That is the perfect analogy! Stop relying on the cat to not steal the fish!

centralization was good for a time that:

  1. people and societies were not that mature to live a modern life without regulators
  2. centralization occurred when technology couldn't solve many problems

for example banks helped intl trade with LC and conditional payment methods, now the blockchains can bring us smart contracts. there will be new contracts between traders with blockchain tech. and banks should follow the trend.

from now on, there are lobbyist and fat blood sucking governors who promote against cryptos

The future will be an amazing place with tech developing each year. No one every imagined 50 years ago that the blockchain tech will exist today. Who knows what can exist tomorrow if we count another 10 or 20 years?

It's interesting to consider the different aspects of trust, and how they work in blockchain-enabled environments. For example, the Steem blockchain allows me to see that someone has paid me what we've agreed, and vice versa - which is great. As you say, I don't need to give up any trust to a bank to mediate this transaction.

But when I make this comment, I have to trust that someone with massive SP and a higher reputation won't use their position demonetise my work and ruin my reputation. They don't need to trust me in that regard, because I cannot do the same thing back to them. If I have any protection at all, it's because I trust that people of relatively high SP will voluntarily back me up.

THIS !!!
"These codified laws can be audited by anyone, and are impossible to hack. Since everyone can look at these contracts, the need for having to trust a third party is eliminated, and instead transferred to machines that automate trust."

I believe this is the best description of, "The Power of Blockchain." When you boil down all of the hype, one of the biggest problems in the world today is when banks, governments, corporations, and businesses are run by scanless/corrupt individuals - many of whom are very good at covering their tracks. So, the "third party" or trustee is also able to be bribed, deceived, intimidated, or eliminated in order to rip people off. Blockchain technology will become the "law" in a more fair and just system for everyone. Perhaps it will prove to be a very great and useful tool in eliminating corruption, which comes in many forms.

Certainly, blockchain can not stop humans from making hurtful and harmful decisions in every case - but it can greatly reduce "human error" by placing the "third party" function into the hands of a codified machine. When you think about it, it's basically like creating a system of "equal treatment, under the law" which current systems of law strive for, yet remain imperfect.

Agreed, blockchains stop many problems, generally, like you were saying.

Brilliant post, @hitwill! Many have been discussing this new "end of trust" and probably that scares those who still don't quite get what the blockchain revolution really is. Even this spell-checker still doesn't and says "blockchain" is misspelled... LOL...

It's kind of a redefining of what "trust" actually is. It's all about taking an evolutionary step forward from a need to trust someone or some institution run by many in a "system" that has many fallible and corruptible aspects which can fail, into something beyond the "trust" we have all been so programmed to live by, because of a near infallible new way of being. But I do believe it encompasses pretty much everything we believe in and thus this evolution will take time and not be as easy as many may believe. We're really talking about a major paradigm shift in life on planet earth.

And one part of that is tied to why I put, "Planet Earth, Milky Way Galaxy" as where I am from or at... I believe the world is based mostly on this current financial system, which is based on DEBT pinned to the idea of the "nation state" and it's so-called citizens; and the time is coming where those walls may need to fall or at least redefined. It's really complex, given the fact that we have all been born, raised and essentially have had it programmed into our psyche. It should be interesting to see how it all unfolds. All the best

Hey @hitwill I'm stopping by! I hope and pray all is well! On my tea bag it said, "Believe that you can, and you will." Thinking of you my Friend! Hope this puts a smile on your face. Your Devoted Friend @extraterrestrial :) I'm going to share this with @oneminja :)

"Code is Law" does not really appeal to me, primarily because it is "imperfect humans" the same beings in the centralized systems that are going to enforce their ideas in a new way - with codes. Bitcoin has great code that expected humans would do the right thing make decision with 100% agreement. Imperfect people writing imperfect code would never make for a perfect system.
How do you like this updated line from Animal Farm -
ALL CODES ARE EQUAL -but some are more equal than others

WOW! This has to be one of the most eye opening post on STEEMIT! BRILLIANT POST! ALL so VERY true! BRILLIANT way to start this post with "Lord of the Rings"! So VERY true regarding Trust! Blockchain is the Present and the Future! I'm going to do my part spreading the word! I'm ALWAYS VERY PROUDLY! Resteeming, commenting, upvoting and following! Your the MAN @hitwill :) Your Devoted Friend @extraterrestrial :)

you are right @hitwill.
I am still amazed to other countries.
compared to my country.
my country is the country with the 4th largest population of the world.
after usa china and india.
my country is a very crime prone state committed by state officials.
my country is the world's largest corruption country in history.
and my country is also the country with the largest debt in the world
throughout history.
I deeply regret this.
since escape from colonialism, Indonesia is getting worse.
Indonesia will somehow be free from government crime.

Mr. Frodo i like him

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

I was really wondering at the beginning of what is blockchain, what is cryptocurrency, and what is bitcoin mining? Until my brother discussed me everything and in addition to, i found this post. Well, thanks. I am really enlightened. Great!

The blockchain technology characterised by decentralization is is an evolution that will emancipate people from indirect slavery from these institutions like the banks et all... We were made to believe (trust) these institutions who inturn leverege on our trust for the gain of few..
There are bigger prospects to the blockchain tech. Yet to be seen. Thank God for this evolution. Nice post.

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