The blockchain revolution and the end of trust

in blockchain •  7 months ago

“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.

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I am all in!

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

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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?

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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!

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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.

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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

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

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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. :-)

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

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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.

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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!

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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.

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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.

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Are blockchain systems a pump and dump? Maybe not.

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

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When you want to Flag them but see their Steem power lol

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Yeah sure, we all love spammers like you.

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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

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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.

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

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You can nuke all the nodes.

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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.

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Can we clean the water?

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

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Yes. water distillers

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

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interesting

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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

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

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

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!

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you white ass knight

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

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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.

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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 :)

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My precioussss 😁

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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.

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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 :)

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

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

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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.

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

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In a nutshell, yes :-)

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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.

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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.

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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%

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thanks for sharing topic

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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.

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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?

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvote this reply.

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!!

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go blockchain!!!!! woo

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

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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.

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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.

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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.

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You're right bro....

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We need to decentralize BTC.

BTC is too easy to trace.

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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.

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

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ok thanks

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' .

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

I think the perfect world would consist of centralisation and decentralisation at the same time. We need to have regulation. If u give power back to the people without some type of regulation , it will be complete chaos. Look at Steemit. I see good posts but there are far more shit posts that get rewarded a lot.

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You are wrong there is far more quality posts overall that get rewarded. You are looking at a small minority of posts. Most legit quality content get massively rewarded on Steemit. Hard work pays off here.

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.

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

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hitwill please guide me u r realy gud steemner

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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.

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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.

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

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r u from pakistan

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No i am from kashmir.

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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.

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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

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

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Well said, brother!!!

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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.

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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

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i dont think so

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

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Waiting Waiting :p

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!

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you r right

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

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

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.

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!

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

yes the future is blockchain...

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

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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

Thanks for bringing up some of the examples when centralized entities have failed us. We @leadertags believe that every industry in our economy will eventually have their cryptocurrency and become decentralized. From government services to the food industry to transportation... Transparency will be the mandate from consumers. Join our blockchain + esports revolution here:

https://leadertags.com/

Keep up the great work.

good job

blockchain is the future technology. All crypto based on it.

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The block chain technology is the backbone of cryptoworld please upvote tfor this

nice one

Thank you for emphasizing decentralization aspect of blockchain technology. However, I think it also is crucial to emphasize the lack of regulation for the time being, which allows malign parties to use decentralized structure to fraud without legal implications.

I believe in a future where blockchain is regulated / overseen with (maybe ideally) a decentralized authority (is that a thing?), it will be a viable option against conventional banking.

crypto currency.jpg

Thanks brother sharing this topic .

your artical is vary informative!

I like the future prediction"the code is law"!

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.

Bahkan ada penurunan dalam metode untuk memilih. Jadi siapa yang memilih dalam terang kekotoran batin karena tidak diragukan lagi akan merosot kerangka kerja ini.

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I like the way you think and explain things, @hitwill :) Nicely done!

But here's a curveball. Blockchain is a redefinition of trust. We still trust something but it's not a 3rd party. It's a digital omnipresence that we trust more than the fallible human institution or individual.

Now here's my tiny itty bitty little concern about the distant future of this digital omnipresence, the "future where machines talk to each other, [...] 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."

Imagine it all works! In fact it works so very well that everything is hooked up to it. Financial systems, smart weapons that decide when to fire or not, auditing military actions and production processes without some greedy c*nt behind it. Hooking all of that to algorithms which already now in at least one US state specialize in crime prediction, to smart surveillance systems, to smart homes where the fridge knows your bio rhythms and orders groceries for you, to all your geo, medical and habit data, to smart vehicles, and to the automatic dog feeder.

And it's unhackable. You know The Matrix, or Skynet?

The slight benefit of the current third party is, if we all agreed it warranted it, we can shoot at it. :)

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interesting!

nice thank you

useful every paragraph line in this post....

No one is trust worthy, its all about profits and power, be it the central banks or the blockchain.. Arent we noticing it here in steemit itself?? Its sad that this is no different then the elites of the central bank.

minnows.vs.jpg

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good content i like it ........ keep it up

Handing full control to a machine is a very risky move. Its not something i would like to see in my life time... or my children's. it raises a lot of concerns. In the UK we ditched the gold standard back in 1939, we know use a monetary system known as a fiat currency. So does the the US. Money is no longer printed by the treasury but instead created by fractionalised lending. It gives banks full control and even allows them to make the rules. Our government's will always be indebted to the major banks.

please anyone help me m new steemner please guide me i dnt know how to earn money please for god sake please guys guide me

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.

Blockchain is doing a great job at helping the world. Look at what Manna and Steem are doing to change lives.

great post....thank for share

follow me
@azyref

Thank you for this information. im starting to understand the dynamics of steem and steemit and cryptocurrency. very helpful details and data. followed you so i can hear more of your informative post.

its the evolution of a new revolution time to make a big leap forward with blockchain

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This is typically what should be championed in Africa, since it has been a big challenge to build a reliable institution devoid of corruption. We can trust the machine we can build decentralized system to ensure governance and transparency

我把钱换成虚拟货币只要保存好私钥就好了,其它的从来不考虑。

Nice your post. Because the story shows how men struggled with an object of power, which though first intended for good, ultimately corrupted all that touched it. 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.

very nice post.

Awesome to see some LOTR references coming back. I just wrote an article featuring One ring just a couple weeks back. Thank you for integrating the analogy

Great post

Very interesting thoughts about the nature of trust and blockchains, @hitwill!

This article reminds me a bit of @cryptogee's musings about the AI and humans: Becoming AI - The Human Singularity, Having Babies - The Secret Life Of An AI, Parents To The Gods - Creating A Digital Species. Although they are a bit old now, I recommend reading them if the topic interests you, they left quite an impression on me.

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?

You wrote extraordinary. Every issue analyzes very well. We look forward to your writing. You have not forgotten us for a long time. However, I have benefited greatly by reading your post.

Blockchain provide the transparency in the system and the trust factor is so high even new govt. are now trying to implement in the system this is the future

It is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

I often wonder what the ultimate origin of the blockchain system is? how did it come to be in the first place? are there no human beings controlling this system? I am a rookie with cryptocurrencies and related issues and i seek to gain more understanding especially with this blockchain stuff. Any simplified explanations would be highly appreciated..

Block chain provides that ring of solution instantly which could be implemented anywhere

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

I just have posted a article about that bankers scared to death with blockchains. LoL

it is interesting thank you.