Blockchain Technology: Fostering Trust in a Digital World
Satoshi Nakamoto, the creator of bitcoin makes several references to the term trust in the whitepaper.
Blockchain technology promotes trust by offering a decentralized and transparent system for record-keeping and verifying transactions.
Each transaction is recorded in a block that is connected to the block before it, forming an immutable chain of information.
Features like immutability, transparency, and reliability are brought by the technology’s working mechanisms of nodes, distributed ledgers, and smart contracts.
Blockchain technology revolutionizes the traditional notion of digital interactions by removing the need for trusted third party and guarantee information and value exchange.
Blockchain thus emerges as an authentication and verification technology that reduces the risks associated with relying on any institutions to store and transfer data.