This article explores the notion of why trust is no longer an issue, thanks to Blockchain technology.
Unity is built on trust. Look to your left at the united community bound by culture, the group to your right bound by faith, or even those who connect on the seemingly thin fabric of the workforce. Trust is the glue that secures and maintains the bonds of unity.
Don’t believe me? Remove trust from any one of these examples and you get chaos, dissension, anarchy and a cancerous disunity that destroys the heart of a workforce, culture, team, movement or even country.
Trust has always been at the mercy of faith. A blind faith shared between two human beings. I trust that my spouse will honour and treat me the right way. I trust that my friend who I loan some money to will return the money on the agreed date. I trust that our leader will make the right choice for the betterment of our community. There are no guarantees just faith. And it’s this faith that allows us to be truly vulnerable and build deep relationships with each other.
C’mon, you’ve heard someone say at some point (or you have probably said) “I trust this person with my life” or “he/she is trustworthy”. So much so that trust will allow two people (who have formerly never met) to do business together when the referrer is known to be trustworthy.
“Trust lays the fabric of unity to create the foundation for which we can grow truly deep open relationships”
What if trust was no longer at the mercy of blind faith? Faith that can be held hostage by clumsiness: E.g. our leader has a personal gambling habit. His habit has spiraled out of control into an addiction. He has been dipping into a pot of funds for which he is the trusted guardian, to feed this addiction which is hurting our business/movement/charity!
What if this clumsiness could never happen? Rendering the ugly tendency of suspicion and the need to hope and pray to be no longer necessary. Instead we can now focus on just the relationships we build? Wouldn’t this be a wonderful environment?
(Read also: Guide to Common Crypto Terms)
Welcome to Decentralization
The purest form of trust is one built on absolute (indisputable) truth. These are fundamental proofs that laws of nature establish as facts. I trust that we live on what we call ‘a planet’. I trust there are animals and insects. I trust there is night and day. These are indisputable because a mass consensus of us can see and recognise they are qualified by forces that govern our world: science and maths.
Now let’s imagine that a community, movement, business or team was built on the principle of absolute truth? For example, I’m part of a membership program aimed to help those in need. What if I could guarantee without a shadow of doubt that my donations are going to the precise destination it was intended for, without any need to doubt or question? There is no leader handling the money, or individual(s) governing where it is spent. We all play a role of consensus to where it is spent. We can all verify every transaction through a public audit trail that we can all access at any time. (See more: Guide to Verifying Cryptocurrency Transactions)
How is my relationship with such an organisation when we remove all elements of doubt?
Admiration, indefinite support, sharing, promotion, vulnerability and blind faith, and more.
Ladies and gentlemen this is the very essence of open-source decentralization through blockchain and cryptographic technology. A purist form of trust through indisputable math and science, controlled by no central authority. It can be placed at the heart of any business, movement, country or community that require processes to take place that need some form of verifiable ledger: a vote, a transaction, a signature, an agreement, a donation.
Through this revolutionary paradigm, we sit on the cusp of being able to eliminate ledger-based processes from ‘having faith’ in people to taking comfort in absolute truth. Ironically, decentralization is not a new idea. It is the key ingredient behind some of the longest standing communities of our world continuing to bind them together to this day.
Ask a Christian, Muslim or Jew, what binds their belief & trust and faith in the religious books they follow? They will say “because it is the word of God”. To them, God is the embodiment of absolute truth, producing that which is undeniable. A decentralized authority that they cannot outstrip, doubt or override.
Any who buy into the notion of faith in their the religious books, prophets and God – usually through baptism, shahadah or rights of passage – by default become their entrusted brethren and are now part of a community united by faith.
Those who lose faith in God, the books or prophets, will often earn the disdain of the community and cause members to become weary in their trust. What binds them is God (as the author) and the vehicles he sent down to authenticate and guide his authority (prophets and books). For instances where there is dissent and disunity, we usually find it is down to how the texts have been interpreted by individuals, all of whom are subject to human error, greed & power. Rarely is disunity born from disbelief in the texts themselves.
This is the oldest form of Decentralized authority and maintains these community ties to this very day. We have an exciting opportunity to take this age-old notion and create movements, businesses, currencies and ultimately relationships and build them on foundations of indisputable trust through the groundbreaking blockchain and cryotographic technology.
(You might also be interested in Will A Crash in Bitcoin’s Price Lead to Its Demise?)
Beneficial Resources To Get You Started
If you’re starting your journey into the complex world of cryptocurrencies, here’s a list of useful resources and guides that will get you on your way:
Trading & Exchange
- Crypto Guide 101: Choosing The Best Cryptocurrency Exchange
- Guide to Bittrex Exchange: How to Trade on Bittrex
- Guide to Binance Exchange: How to Open Binance Account and What You Should Know
- Guide to Etherdelta Exchange: How to Trade on Etherdelta
- Guide To Cryptocurrency Trading Basics: Introduction to Crypto Technical Analysis
- Cryptocurrency Trading: Understanding Cryptocurrency Trading Pairs & How it Works
- Crypto Trading Guide: 4 Common Pitfalls Every Crypto Trader Will Experience
- Guide to Cryptocurrency Liquidity: How to Measure Liquidity & Trade Well
- Guide to Cryptocurrency Wallets: Why Do You Need Wallets?
- Guide to Cryptocurrency Wallets: Opening a Bitcoin Wallet
- Guide to Cryptocurrency Wallets: Opening a MyEtherWallet (MEW)
Get our exclusive e-book which will guide you on the step-by-step process to get started with making money via Cryptocurrency investments!
You can also join our Facebook group at Master The Crypto: Advanced Cryptocurrency Knowledge to ask any questions regarding cryptos!