Business

Come together, right now

If blockchains are meant to promote trust, how come it’s in such short supply?

15 March 2019

One of the advantages of blockchains is that they’re meant to keep everyone honest. Once there’s an entry on the ledger, it’s there for good and can’t be changed. Or at least that’s the way it’s meant to work in theory.

It’s often said that blockchains are trustless, but it’s more accurate to say that this trust is shared out among participants. But there’s going to have to be some measure of cooperation, and this, depending on your industry, can present challenges. Suddenly, all your competitors are sitting in the same room and no one’s leaving lest they’re put at a disadvantage. How much you cooperate, however, is up for debate; you’re not about to give away any of your IP.

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