What does trust mean? Should I trust you or not? What if I cannot trust you? Who owns my data? Should I trust the entity which holds my data?
These are the questions that should be answered. Trust is defined as to believe that someone is good and honest and will not harm you, or that something is safe and reliable at Cambridge dictionary . It means that an entity may harm you or it is not safe and reliable if there is not a trust mechanism. The problem occurs here. Google, Facebook, Twitter and some other companies are the entities that hold my own data without a transparent trust mechanism.
Current ecosystem is built on top of such an untrusted layer. I cannot know how is my own data is used. I use Uber but cannot know that whether its scoring mechanism is accurate or not. I generate data on Facebook but don’t know how it is used at there. The same problem applies to banks too. They generate a credit score but I don’t know how it is calculated and whether it is fair or not. So, how we can solve such a big problem?
Here is the quote of Vitalik Buterin, inventor of Ethereum about which problem Blockchain solves:
Blockchain solves the problem of manipulation. When I speak about it in the West, people say they trust Google, Facebook, or their banks. But the rest of the world doesn’t trust organizations and corporations that much — I mean Africa, India, the Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet.
Such a secure trust management system has a power of disturbing many areas. Banking systems can be rewritten. The way people vote can change. Whole processes of governments can transform into a more transparent and secure system.
Humanity is evolving its mind. We want a fair, trusted and secure world. Blockchain is a milestone in the journey of humankind. It is an attempt to break the rules whether it will change the world or not.