In Blockchain, Trust Will Be Highly Required But Never Obsolete
Blockchain is said to turn trust obsolete in an ecosystem where players are known not to trust each other. This statement is based on the method of implementing a crowd consensus for validating data. It differs from the majority of more common economic systems since instead of one validating instance the Blockchain concept involves numerous validating instances. The hypothesis is that the availability of multiple independent and anonymous validating sources does not require trust. For example, standard money transactions need our trust in banks because it is merely one server that is validating the data.
Seems to be a simple fact.
Never.
But I cannot disagree more with a statement that reads “we don’t need trust”. It is equal to an absolute and unconstrained belief in the system. To build a Blockchain architecture with this premise in mind must not be accepted. That is not the Blockchain which some describe as perfectly democratic. There always must be room for questions, doubt, and criticism because open communication about these leads to discussions. Democracy is about doubt. It is about discussion. It is about arguments. It is about different opinions. The essential element of democracy is trust that opens up for a variety mindsets.
But why do we trust in democracy? In the system itself? We do so because we built it.
For this reason, it is possible to draft a Blockchain architecture for useful implementation. Just like with any other concept or technology, it is because the character of a software architecture always depends on its design. And at this point, we need trust as the underlying layer of the process of designing.
“No trust” requires an iterated effort to change that.
The answer to “there is no trust” is not “let’s build something where we don’t need trust”. The answer is, let’s work on our relationship. Let’s build a shared system that all of us can trust.
Any ecosystem that is in danger requires a joint effort of its inhabitants — the participants in the network.
In music business, the challenge of building a network of trusted relationships is the first task to tackle. Here, the issue is immediately visible. It is true that between the stakeholders in music business there has been a significant lack of trust in the past.
You want the music industry to talk to each other? Good luck.
Anyone who has ever had some contact with music business would say “good luck”. The disputes, arguments and cultivated prejudice across multiple levels, target groups, and sub-markets left not much space for hope. Almost too late, the existential pressure on the very ecosystem that all players share led to constructive and solution-oriented talks.
If we want to build a useful, safe and improved framework for the music business and all of its inhabitants it ultimately requires trust. The deployment of Blockchain or any other concept or technology does.
Most surprisingly, at this point Blockchain took an inspirational role. Although there are no applications yet, and despite the fact that there is a hype and a controversial discussion around Blockchain, it inspired the whole variety of stakeholders to talk to each other productively. Examples of that are the Open Music Initiative or the German Blockchain Working Group. It certainly is not the merit of Blockchain’s history in the Bitcoin context (see Mt Gox; see former Bitcoin supporter Mike Hearn: “[Bitcoin] has failed”). Neither it is based on the bizarre story of Satoshi Nakamoto.
The inspirational spark.
It is the merit of the concept, and it is the merit of people like Imogen Heap and Benji Rogers who started the discussion. Their projects may succeed or not, but they sparked the torch to lead the way.
Imogen Heap, Benji Rogers, and the Blockchain concept inspired the seeding of trust within the music economy again. It is up to the business to establish the newly found trust. Then, a much-needed overhaul is due. No matter which concept, framework, or technology enables that reshaping process, it requires trust.
Trust is the basis of relationships. If you don’t need trust, there is no relationship.
No relationship, no transactions.
