Further : Trust Machine For Travel Ecosystem-1
The Blockchain Revolution Promises to Touch Every Industry. — Gartner
Just one year after the biggest economic crisis of 2008, Blockchain revolution was started by Satoshi Nakamoto who is a writer of Bitcoin: A Peer-to-Peer Electronic Cash System . Blockchain has potential to effect almost every industry by removing intermediaries and enabling more-fluid business processes to be conducted in diverse ecosystems. And more importantly, “blockchain revolution used distributed ledger technology to foster trust in a currency and transaction mechanism not backed by any government or traditional institution.”
Today : Trust the fiat currency
Relation between two parties need middlemen to accomplish any task. For example you should have money to buy something from market. You should spend any type of trustable money. Money is also a kind of middlemen in this transaction. According to Yuval Noah Harari money is most efficient system of mutual trust ever devised.
Money is accordingly a system of mutual trust, and not just any system of mutual trust: Money is the most universal and most efficient system of mutual trust ever devised. Even people who do not believe in the same god or obey the same king are more than willing to use the same money. — Yuval Noah Harari
Tomorrow : “Trust the platform” revolution
“It is trust, more than money, that makes the world go round.” — Joseph Stiglitz
In a beautiful TED video Rachel Botsman explain that the real impact of the blockchain is that it removes the need for any kind of third party.
So you have to trust the platform, but you don’t have to trust the other middleman in the traditional sense. In other words, trust is not fading, it has been evoluting from institutional to distributed structure.
The implications are huge. In the same way the internet blew open the doors to an age of information available to everyone, the blockchain will revolutionize trust on a global scale.
