Industries Ripe for DLT Disruption
An introduction to a branch of the nakamo.to Knowledge Base exploring the different industries DLT is poised to impact.
Distributed Ledger Technology (DLT) is a fundamental level of interactivity with each other. This change in behaviors will end up for many industries that have long held sway over society and signal the beginning of new ones based on a distributed, decentralized future. While the technology behind Distributed Ledgers is complex, its benefits are very real and easy to grasp.
DLTs provide a means for trustworthy relationships without the need for an intermediary. The word trustable is not to be confused with trusted . A trustable system does not require our confidence, much in the same way that the sun does not require our confidence to come up every morning.
A trusted system on the other hand, requires a conscious choice. We trust airlines to keep their fleets well maintained and to bring us back to earth in one piece. A trusted system requires checks and balances to ensure that the trust we place in it remains secure, a trustable system does not.
A good example of a trusted system is the modern fiat currency. The money we hold in our bank accounts and wallets is backed by the government printing it. It's up to the government to ensure that the currency stays stable and that goods and services can be reliably exchanged for it. The government has guaranteed the value of the currency and has been trusted for any exchange take place.
A DLT does away with intermediaries by anchoring the system on the algorithms that it consists of. It is mathematically incapable of duplicity and requires no mediation. By providing a trustworthy system without intermediaries it opens up possibilities for people to interact in ways that have never existed before.
This 'trust protocol' will be the driving force behind widespread transformation. We'll be exploring how it works.
Here's one on how DLT will disrupt the Financial Industry:
https://blog.advancedblockchain.com/how-blockchain-technology-disrupt-financial-industry/
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