DailyPost 958
NEW TRUST PROTOCOL
Trust is the expectation that the other party will act with integrity. This has been the challenge when mankind moved form small known communities to the market economy where the trust could be not be guaranteed by personal knowledge. The transactions become more complex from barter to fiat currency and the simple equation of free market, an interplay of market forces; demand and supply was basically consigned to the economics books and lots of intermediaries of wide and varied varieties started ruling the roost.
It seemed that they came as a capitalism – democracy package and no one questioned their integrity, that was done thing, that is how market economy was supposed to be run. It seemed to be pre-ordained. Trust way reposed in them by way of their existence and nobody gave a thought about their functioning; may it be a Central Bank, Investment Bank, Audit Companies way down to the likes of Western Union. There was not to reason why and there seemed no need to question why?
Trust by intermediary validation has been the norm, its so even now. These intermediaries made huge amount of money out of transaction costs and gained immense influence across board. The Great Recession of 2007-09 has been machinations of these companies. Ironical as it may sound this is time a New Trust Protocol by way Blockchain Technology emerged invented by a person using the name Satoshi Nakamoto. Cryptography at its core, it is a distributed ledger with decentralised consensus, validated at every transaction, stored at every user user / client / consumer machine this was the Trust Machine of the digital age.
This is the trust solution from contracts by way smart contracts to e-voting, there is no intermediary and the mathematical formula fulfils all functions between the two parties. It can provide solutions from providing complete integrity to the supply chain management as in the case of Walmart or the Everledger in the case of Diamond trade in South Africa. The mathematical trust protocol is in the public domain, only focused R&d can make it happen for you.
BLOCKCHAIN TECHNOLOGY IS THE TRUST PROTOCOL OF THE INDUSTRIAL REVOLUTION 4.0 AGE.
Sanjay Sahay