{"id":5014,"date":"2020-04-02T11:47:58","date_gmt":"2020-04-02T11:47:58","guid":{"rendered":"https:\/\/blog.verbat.com\/?p=2366"},"modified":"2024-05-27T06:46:09","modified_gmt":"2024-05-27T06:46:09","slug":"blockchain-reimagining-the-way-we-trust","status":"publish","type":"post","link":"https:\/\/www.verbat.com\/blog\/blockchain-reimagining-the-way-we-trust\/","title":{"rendered":"BlockChain: Re-Imagining the Way We Trust"},"content":{"rendered":"\n

Trust is a very delicate\nconcept. We trust instinctively, routinely and at times mindlessly in a wide\nvariety of situations. It is the core foundation on which our relationships,\nour society is built on and very much our commerce. We have come to believe\nthat to transact with you I should trust you. To verify our trust, we use\nintermediaries. For example, banks ensure that we deal with the right parties\nwith sufficient funds. We rely on lawyers to ensure that our products are not\ncopied or distributed by unauthorised persons. Hence generally, the use of\nintermediaries is complex, time-consuming and costly and carry many security\nrisks.<\/p>\n\n\n\n\n\n\n\n

Blockchain spins the\nconcept of trust on its head. A simple definition of blockchain would be that\nit is a publicly distributed decentralized ledger.<\/p>\n\n\n\n

Consider how we do\nbusiness now. Every transaction that we make are tracked using a ledger. At the\nsame time, a similar ledger is maintained individually by all other parties\ninvolved in the transaction. Each ledger is non-accessible to other parties.\nThe problem is that maintaining such ledgers are time-consuming and it is prone\nto error and much likely to be tampered with. <\/p>\n\n\n\n

With a blockchain, a\nuniversal ledger is maintained and all other participants involved in the\ntransaction have access to it. Every time an entry is made, it is verified by\nthe other participants. Thus, it requires only one real-time entry. Moreover, a\nnew transaction is added on to a chain of pre-existing transactions as a\ntime-stamped block and hence the name blockchain.<\/p>\n\n\n\n

To add a layer of\nsecurity, blockchain is protected by a set of complex cryptographic algorithms\nand because it follows a chain-like sequence to make any change in one block\nrequires all other blocks to be changed.<\/p>\n\n\n\n

Another central feature\nof blockchain is that the history of each event can be traced back to its\norigin. This idea is also co-linked to the concept of Smart Contracts.<\/p>\n\n\n\n

Applications\nof Blockchain<\/strong><\/h4>\n\n\n\n

Bitcoin is the first\napplication of blockchain technology. As universal ledger maintained by all the\nparticipants is the core concept behind blockchain, Satoshi Nakamoto the brain\nbehind it invented Bitcoin as an incentive for its maintenance. What bitcoin\nand other cryptocurrencies do is that it decentralizes the trust involved in\ncurrency. Other applications like File coin application aims to decentralize\nfile storage.<\/p>\n\n\n\n

We have just starting to realize the immense potential that blockchain offers. But what is nice and clear is that this technology is going to revolutionize the way we approach business relationships and solves the two problems the internet could not- trust and intermediation! <\/p>\n\n\n\n

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Trust is a very delicate concept. We trust instinctively, routinely and at times mindlessly in a wide variety of situations. It is the core foundation on which our relationships, our society is built on and very much our commerce. We have come to believe that to transact with you I should trust you. To verify […]<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5014","post","type-post","status-publish","format-standard","hentry","category-others"],"yoast_head":"\nBlockChain: Re-Imagining the Way We Trust - Verbat<\/title>\n<meta name=\"description\" content=\"Explore how blockchain technology is redefining trust through decentralized, transparent, and secure systems across various industries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.verbat.com\/blog\/blockchain-reimagining-the-way-we-trust\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BlockChain: Re-Imagining the Way We Trust - 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