Blockchain:
You Want Me to Trust a
“Trustless Trust” System?
Ed Featherston
Blockchain’s distributed ledger technology is definitely a
new paradigm in how we deal with ledgers and trust.
Trust. It’s a fundamental aspect of interaction in a civil society—its importance
has been ingrained in us since childhood. And it’s a concept that’s deeply inter-
twined with our very nature.
The level of trust we have with individuals, businesses, and technology affects
our lives daily. This is important to remember when discussing new technolo-
gies. For example, our level of trust is a critical factor when evaluating a new
technology as a potential solution for providing business value.
This is no less true for blockchain technology. Blockchain has become a hot
topic of discussion across several industries. While there is a close association
with Bitcoin in conversations, it is being looked at for a variety of applications—
far beyond digital currencies. And yet, once you get past the Bitcoin associa-
tion, another challenge arises. Trust.
Given the importance of trust, imagine one’s reaction upon hearing that block-
chain is a “trustless trust” system. On the surface, that does sound like an oxy-
moron. So, to understand how “trustless trust” applies to blockchain, and that
“trustless trust” can actually be trusted, let’s take a brief detour to visit a famil-
iar literary character.
16 | THE DOPPLER | WINTER 2018