Written at 2022-06-21 16:19
What was the purpose of blockchain?
Table of contents
Trust relationship with banks
Initial banks gathered people and they promised to keep customers’ assets safe. That was a simple trust relationship between customer and bank business owner. But bankers’ authority has been growing up as time goes by, nowadays they expand their business using their customers’ assets. Furthermore, transactions through third parties have been making not only direct transactions hard, but also have been making inefficiencies.
New competitor blockchain
Blockchain technology can lead to an original trust relationship. Not like hundreds of years ago, we do not have to save our assets in a strong box. That means we do not have to transact through third parties’ inefficient multi-layered procedures. A transaction made by me and someone will be reported to a block right away and that transaction can be trusted by other trusted users. Thus time and substantial inefficiencies that already happened in the traditional transaction through banks will be removed. This notion will generate banks’ revolution and defeat their swellheaded power.
Value of blockchain
Of course, blockchain has not only bright sides. Recently, big coin fraud has happened, it has been freezing the coin market. And it means coin price’s variability is too dangerous. But blockchain still has a role. Blockchain will hold in check third parties’ power and remind us what values we really should focus on.