Trust in Technology
Blockchains have the potential to positively impact various industries, including supply chain management, healthcare, voting systems, digital identity verification, and more.
This creates a trustworthy and transparent system that empowers participants and unlocks endless possibilities beyond just cryptocurrencies.
Trust in Records
Blockchains use a consensus-based model, where participants in the network collectively agree on the validity of transactions or data entries.
Once a transaction or data entry is recorded on a blockchain, it becomes immutable, meaning it cannot be altered or tampered with, ensuring the integrity and reliability of the information therein.
Trust in Numbers
Participants collectively agree on the validity of data and transactions. This eliminates the need for a central authority and ensures that decisions are made based on the consensus of the network.
This consensus-based model fosters trust among participants, as decisions are made by the majority, making it difficult for any single entity to manipulate or alter data.