Blockchain’s Promise Of A Trustless System Is False, Wired Author Argues
An opinion piece published by American online magazine Wired on Feb. 6 has leveled criticisms at the promise of new blockchain-based architectures of trust.
The article’s central argument is that trust is not eliminated, but rather displaced, in blockchain systems – principally from institutions and social conventions onto technology.
Given the fact that the average layman cannot audit the complex and thus largely opaque code for himself, these antitrust blockchain systems paradoxically demand an absolute trust from their users, he argues.
Schneier further claims that there is always a residual need for an outside system of governance for issues that cannot be resolved through technology alone – i.e. when hard-forking a blockchain, or making other protocol changes.
Some companies don’t trust the IBM/Maersk system because it’s not their blockchain. Irrational? Maybe, but that’s how trust works. It can’t be replaced by algorithms and protocols. It’s much more social than that.”
Marie Huillet’s original article for cointelegraph.com reduced by 63%
Related story: New Report Highlights Increasing Decentralization Of Bitcoin Mining
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