Princeton Professor Claims Blockchain’s Distributed Ledger Technology Offers a New Kind of Trust
The blockchain author and Professor at the University of Pennsylvania, Kevin Werbach, claims that distributed ledger technology (DLT) offers an entirely new kind of trust to humanity. He said that during a presentation given at Princeton University on March 26.
Werbach says that blockchain technology expands trust and reduces it at the same time for a system to serve all parties fairly. During his presentation, Werbach talked about QuadrigaCX and also about several millions of dollars that were lost after the death of the CEO fo the exchange, Gerald Cotten. Thus, blockchain technology needed trust to properly work in this case.
The professor is considered an expert on emerging technology by the publication of Princeton’s Center for Information Technology Policy, Freedom to Tinker. It is worth mentioning that the author focuses on businesses and different technologies, including DLT. Werbach is also known for providing his services to the Obama Administration’s Transition Team.
During the meeting, Werbach talked about different kinds of trust that societies do have. For example, he talked about Leviathan trust, a social contract between individuals and the state. In this trust relationship, individuals give power to the state to enforce agreements made in private.
As he says, blockchain technology is able to add a new form of trust rather than trust in any single actor to validate updates. It is possible for DLT to expand trust as we know it. IT carries out automated execution of transactions and it also marks records auditable.
He has also talked about why virtual currencies are useful for criminals. Although it is possible to adjust the blockchain, criminals can still use the digital asset to send and receive funds.
Blockchain technology has expanded all over the world during the last few years. In the future, the intention is to keep growing and reach a larger market. This is the power of Bitcoin and its programmable money features and functionality that are destined to be a part of the greater world of finance.