Blockchain demystified: The future of trust is decentralized

What is Blockchain? If you don't know, you should!

Trust in crisis

The recent 2017 Edelman TRUST BAROMETER revealed that trust is in crisis around the world. The general public’s trust in key institutions like – business, government, NGO’s and media – has imploded as people’s societal and economic concerns turn into fears, sparking populist movements around the world. Ongoing globalization and breakneck pace of innovation has eroded trust in global institutions, believing they have failed to protect them from the negative effects of these forces. Millions will be impacted by increasing automation in a machine-driven future that includes driverless trucks and grocery stores without cashiers.

Trust is a deciding factor in a functional society and this deep disillusion leads people to question basic assumptions of fairness, equal opportunity, and shared values. Traditionally upheld by “the system”, such ideals can no longer be taken for granted in the face of growing despair about the future.

According to the rapport, rebuilding trust and faith in the system will require institutions and companies to step outside of their traditional roles and move towards a more integrated operating model. One that puts people and addressing their fears at the center of everything they do. 

Enter Blockchain

The World Economic Forum at Davos has noticed that Blockchain startups are on the rise, hosting presentations such as “Employing the Blockchain to Serve Society” and “The Blockchain Revolutionizes Global Transactions.” Furthermore, a few recent TED talks described it as “representing nothing less than the second generation of the internet and holds the potential to transform money, business, government and society.”

Blockchain is an umbrella term for multiple species of services with varying features and openness but they all have consensus, immutability and security at their core. You might have already heard of Bitcoin. The technology replaces the need to rely on humans to do what is right – flawed as we are – with code, math and software. Put simply it is a new type of database, but unlike traditional databases, doesn’t require to be controlled by a single entity or central administrator. 

Get onboard

2017 is the year when Blockchain - once the exclusive realm of a truly unique breed of technology-buffs - becomes a mainstream high interest topic. A slew of products and services based on Blockchain are being released and even the banking and financial industry have begun employing blockchain-based backends.

If you wish to get up to speed with basic concepts, current products and services and who will be impacted/disrupted, you are welcome to join Trondheim’s local Blockchain Meetup on Thursday, February 9th.

If you want to shape the future of banking equipped with your newfound knowledge of Blockchains, you can still apply to DNBs Digital Challenge, held across 5 cities (Trondheim, Oslo, Bergen, Stavanger and London). The digital banking revolution rages unabated, and banks are working intensively to uncover ideas that will take them into the future. And they want YOU in their team!

And if you really can’t get enough of the decentralized economy the Betalingsformidling conference is also held in Trondheim, 7-8th of March 2017.  The conference will cover a broad academic area beyond payment solutions and deal with national and international trends, new products and customer requirements, including talks about Blockchain and it’s far reaching implications.

Photo: BTC Keychain

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