Blockchains will create a better world #SundayInterview

Blockchains allow frictionless, fast, safe, and fair transactions between parties worldwide. They limit the ability of parties to benefit at the expense of the greater economy. They allow integration of the entire world into a fair and level economic playing field. And will help us to create the fair, honest, efficient, and safe world we all want to live in – says Paul Snow, CEO at Factom.com, in Bithub.pl’s #SundayInterview.
Is blockchain a breakthrough technology that can bring transparency to every aspect of social and political life? Or such a statement would be too far-fetched?

Paul Snow: The blockchain is going to bring transparency to every aspect of politics, business, and culture. Perhaps more importantly, the blockchain is going to bring trust.

The problem with trust using centralized systems like social media, email, applications, documents, and databases is that these electronic records are subject to change. Those in control of those systems, from users to companies, can modify, delete, and add new information. Those in control can in effect modify the past.

Public blockchains remove the ability to edit, delete, and insert. Bitcoin has enormous security, with its Proof of Work, to the point that its records cannot be modified despite being distributed worldwide without any access restrictions. Banks are only secure if they can absolutely control who can enter their vaults, or who can log into their databases. In contrast, anyone in the world can inspect Bitcoin’s ledger (what Bitcoin uses for a vault and database for its value). But nobody can change anything because of the math Bitcoin uses.

Technologies like Factom allow that insurmountable security in Bitcoin’s ledger to be applied to ledgers of data. Factom supports unlimited digital ledgers that can be created and used by unlimited applications and purposes, without restriction. These decentralized „books” of entries can be created, added to by many parties, audited, and validated by its users. They can refer to entries in other ledgers. This can be leveraged to create distributed digital identities, audit trails, manage devices in the Internet of Things (IoT) and more.

Being able to measure business processes in near real time by many parties with no centralized database, and no risk of modification or corruption (by mistake or malice) is going to change the way we do things.

Full interview on https://bithub.pl/english/sundayinterview-blockchains-will-create-a-better-world/