But what exactly makes blockchain so trustworthy? Jeff McDonald, Vice President of NEM.io Foundation, a nonprofit that works to promote the work of the NEM platform, a blockchain network explained: “Blockchain trusts that we can trust math, science, and computer code. And it is these things that tell us who is right and who is wrong.”
“It’s not exactly what the blockchain can do that makes it powerful. It’s what it cannot do. It solves a problem we call double spending. This has been a problem in the digital world. If I have a digital picture of me, I can send it to my friend and then I can send it again to another friend. I can send copies of digital files to as many people as I want. But, the blockchain has changed that. If you have money on the blockchain you can only send it to one person. It is a piece of digital information that only one person at a time can own and hold. That’s what makes it revolutionary.”
“It’s a database, but it is a database everyone can access,” continued McDonald. “Whenever you use your bank, they have a database for keeping track of the transaction. But you can’t access your bank’s database, because it’s not for you, it’s only for them. The blockchain is a database that everyone can access. I can see that my friend Alice sent money to Bob. You can see that Alice sent money to Bob. Bob can see that Alice sent money to him and so on. They can see that we can see. We can see that they can see. And we all agree. It is a social agreement.”
“Because it has an accurate history of everything that has ever happened, it solves the problem of trust,” he concluded.
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