In a previous story I had examined how does a Blockchain work in general.

Trusting the BlockchainImage Source: Frank Sonnenberg OnlineIn this story, I will examine whether the Blockchain is really trustless as it is usually claimed to be. For a detailed and step-by-step analysis, you can check here.1. Where is the trust located in the Blockchain?Before going further, we need to clarify what must be understood by the term 'trust'. In Cambridge English dictionary, trust is defined as "to believe that someone is good and honest and will not harm you, or that something is safe and reliable".This definition is extremely broad, and it covers almost anything including not only reliance on people but also reliance on mechanisms. In this sense, every transaction, even simultaneously enforced transactions have trust in them since the idea that firm currencies have value is essentially based on the reliability of the issuing government. Thus, there is a need to narrow this definition.Our main problem is that a party to a transaction might not act in accordance with the terms of that transaction.

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trust,bitcoin,regulation,blockchain,law