25th May Learning summary of Blockchain

Nothing wrong with the traditional intermediaries we trusted. Yet, we can also think that they can also be eroded, abused, forgotten, and sometimes they are too expensive.

Banks delay clearing our checks even they can immediately debit it when we buy something. Government squander our tax money, but we cannot see it, at least not readily. Credit card companies charge us 23% in interest, even the prime rate is only 1%. Utilities company subject us to service outrage or degrations without compensating us, and they can change their rate with little notice.

Yeah, maybe those cases mentioned above is a bit extreme. We can trust them most of time, so we are tolerant towards their trust failures. So what does blockchain have to do with this?

Blockchain don't really can save us from the 5% of the "bad" things above, but they can be the help improving the 95% of the time. They can make the whole system more transparent. The traditional institutions fear getting questioned because they also can't get much enough information for answer. So let the blockchain be the early warning systems, make it more decentralized. Blockchain can be the assistance, not the competition.

Blockchain can provide a degree of transparency and access to trust to prevent breaches of trust. What if the blockchain can do better and deliver the similar outcomes with added benefits. This is an interesting subject to encounter.