How Blockchain Technology Is Transforming the World

<p>Distributed ledger technology (DLT) is a catch-all word for the technology that enables cryptography to function.</p> <p>How much does trust cost? We rarely consider how much we pay for trust, yet we definitely place a premium on it. Typically, this value is shown when trust is violated or lost. That is precisely what occurred in 2008, when we discovered that the people in charge of the world's financial health were asleep at the wheel. We recognised that we were paying godly quantities of money to mere mortals for supplying trust. That is why cryptocurrency is such a significant deal. We can now construct machines to deliver trust as a service for the first time in human history. We no longer have to rely on flawed humans, which increases the accessibility of trust.</p> <p>Distributed ledger technology (DLT) is a catch-all word for the technology that enables cryptography to function. It's a sophisticated system of incentives and penalties that incentivises millions of anonymous computers worldwide to be trustworthy. This is why Bitcoin is not backed by an individual or a corporation. And, certainly, this is a difficult concept to grasp, but so is our current financial system. Unlike the financial system, however, DLT is significantly more transparent, which makes fraud much easier to detect.</p> <p>So what happens when the cost of trust is reduced? The first beneficiaries are the value creators and producers. They now suffer fewer losses as a result of layers of predatory middlemen. This is already evident in the remittance industry, where bitcoin can be used to move hard-earned money across borders at a significantly lower cost and with more security. As a result, hardworking men and women worldwide lose less of their hard-earned money to intermediaries such as Western Union.</p> <p>NFTs are another excellent illustration of what happens when the cost of trust is reduced. At its core, DLT permits unambiguous ownership of digital assets such as NFTs without the use of an intermediary. Without the assista