Is a lack of trust in Trump an accelerator for blockchain?

Is a lack of trust in Trump an accelerator for blockchain?

How someone who doesn’t even know how to start a computer is boosting the blockchain
Trust in Trump comes from lack of trust in the government. Much has changed, of course, but since the beginning of survey research in the 1940s, levels of trust in government have never been lower than they are now among Republicans.

So, the US voted for Trump. But for the first time since last November’s election, polls are making headlines again. Surveys have Donald Trump with net-negative numbers on handling his presidential transition and duties as president-elect. On average between five national surveys, 41 percent of Americans approve of Trump’s transition performance while 52 percent disapprove.

A sharp contrast since newly elected presidents typically enjoy high approval ratings as they transition into office. Even George W. Bush had about two-thirds of Americans approving of his transition as he prepared to take the oath of office.

We are moving towards a technology-driven world that replaces labor and there is not much time to figure out ways to maintain life security. Globalization and digitization are keywords. The society is fragile now, we are more divided than ever.

Building accountable government

Meet Blockchain, a way for people who do not trust each other to create a record of who owns what that will compel the assent of everyone concerned. It is a way of making and preserving truths.

Through the Blockchain, we can go from redistributing wealth to distributing value. We can work around institutions which are slow and only stifle innovation. Distributed applications can be — and are — built, enabling people to own and monetize their own data through owning own identities. The technology enables building accountable government through transparency, smart contracts and revitalized models of democracy.

The network of Trust

A central authority is single point of failure. We’ve all heard about bank’s payments systems being down, governments alleged manipulation of voting systems, or crooked investment schemes, just to mention a few examples. And they are not free: we pay taxes, levies, commissions and other costs.Enhancing or replacing these systems with Blockchain technology, we can transistion to a network of Trust. With transaction architectures built on blockchain, the trusted third party is replaced by the implementation of a shared public database. Because of the inherent characteristics of this distributed ledger (immutable and independent verifiable) the data on the blockchain can be trusted.

Implicit Trust

Trust is the key element of blockchain technology. When transactions are executed and settled with blockchain, counterparties don’t need to have an established trust relationship. If each participant in the transaction trusts the underlying blockchain itself then they don’t need to directly trust each other. This opens up new avenues of customers for businesses operating on blockchains.

The Big Question is if Trump will restore trust in government? Hmm, I believe Blockchain is more relevant and needed more than ever.

Maarten Boender

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