CloudEXPO 2019

Blockchain - You Want Me to Trust a 'Trustless Trust' System?

The level of trust we have with individuals, businesses, and technology affects our lives daily. This is important to remember when discussing new technologies. For example, our level of trust is a critical factor when evaluating a new technology as a potential solution for providing business value. Given the importance of trust, imagine one's reaction upon hearing that blockchain is a "trustless trust" system. On the surface, that does sound like an oxymoron. This paper discusses how "trustless trust" applies to blockchain. It will discuss the various consensus algorithms used to provide that trust, including the benefits and challenges of each. Key use case patterns will be provided as examples and what the impact of the tradeoffs between consensus algorithms.