Analysis & Opinions - WIRED

There's No Good Reason to Trust Blockchain Technology

| Feb. 06, 2019

In his 2008 white paper that first proposed bitcoin, the anonymous Satoshi Nakamoto concluded with: "We have proposed a system for electronic transactions without relying on trust." He was referring to blockchain, the system behind bitcoin cryptocurrency. The circumvention of trust is a great promise, but it's just not true. Yes, bitcoin eliminates certain trusted intermediaries that are inherent in other payment systems like credit cards. But you still have to trust bitcoin—and everything about it.

Much has been written about blockchains and how they displace, reshape, or eliminate trust. But when you analyze both blockchain and trust, you quickly realize that there is much more hype than value. Blockchain solutions are often much worse than what they replace....

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For Academic Citation: Schneier, Bruce.“There's No Good Reason to Trust Blockchain Technology.” WIRED, February 6, 2019.

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