Blockchain: A paradigm of 'Don't Trust, Verify'

Thehistory of human race has proved that manipulation under the guise of trust has been one biggest single reason for common man's suffering across the globe. Whether the poor common man put his faith in monarchy centuries earlier, or trusted and elected governments through democratic process to-day, his plight has only worsened.

Blockchain has emerged as a revolutionary paradigm that shifts the foundation of trust from human in-stitutions to verifiable algorithms. Unlike traditional systems that require users to trust centralised in-termediaries like banks, govts and experts like auditors and CAs, Blockchain eliminates this dependence.

Each transaction is recorded on a public ledger, accessible to all participants, thus removing the need for trust in third parties, as the system itself guarantees the integrity of data.

Blockchain applications like Ripple and Solana have reduced the transaction costs of money transfer to only a few cents, that took hundreds of dollars through traditional systems like Visa or Western Union, sending anywhere globally. Smart contracts, another Blockchain innovation helps in replacing the con-troversial EVMs, restoring the trust of public due to its transparent nature and elimination of potential manipulation by the ruling political parties.

Maintaining and protecting the trust factor through intermediaries like banks, compliance firms and cen-tralised govts costs 50 trillion dollars yearly, which is 12 times the GDP of India. Bitcoin, Ethereum and other Blockchain applications have proved that Trust is no longer a requirement but an outcome of transparency and verification.

Trillions of dollars can be saved and put in the service of uplifting humani-ty and the gulf between the ruling elite and the common man could be significantly reduced through mass adoption of Blockchain technology.

–Dr Harpominder Jit Kaur,Mohali, Pb