Trust systems are mechanisms or frameworks designed to establish confidence among participants within a given interaction or network. These systems can be centralized, relying on intermediaries like banks or governments, or decentralized, distributing trust across a network of verifiable interactions. In blockchain, cryptographic proofs and consensus protocols serve as foundational components for establishing trust without reliance on central authorities. They facilitate secure interactions.
Context
The advent of blockchain technology has fundamentally altered discussions around traditional trust systems, offering alternatives to centralized models. News frequently contrasts decentralized trust with conventional institutional trust, particularly in areas like finance, identity management, and supply chains. A significant ongoing debate concerns the regulatory oversight required for decentralized trust systems and their broader societal adoption.
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