Trusted Third Parties Will Rule… Until They Don’t

Trust is earned

I saw this poster Berkshire Hathaway HomeServices on the Metro North line this evening… Sappy but true.

Trust is, more or less, earned.

Blockchain technology makes promises all the time…

And Bitcoin was built on the premise of eliminating the trusted third party altogether.

But until blockchain is just invisible to us, a part of our lives… Until it is proven to be trusted.

Trusted third parties have nothing to worry about.

Somewhere beneath the message about the benefits of blockchain are that any transaction that involves a third party is one that has superfluous flab… Waste that should be removed.

But I don’t think this is true in all cases.

Even looking at the success of trusted third parties in cryptocurrencies (such as Coinbase or Circle) it’s obvious they flourish because they are needed.

Blockchain proponents on the bleeding edge believe that trusted third parties are valueless or a problem that needs solving in every situation… That they are all security holes.

The fact is that trust is earned and people want to have someone to talk to when the shit hits the fan.

At the end of the day, people trust people… It’s in our DNA.