Trust, once a bedrock of society, is experiencing obsolescence due to the digital revolution. The traditional trust model, based on interpersonal relationships and reputation, is being replaced by decentralised, automated systems. Blockchain technology underpins this shift, providing a transparent, immutable ledger that negates the need for trust.
Trustless systems are permeating various sectors, from finance to urban planning. Cryptocurrencies, for example, eliminate the need for trust in financial institutions. Similarly, smart cities rely on automated systems rather than human discretion for decision-making.
Despite the benefits, trustless systems pose significant challenges. They require a high level of technological literacy and can exacerbate social inequalities. Additionally, they are susceptible to cyber attacks and data breaches.
The obsolescence of trust is not a foregone conclusion. It is a societal choice, influenced by our collective decisions about technology adoption. As we transition towards a trustless society, we must ensure that these systems are equitable, secure, and beneficial for all.
Go to source article: https://medium.com/urban-ai/the-obsolescence-of-trust-b33c5d9fe76b