Difference between revisions of "Trustless"

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The word "trustless," when referring to [[blockchain]] and [[distributed ledger]] technology, refers to the lack of need for a trustworthy intermediary when sending money from one individual or fund to another.  
 
The word "trustless," when referring to [[blockchain]] and [[distributed ledger]] technology, refers to the lack of need for a trustworthy intermediary when sending money from one individual or fund to another.  
  

Latest revision as of 13:20, 15 October 2019

The word "trustless," when referring to blockchain and distributed ledger technology, refers to the lack of need for a trustworthy intermediary when sending money from one individual or fund to another.

Traditional financial systems rely on banks, payment providers, credit card companies, remittance companies, and so on. A blockchain is designed to remove the need for these things by enabling two users to transmit stores of value digitally on an open-source, public ledger; this creates transparency that theoretically removes the need for trusted third parties like banks.[1]

References