The Truth Machine: The Blockchain and the Future of Everything

Blockchain and cryptocurrencies are all the rage. The blockchain provides a decentralized record that provides a means of "trust" of transactions. It is near impossible to forge the existing record, making it impossible to forge past transactions. It is impossible to change the existing change. The chain is also replicated in many locations, eliminating the need for a central source of truth. (However, people still need to trust the communication with the blockchain and the other side of the "exchange"

Could crypto currency replace the money system as we know it? Perhaps bitcoin is the future of currency. Or maybe it will be a different currency or something different. Bitcoin has a security system that has managed to endure without being "cracked". The speed that transactions can be performed is a limiting factor. It also depends on the trust of various miners. What if some group controlled the majority of the ledgers and started doing their own thing?

The book explores a number of potential uses of blockchain. A lot of it involves taking over the position of "trust" from the government. Switching trust to a new party can be a big challenge. This is especially so in areas that could most use it. A blockchain would be great for property. It could provide a clear chain of proof of ownership of real property. This would eliminate much of the need to title insurance and the like. However, establishing the initial ownership could be a challenge, especially in areas where records are not good. Would we accidently entrench scoundrels?

Blockchain does seem like a technology with a lot of potential. However, there are significant scalability issues. Can these be resolved to allow for a full system of distributed trust? Or will there continue to be a central trusted authority involved?