Trustless computing—The what not the how

Abstract

A recent development has provided us with a new computing paradigm: the blockchain. First described by Satoshi in 2008, it is the first example of a computer that has the functionality to remember and enforce past statements by participants, in a non-localized, resilient and auditable manner. Although the Internet has allowed us to create a global infrastructure for cheap and flexible communication, no strong statements can follow from its weak economic signals without resorting to a recognised authority. A global information system that has the properties of the Internet but also the functionality to enforce statements without a trusted intermediary is required: such a system is called trustless. The chapter follows the examples of the usage of blockchain technology as a system that provides guarantees over the rules of its operations in consumer goods, online dating and international trade, with no need of third party intervention for the creation of trust, unleashing new potential business opportunities.