"Blockchain is an open ledger system where transactions are irreversibly recorded and immediately shared to a distributed network of witnesses (companies, agencies, individuals). The beauty of this idea is in its decentralization—if no one person or institution holds power, then that power cannot be abused. The potential for this technology is enormous: it could significantly lower corruption and eliminate fraud in many industries like banking, freight, construction, and even trace the provenance of goods like diamonds. "Blockchain technology allows us to build these same kind of systems but in a world where we don’t want to or we can’t trust central actors," says Zehlendorf.
