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There’s No Good Reason to Trust Blockchain Technology
Article

There’s No Good Reason to Trust Blockchain Technology

Bruce Schneier
Wired, 2019
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Editorial Rating

8

Qualities

  • Controversial
  • Eye Opening
  • For Experts

Recommendation

Are blockchain currencies the future of money or just a temporary hype? Cryptographer and computer security expert Bruce Schneier believes the latter is the case. In fact, he questions the validity of what bitcoin advocates have long seen as the cryptocurrency’s winning asset: that it makes trust superfluous. Investors and technology professionals will find Schneier’s intelligent and well-argued opinion piece thought-provoking.

Take-Aways

  • Advocates of bitcoin and blockchain have falsely hailed the system as superior to other payment systems because, they argue, it doesn’t need to rely on trust.
  • Yet no constructive human interaction can occur without trust; bitcoin trading is no exception.
  • Blockchain relies on users placing blind trust into the system of protocols that governs their transactions, as well as its underlying technology. 

About the Author

Bruce Schneier is a fellow at the Berkman Center for Internet & Society at Harvard Law School and a program fellow at the New America Foundation’s Open Technology Institute.

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