Yet, we continue to depend upon something we might call the centralized trust paradigm, by which middlemen entities coordinate our monetary transactions and other exchanges of value. We trust banks to track and verify everyone’s account balances so that strangers can make payments to each other. We entrust our most sensitive health records to insurance firms, hospitals, and laboratories. We rely on public utilities to read our electricity meters, monitor our usage, and invoice us accordingly. Even our new, Internet-driven industries are led by a handful of centralized behemoths to which we’ve entrusted our most valuable personal data: Google, Facebook, Amazon, Uber, etc.
Despite aggregators driving more decentralized economic exchanges, we continue to rely on a centralized trust paradigm.
We trust our banks to verify everyone's account balances, we trust our health records to insurance firms, we rely on public utilities to read our electricity meters.