5 INTRODUCTION INNOVATION INSIGHTS


What makes blockchain unique?


Unlike other ways of storing information, the blockchain approach has some special features that allow the information it stores to be trusted and unchangeable.


N


odes (or parties) processing and accessing the information form naturally into a decentralized network, where decision-making and terms can be negotiated and shared equally by all


parties. No central decision-making party or master exists. While this may seem like a simple concept, its implications are significant. Much of the systems we take for granted today operate on centralized principles; take banking for example, where the terms of interaction (e.g., exchange of money or value) are set by a central party. Decentralized systems enabled by blockchains offer the potential for parties to interact without the need for this without compromising trust. Trust is implicit within the system automatically, rather than having to be assigned to a single party and subsequently manipulated and abused over time in worst cases.


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