The power of decentralised networks also lies in their transparency. On a blockchain, every transaction is verified by multiple parties and no one is able to edit the data without alerting the entire network. Unlike the algorithms of big tech – which are kept secret and constantly changing – blockchain contracts are public, as are the laws around who can change them and how. The result is a tamper-proof, transparent system which famously earned blockchain its reputation as “the trust machine”.
Thanks to these characteristics, applications built on blockchains have the potential to incentivise positive social and environmental impact – from changing wealth distribution to aligning finance with protection of nature.