Searching for Truth: Blockchain Technology as a Remedy for the Post-Truth Era
We are living in a post-truth era.
It’s a refrain that owes its popularity to the rising prevalence of misinformation, fake news, and conspiracy theories circulating throughout the U.S.; a refrain that signals the growing mistrust that’s come to characterize much of our society. And it’s no accident that blockchain technology, celebrated for its ability to provide an immutable record of truth, has emerged side-by-side with fears that it’s no longer possible to agree on one truth.
Blockchain technology has removed the need for trust and replaced it with consensus. By making it virtually impossible to alter a record of transactions once they have been verified and added to the distributed ledger, blockchains create effectively immutable records of truth. In a time when society is defined by its growing distrust in media, politicians and each other, it’s no wonder blockchain technology, which guarantees agreement on a single true record of transactions, has gathered tens of millions of users.
Searching for Subjective Truths
It’s a common misconception among crypto novices that this ability for the blockchain to produce truth is limited to financial transactions, but its use-cases actually extend much further, preventing unlawful changes in criminal records and verifying the authenticity of news to prevent fake news stories from circulating, to name a few. At the heart of blockchain’s ability to create these records of truth lies a “consensus protocol.”