They do so by solving complex mathematical equations and broadcast the solution to the network once found. Nodes can use their processing power to verify recent transactions and append them as batches, called blocks, to the blockchain. Bitcoin, the first and one of simplest blockchain applications, is technically a decentralized ledger (database), where all the nodes have a fully verifiable copy of the ledger. All nodes have equal access and control, and they all should agree on the final state of the blockchain based on the defined set of rules known as the consensus protocol. All users of the blockchain run a software (node) to connect to the peer-to-peer network. In blockchain, there is no central server or central point of control. The premise of the paper was to have a system for electronic transactions without relying on third-party trust ( Nakamoto, 2008). A paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” written by an anonymous author named Satoshi Nakamoto surfaced on October 31, 2008. The blockchain phenomena started within a cryptography mailing list known as Cypherpunks ( Assange et al., 2016). Next, we discuss the psycho-social implications of the introduction of decentralized processes of trust, examining some potential scenarios, and outline a research agenda. We first describe the decentralization technologies and possibilities they hold for the near future. In this contribution, we argue that the adoption of blockchain is not only a technological, but foremostly a psychological challenge, which crucially depends on the possibility of creating a trust management approach that matches the underlying distributed communication system. However, as trust plays an essential role in affecting decisions when transacting with one another, it is important to understand which implications the decentralized nature of blockchain may have on individuals' sense of trust. Since each node of the network participates in the review and confirmation of the new information before being accepted, the need for a trustworthy intermediary is eliminated. In essence, a blockchain is a decentralized peer-to-peer network with no central authority figure, which adds information to the distributed database by collectively validating the accuracy of data. 3Gina Cody School of Engineering and Computer Science, Concordia Institute for Information Systems Engineering, Concordia University, Montreal, QC, Canadaīlockchain is widely regarded as a breakthrough innovation that may have a profound impact on the economy and society, of a magnitude comparable to the effects of the introduction of the Internet itself.2Applied Technology for Neuro-Psychology Lab, IRCCS Istituto Auxologico Italiano, Milan, Italy.
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