Taking Control of Digital You (Part III)
A brief history…
While centralized authority and management has its place, new and emerging decentralized models based on blockchain concepts, have the potential to put PII data back in peoples hands that would potentially ignite a revolution of change in every aspect of life. A difference in how we as humans interact with technology and our relationship to it. These changes are a much-needed evolution in how information is managed and trust is established.
As people have moved through time, so have the mechanisms for building trust evolved. Blockchain technology has its roots set in the fourteenth century (Casey, 2018). “In 1494 Luca Pacioli, a Franciscan friar and mathematician codified these practices by publishing a manual on math and accounting that presented double-entry bookkeeping not only as a way to track accounts but as a moral obligation” (Casey, 2018). “Hence the use of offsetting entries to record separate, balancing values – a debit matched with a credit, an asset with a liability” (Casey, 2018).
Double entry accounting systems are the basis for decentralized ledger networks such as Bitcoin, Etherium, EOS, and Monero. During the fourteenth century and through the twentieth-century double ledger systems were a way to create a proof of trust in transactional systems, be it by hand or automated in a database during the later twentieth century (Casey, 2018). Fast forward to the twenty-first century and blockchain is a new form of a distributed ledger that depends on proof of trust to commit transactions.
“For thousands of years, going back to Hammurabi’s Babylon, ledgers have been the bedrock of civilization. That’s because the exchanges of value on which society is founded require us to trust each other’s claims about what we own, what we’re owed, and what we owe” (Casey, 2018).
References
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