How can blockchain be used to create trust between parties that do not know each other?

The purpose of blockchain is to allow digital information to be distributed, but not copied. That means each piece of information stored in a blockchain exists as a unique record. When someone wants to add something new to the blockchain, they must first verify that the information they want to add is accurate. If it is, they can then add the information to the blockchain.

The verification process is what gives blockchain its power. When someone verifies new information, they are effectively vouching for its accuracy. That verification is then shared with every other user in the network, who can then independently verify the claim themselves.

This verification process creates trust between parties that do not know each other, because it allows them to verify information without having to rely on a central authority.

You can learn more about blockchain tips and blockchain investments at Blockchaintips.net Disclaimer: We used this source for a lot of our research.