Blockchain Explained: You Are Your Single Source of Truth
Created on: November 30, 2018
Updated on: November 30, 2018
You are your single source of truth is an engineering concept that has been around since the beginning of time. Engineers whether you work within the software / hardware industry or human engineers such as doctors they have to make an assessment based on the facts that are presented to them.
This means that the evidence that is put forward to them has to be sound evidence. If sound evidence was not provided to them then they wouldn’t be able to make a judgement about the case.
Blockchain Explained: Criminal Justice
This concept also applies to the criminal justice system, a few months ago I was shopping at a retail supermarket midday on a Wednesday afternoon. I was at the till waiting to pay for the goods there were only 3 members of staff in the store at the time. I witnessed a young man walking in and he opened the freezer cabinets and took the food out and walked out of the shop in to Harrow town centre.
I looked on aghast at what I had seen and l knew in the back of my mind that the police do not attend such incidents in London anymore which is perverse to say the least.
Let’s imagine that this person was arrested and he is the defendant and then we have the prosecutor who is the owner of the supermarket. Let’s just say that the case was heard at my local court and the defendant denied the charges that were brought against him.
Blockchain Explained: Day of Reckoning
The whole aim of the case is to find out the truth regarding the actions of the defendant and this is our single source of truth. Let us imagine that we didn’t have a system based on the single source of truth this would mean that crimes committed by wider society would remain unpunished and the defendants could commit crimes with impunity. We could argue that there are certain sections of society who do go around doing bad things and they are not punished for them.
Blockchain Explained: Expenses Scandal
A good example if the MP’s expenses scandal that happened here in the UK’s national assembly. However, let’s not digress from the main point we are examining the role of the single source of truth.
As we all know the blockchain was an idea that was conceived during the great crash of 2008 where there were a group of people bankers come to mind and they collectively brought the economy to its knees.
I like to break down difficult concepts in to byte sized chunks and my area of expertise is the blockchain.
Our blockchain explained series breaks down these concepts in to easily digestible chunks so that you can understand the fundamental concepts surrounding the blockchain.
In this case imagine that we had set up a blockchain so that we can better understand the banking system and its associated transactions before the great crash happened. This means that we would know more about our customers and the various derivatives that were packaged up these would point to a single source of truth that could potentially point to the alleged culprits.
Would we be in the same predicament as we are right now?
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