At a time when public confidence in major societal institutions seems to be under siege, the blockchain offers an intriguing new paradigm for establishing trust in human transactions. Wharton legal studies and business ethics professor Kevin Werbach talks about the transformative potential of the blockchain, the underlying technology behind cryptocurrencies such as the bitcoin. While the adoption of cyber-currencies is running into headwinds, the blockchain is finding more practical use across industries. Its nature as a distributed ledger in which transactions are transparent among parties creates a “new architecture of trust,” Werbach adds. One doesn’t have to trust another party in a blockchain to do a transaction even if there is no centralized authority, such as a bank or government, in charge.
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