Bruce Schneier: Blockchain and Trust

In his 2008 white paper that first proposed bitcoin, the anonymous Satoshi Nakamoto concluded with: “We have proposed a system for electronic transactions without relying on trust.” Blockchain enables this sort of trust: We don’t know any bitcoin miners, for example, but we trust that they will follow the mining protocol and make the whole system work. This is emergent trust in the particular security system that is blockchain.

Source: www.schneier.com