Trustless
Working without worry
Trustless systems function without any trust involved. This is useful so you don't have to worry about trust being kept or broken, or somehow manipulated.
A simple example of this is in the Blockchain ecosystem. There is a system that is fully functional without trust in the picture. They're called Smart Contracts. If a pre decided condition is met, funds are released automatically to the concerned parties. There is no need to believe the paying party or some other authority. Its part of the smart contract that works independently.
Now, wouldn't we all gain a huge amount of speed, efficiency and clarity if all our agreements in business could be trustless systems like smart contracts? Regardless of these agreements being with employees, vendors, contractors, or customers?
If not get in advanced technology, at least we can build our systems to function like this.
Cheers!
If this helped you, forward it to one business owner you know. That’s how we grow.