From MarketsWiki
Jump to navigation Jump to search

HKEX 728x90 v6.gif

The word "trustless," when referring to blockchain and distributed ledger technology, refers to the lack of need for a trustworthy intermediary when sending money from one individual or fund to another.

Traditional financial systems rely on banks, payment providers, credit card companies, remittance companies, and so on. A blockchain is designed to remove the need for these things by enabling two users to transmit stores of value digitally on an open-source, public ledger; this creates transparency that theoretically removes the need for trusted third parties like banks.[1]