The highest cost that exists in a transaction is that of trust between the parties. Traditionally, this trust has been managed by central entities, such as banks. When you want to make a transfer between two people, one of them speaks with your bank and requests the transfer. This bank checks that it has a balance and talks to the bank of the transfer recipient to communicate it to them. Then, the receiving bank records the transfer and from that moment the receiver has that money for other transactions.
But … What would happen if we eliminated these centralizing actors? What would happen if we could share an accounting record with all our transactions, in a totally secure way, and that these transactions were validated and accepted by all? Well this is what Blockchain allows.
Basically what it is about is to create and manage trust. And if there is no central authority, the only possibility is to rely on the consensus of an entire community.
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