When we asked blockchain expert Coelus Bart to describe the technology in one word, he chose trust. The rest of our conversation examined when that trust is useful and what it costs to create.
Kelvin, Roel and I hosted the discussion as part of a podcast at Howest. We wanted to move past price movements and broad promises, focusing instead on applications, regulation and the future role of distributed systems.
Trust without one central operator
Coelus described blockchain as a way for participants to agree on records without placing complete control in a single intermediary. That property can be valuable in supply-chain traceability, shared registries and financial services where several organisations need to verify the same history.
It does not eliminate trust entirely. Participants still trust the protocol, its governance, the software implementation and the accuracy of data entering the system. Blockchain changes where trust sits; it does not make trust unnecessary.
Similarities with the AI cycle
We compared the public attention around blockchain with the rapid rise of generative AI. Both fields attract ambitious claims, speculative investment and pressure to adopt quickly. Coelus argued that the hype does not erase the underlying technical progress, but it can make practical evaluation more difficult.
Do not ask whether an industry will use blockchain. Ask which processes benefit from shared verification and whether the benefits justify the operational complexity.
Finance, regulation and public control
The conversation covered decentralised finance, lower-cost transactions and broader access to financial services. We also discussed regulation, including Europe's Markets in Crypto-Assets framework, which attempts to support innovation while improving consumer protection and market clarity.
Central bank digital currencies raise a different set of questions. They may improve payment infrastructure and inclusion, but they can also increase central visibility and control. Their design choices will determine which values they serve.
A quieter, more useful future
Blockchain may become most successful when people stop noticing it. Mature infrastructure often works in the background, supporting verification and coordination without becoming the product's central message.
Our conversation did not produce a simple verdict. It produced a better framework for judgment: identify the trust problem, understand the governance model and measure whether a distributed system creates enough value to justify its complexity.