The whole purpose of these five elements is to use computers and specialized software is to create transaction systems systems, where you don’t have to trust people to perform their part of transactions, the system confirms or verifies the transactions.

This type of system is known as Trustless because it is not based on Trust, it is based on verification. The creation of a system of verified transactions eliminates middleman who verify transactions by taking possession of all goods being exchanged and performing the exchange for a price and on a time schedule they create. This is potentially a very disruptive technology on a global scale because middlemen gave global reach.

It’s important to note that only when all five elements are present is the database truly a blockchain.