“The printing revolution filled the knowledge gap; the industrial revolution filled the power gap; the internet revolution filled the distance gap and the blockchain revolution will fill the confidence gap,” writes Turkish economist Erkin Sahinoz.

Blockchain, which emerged in 2008, is a highly secure, independent and reliable technology. It initially served as the basis of cryptocurrencies such as bitcoin and was often confused with them, affecting investor confidence when cryptocurrencies have collapsed. Since then, however, its reliability has prompted questioning of the existing monetary system, controlled by central banks, and even states that are unwelcoming to cryptocurrencies have come to look for ways to benefit from blockchain technology.

Last year, for instance, Russia and China signed an $882 million deal on the development of blockchain technologies. Blockchain will enable document tracking via a reliable network over which electronic records can be transferred without the need for verification by third parties.

In Turkey, the first big step toward the use of blockchain came on June 8, when the Turkish Informatics Foundation held an event to establish the Blockchain Turkey Platform. In a statement the foundation sent to Al-Monitor, its president Faruk Eczacibasi stressed that confidence is the pillar of business life and all forms of human exchanges.