The core principle of decentralisation is the removal of a central, controlling body, whether that be an entity in the form of a financial institution (i. e. a bank), a trusted “third party” in the form of a payment provider, or an individual middle man between the sender and the receiver of a transaction.
One type of decentralised system like this has existed for many decades. Known as peer to peer. Or P2P for short.
This network consists of in its most simplified definition, two or more computers connected to one another and sharing all types of data.
Torrent file sharing, which is widespread and allows users to download music, movies, documents and other types of files is based on a P2P network.
P2P technology has a long history. As a fault tolerant network, P2P was initially designed for the purpose of transmitting military messages without any vulnerability to human fatality, natural phenomena or technical malfunction.
Its primary feature is its autonomy in other words, its inherent decentralised nature.
P2P network has no centralised authority or regulatory entity that monitors, facilitates or controls any of the data that is shared between the two peers.