> What if the trusted authority is the Chinese government? would you still keep your same opinion?
It's not about how nice the trusted authority is. It's about the value the trusted authority provides.
If you're doing business in China, although you might not entirely trust the Chinese government, and might not like them, they'll still provide more value than a "trust-less" system. China is not a lawless state after all, and if you want to do business there you'll have to deal with them at some level.
> At the core of it, it is a transfer of power from larger organisations to the people.
It's not though, if there's no actual transfer of real power. It's naive to think that blockchain themselves do this. If people tried to circumvent the Chinese state with blockchains in any meaningful way, China would crack down on it, and they'd be very efficient at it. Because real power is about interfacing with the world in real ways, and a well-functioning state will always maintain that power.
It's possible that, through democracy or other forms of pressure, people could make the government and businesses accept, use or interface with blockchain technology. But if people do have that kind of power over these entities, people by definition have the kind of power that makes the value of blockchain tech vanishingly small.
Blockchains provide value - not when you don't have any party you trust fully - but when you don't have parties that can provide any kind of value through their trust. I.e. failed states and lawless territories basically.
> It's not though, if there's no actual transfer of real power.
Blockchains are hard to modify and as such, can act as a form of checks and balances against those trying to change history. You're kind of saying powerful entity won't allow checks and balances and somehow conclude they are unnecessary. That is ... unfounded.
At the core of it, it is a transfer of power from larger organizations to the people.