Neha Narula: The future of money
Neha Narula - Currency futurist
Neha Narula is helping redefine the future of money by researching cryptocurrencies and providing clarity on how digital currencies will transform our world. Full bio
about the future of money.
about this culture
in the early 1900s, called the Yap.
is really interesting.
called Rai stones.
move these Rai stones around
we do with our coins,
to be pretty massive.
and 12 feet across.
of who owns part of what stone.
across the ocean
and the stone actually fell in.
and -- why not? -- it still counted.
at the bottom of the ocean,
was just a small culture
in the Western world as well,
a form of these stones.
asked the United States
from dollars into gold.
to think about actually shipping
that gold was being stored
as belonging to France now.
that France owned the gold.
with these two examples
have any value
and the transactions
that we tell each other about value.
is deducted from my paycheck
in my retirement account.
1's and 0's on computers.
like a stone or a coin.
so that I can pay someone around the world
underwriting every 1 or 0
of those large institutions.
to fix the problem.
the US credit card companies
still don't work in Europe.
and across currencies
can set up an online business in minutes,
to get loans and to get paid:
and our ability to freely transact
by these gatekeepers.
in the system slowing things down.
isn't really mine,
that belong to my bank,
or my investment firm.
have the right to say "no."
and I can't get paid.
in the way of innovation.
Facebook photos, Google Photos,
they're on my laptop,
they're in Dropbox.
websites and services.
don't work together.
the money supply.
what we can do with payment.
two phases of money.
to deal with these physical objects,
the speed of humans.
much farther and is much faster,
of these gatekeeper institutions.
than just a static unit of value,
on institutions for security.
and institutions from the loop.
we're transacting anymore.
of this evolution.
in a world without intermediaries.
of the more popular ones.
that I can use to buy sashimi.
that moved around 100,000 bitcoins.
of 40 million US dollars.
a special field of mathematics
of how to secure communication,
really important things:
be hidden in plain sight,
of information's source.
so many of the systems around us.
classified it as a weapon.
breaking cryptosystems like Enigma
web browser is running
our interactions on the Internet.
to type our passwords in
information to websites.
application of cryptography.
have to rely on the banks anymore
idea that the Yap used,
knowledge of transfers.
by transferring Bitcoin,
transfers Bitcoin to me.
is I can give you a sheet of it
on my piece as well.
the transfers that they're doing
around to everyone else's pieces of paper.
of the transfers that are happening
with the Bitcoin blockchain,
of the transactions in Bitcoin.
of networked computers
are collectively confirming
is core to how Bitcoin works.
to create new Bitcoin
is that to get those Bitcoin,
a random cryptographic puzzle.
over and over again.
are all actually doing.
to land on the right number.
to the rest of the network
helping to secure the Bitcoin blockchain
all over the world running this software,
and try to collect some bitcoins.
and the network is so powerful,
Bitcoin on my laptop,
for about two million years.
use this special hardware
the puzzle really fast.
and all of this special hardware,
that the amount of energy it uses
and a little bit cumbersome.
to be so much better and so much faster.
or ask permission,
about my money getting stuck.
an explosion of innovation,
an open architecture.
changed the way we communicate,
to change the way we pay,
does programmable money create?
rent out my healthcare data
in a way that we agreed.
for what they find out.
for streaming services
my watching habits
that fit within my budget
with our attention when we view content,
the way security works in our world,
to allocate value,
and their energies
to send an email,
that is seeing the first automobile.
like the first car,
and hard to use.
like the horse and carriage,
is built on it.
think you were crazy:
this large, clunky machine
that lights on fire,
of programmable money.
but it's also a little bit scary.
for illegal transactions,
in the world today.
who can see what we do?
in this new world and who isn't?
that I didn't have to pay for before?
to algorithms and utility functions?
a lot of ways to waste time.
like I have to stay connected to work
to friends and family.
is going to eliminate some jobs.
new, flexible forms of employment.
for large, trusted institutions
out to the edges, where it belongs.
things are going to change and unfold
About the speaker:Neha Narula - Currency futurist
Neha Narula is helping redefine the future of money by researching cryptocurrencies and providing clarity on how digital currencies will transform our world.
Why you should listen
Neha Narula is director of research at the Digital Currency Initiative, a part of the MIT Media Lab where she teaches courses and leads cryptocurrency and blockchain research. While completing her PhD in computer science at MIT, she built fast, scalable databases and secure software systems, and she spoke about these topics at dozens of industry and research conferences.
In a previous life, Narula helped relaunch the news aggregator Digg and was a senior software engineer at Google. There, she designed Blobstore, a system for storing and serving petabytes of immutable data, and worked on Native Client, a system for running native code securely through a browser.
Neha Narula | Speaker | TED.com