Don Tapscott: How the blockchain is changing money and business
Don Tapscott - Digital strategist
Don Tapscott takes the long view on our digital, connected, hyper-collaborative world. Full bio
the greatest impact
of digital currencies like Bitcoin.
word in the world,
for every business, every society
we've had the internet of information.
or a PowerPoint file or something,
that I don't still have the money --
the "double-spend" problem
on big intermediaries --
credit card companies and so on --
all the business and transaction logic
identification of people,
and record keeping.
and increasingly are --
from the global economy,
who don't have enough money
to go around the world,
the banking system across a city.
to another country.
of the digital age asymmetrically:
but we have growing social inequality.
an internet of information,
from money to music,
exchanged and managed,
a native medium for value?
named Satoshi Nakamoto
a protocol for a digital cash
cryptocurrency called Bitcoin.
to establish trust and do transactions
set off a spark
or terrified or otherwise interested
to you if you're a speculator.
controlled by a nation-state.
is the underlying technology.
in human history,
not by some big institution,
to the technology,
How does this thing work?
to music and everything in between --
across a global ledger,
they're Bitcoin miners.
at their fingertips --
than all of Google worldwide.
from the previous 10 minutes.
trying to solve some tough problems.
and to validate the block,
blockchain, with Bitcoin.
with the same money,
on that blockchain,
but across millions of computers,
levels of encryption,
computing resource in the world
that we have today.
by a Canadian named Vitalik Buterin.
has some extraordinary capabilities.
build smart contracts.
the management, performance
a bank account, too, in a sense --
to do everything
for the stock market
are accountable to citizens.
this is going to bring,
that does something really simple,
of the financial services industry,
in the corner store,
a dozen companies,
of the people in this room,
is the same activity,
is in a big upheaval about this,
this technology for success?
but not shared prosperity,
of all of the anger and extremism
in the world today,
to this problem of inequality?
is to redistribute wealth,
gets created in the first place
that this can be done.
of the people in the world who have land
some dictator comes to power,
of paper that says you own your farm,
says my friend owns your farm."
Latin American economist,
issue in the world
a valid title to your land,
are working with governments
and Lyft and so on
and create and share wealth.
precisely because they don't share.
and they sell them.
being a $25 billion corporation,
on a blockchain, we'll call it B-Airbnb,
by all of the people
database and all the criteria,
them find the right room,
with the contracting,
they're built into the system.
as a five-star room,
disruptors in Silicon Valley
from the developed world
to their families at home.
and it's growing,
to the Western Union office
to her mom in Manila.
days to get there;
when it's going to arrive.
out of her week to do this.
a blockchain application called Abra.
she sent 300 bucks.
to her mom's mobile device
looked at her mobile device --
there's Abra "tellers" moving around.
that's a five-star teller,
gives her Filipino pesos,
of the digital age is data.
of digital crumbs behind us
into a mirror image of you,
more about you than you do,
what you bought a year ago,
or your exact location a year ago.
the shred of information
to know who you are.
is sweeping up all of this data
protect our privacy,
of a free society.
of creators of content
for intellectual property is broken.
of the internet.
at the end of the whole food chain.
25 years ago, you wrote a hit song,
of around 45,000 dollars.
you write a hit song,
on a blockchain ecosystem.
a smart contract surrounding it.
her intellectual property rights.
that flow into a digital account.
in your movie, that's different,
becomes a business.
who don't get fair compensation,
to make it rain on the blockchain.
prosperity, of course -- people do.
has escaped from the bottle,
by an unknown person or persons
another kick at the can,
the economic power grid
About the speaker:Don Tapscott - Digital strategist
Don Tapscott takes the long view on our digital, connected, hyper-collaborative world.
Why you should listen
A leading analyst of innovation and the impacts of technology, Don Tapscott has authored or co-authored 15 widely read books about various aspects of the reshaping of our society and economy. His work Wikinomics counts among the most influential business books of the last decade. His new book The Blockchain Revolution, co-authored with his son, Alex, discusses the blockchain, the distributed-database technology that's being deployed well beyond its original application as the public ledger behind Bitcoin. In the book, they analyze why blockchain technology will fundamentally change the internet -- how it works, how to use it and its promises and perils.
Tapscott is an adjunct professor of management at the Rotman School of Management at the University of Toronto, a Senior Advisor at the World Economic Forum and an Associate of the Berkman Klein Center for Internet and Society at Harvard University.
Don Tapscott | Speaker | TED.com