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This article is an extract from a paper I authored, co-authored by Alex Tapscott, and was released at the World Economic Forum. The paper can be viewed here: The last few decades brought us the internet of information. We are now witnessing the rise of the internet of value. Where the first era was sparked by a convergence of computing and communications technologies, this second era will be powered by a clever combination of cryptography, mathematics, software engineering and behavioral economics.
It is blockchain technology, also called distributed ledger technology. Like the internet before it, the blockchain promises to upend business models and disrupt industries. It is pushing us to challenge how we have structured society, defined value and rewarded participation. Cryptocurrencies digital currencies are different from traditional at currencies because no government issues or controls them.
This new resource has six critical qualities. Each blockchain, like the one that uses bitcoin, is distributed: We can send money and soon any form of digitized value — from stocks and bonds to intellectual property, art, music and even votes — directly and safely between us without going through a bank, a credit-card company, PayPal or Western Union, social network, government or other middleman.
Of course, this does not mean that middlemen will disappear. Rather the technology provides profound opportunities for innovative companies and institutions in the middle to streamline processes, increase their metabolism, create new value and enter new markets. In many cases, blockchain is public: No one can hide a transaction, and that makes bitcoin more traceable than cash.
It is open-source code: Blockchain is, for the most part, inclusive. Now anyone with a ip phone can participate in the global economy; no documentation is required to be trusted. Within minutes or even seconds, all the transactions conducted are verified, cleared and stored in a block that is linked to the preceding block, thereby creating a chain.
Each block must refer to the preceding block to be valid. This structure permanently timestamps and stores exchanges of value, preventing anyone from altering the ledger.
So the blockchain is a distributed ledger representing a network consensus of every transaction that has ever occurred. Therefore, we must preserve the blockchain in its entirety. This is much more than the financial services industry.
Innovators are programming this new digital ledger to record anything of value to humankind — birth and death certificates, marriage licenses, deeds and titles of ownership, rights to intellectual property, educational degrees, financial accounts, medical history, insurance claims, citizenship and voting privileges, location of portable assets, provenance of food and diamonds, job recommendations and performance ratings, charitable donations tied to specific outcomes, employment contracts, managerial decision rights and anything else that we can express in code.
So important is this new resource that some have called the blockchain a public utility like the internet, a utility that requires public support. It is the culmination of what Alan Turning started, a true paradigm shift ushered in by decentralized ledger technologies. In this report, our goal is not to provide specific proposals, though we have suggested a few possible directions.
Our goal is to describe the landscape, provide a taxonomy for rich discussions, map the diverse players to the taxonomy, surface the topics of concern and identify the requirements for better stewardship. We encourage all players — not just those in financial services — to think about whole ecosystem and not simply their own narrow interests.
We believe that this rising tide should lift all boats.