nobody so when the energetic folks said
that EDX Shiv Nadar approached me to
give a talk I decided to be bought lazy
and take on a challenge all at the same
time so I was lazy by deciding to talk
on something that I do for a living so I
don’t I really think I do this all the
time so let’s talk about my current
passion what I do so I don’t have to
prepare so much that was a lazy part the
challenge was when they told me the
audience is going to be people from all
walks of life all departments all
backgrounds you got to be able to
explain bleeding-edge technology that it
actually makes sense for everybody so I
said that’s a reasonable trade-off lazy
and challenged at the same time but
another challenge that I didn’t discover
until tomorrow today morning was that
I’m supposed to be in this little red
carpet and that’s a new challenge for me
because normally in talks I pace I
actually calculated that 18 minutes I
would burn about harden 20 calories so
now if I move outside this little Chuck
review somebody just shout and I will
move back into the red zone but with
that I plan to talk about my current
favorite passion blockchain and I’m
going to come to it with the first word
chaos so what comes to mind when you
think of chaos disorder confusion
inefficiency things not quite right
different people thinking different
things well I didn’t know this until now
I thought we lived in a beautiful
digital amazingly interconnected world
but business networks by the way are
amazingly chaotic and one of the
examples that the network on top has you
know a bank and auditor and insurance a
customer it could be you and me going
for a home loan it could be a company
approaching a bank for a working loan
but that’s the ecosystem that has to
come together to give that person that
product and and think of that that’s a
business network right we all think that
when we go shopping or do something it’s
just that entity and us but behind
that is an entire ecosystem that has to
come together and these ecosystems today
even if they are very digital and
connected are amazingly inefficient I
think you will realize this now you’ve
ever tried to purchase a loan or you run
a company and asked for a loan you will
start with providing documentation to
your bank then the same documentation
will be asked three times over by the
insurance company two years later when
the bank is audited to figure out
whether they gave you the loan the bank
will be asked to provide that same
information to that auditor and on and
on and on now why does this happen it
happens because we build business
networks like spaghetti you see the
stuff with the middle that looks like
spaghetti and then the reason it looks
that way and I’m going to come to the
root cause but what that means is they
are inefficient we do the same thing
over and over again Spencer that’s where
all the fees come from by the way
it’s duplicated the fact that it you
took a loan for however amount at that
percentage point probably sits in about
every database of every person in that
business network and then when you
duplicate you are going to make mistakes
so data is mismatched and then what do
we end up doing we end up spending a lot
of money reconciling and making sure and
that leads to fraud and dispute and this
was a revelation for me because you know
I thought things were great what it
turns out is this is true for every
business network think payment network
think logistics network imagine
one-click shopping on Amazon there’s an
entire network behind that actually gets
you the product drink payment networks
think supply chain networks and the root
cause of all of these things is while
they are connected they don’t have a
common place of a single source of truth
one place once piece of data that
everybody works off that removes all of
the bad things you see on the chart I’m
going to give you a particularly
egregious example of what’s happening
international logistics it’s not
something any of us unless you are in
that industry really worry about but
some of the statistics there think about
a batch of flowers or a batch of mangoes
going from I don’t know Mombasa to
giorgia for example on average that
journey requires about 30
Plus organizations to come together 200
plus interactions between these
organizations hundreds of piece of
documents and this is the funniest part
several hundred dollars doing Express
Mail of those documents so that the
actually it can be released from the
port now why does it happen why so many
organizations think about it ships don’t
go from one place to the other you’ve
got to have trucks warehouses customs
agencies prohibited goods yep somebody
has to check and it touches many ports
so they’re not about all these
organizations in today imagine doing a
spaghetti over 30 organizations opposed
to four of them it looks even worse and
the funniest part to me was the fact
that on average for a container about
$250 worth of paper shipping cost is
spent just moving paper documents or
that in Georgia they can actually
release the container actually ship thee
of a card over the flour to wherever it
needs to go now at the root of all of
this at the root of all of this
inefficiency is lack of trust so if
there is one word you carry away from
this trust it was the root cause for
this and why is that because if in all
these networks they all trusted one
person they could all share their data
with that one person that one person
would mediate everything and what they
would be like God but they would know
everything but you know life would be
easy unfortunately that doesn’t happen a
lot of these networks involve
competitors it involve people who want
to share a little bit of data but not
everything I’m happy to share when my
ship is going to arrive but I’m not
going to share that contractual
agreement between that person and me in
terms of how much he is supposed to pay
because I might charge you a different
rate I’m not going to share that so the
problem we have today’s business
networks share want to share a few want
to protect a few and we have never had
an infrastructure a data management a
digital data management infrastructure
that lets us do that effectively and
that is the revolution we are starting
to see with the technology of blocky
blockchain replaces that spaghetti you
saw in the middle with a coherent thing
called what are you going to call a shad
ledger I’ll tell you what that means but
it provides the following it provides a
shared source of truth so one place from
which everybody in that ecosystem who
needs to share data if you want to know
when that ship actually delivered that’s
one place you and don’t have to debate
that there was a late delivery and
therefore whether you have to pay a fine
important thing I told you right people
are going to share the especially
businesses unless they have guarantees
about security and immutability
mutability that if I recorded something
on that ledger you as a competent I’m
going to be able to change it because
that stuff happens and you know I’m not
going to share until you tell me that
the infrastructure I’m using this
blockchain is going to be immutable and
tamper proof and completely secure
that’s the cusp of this technology that
we are on now I want to show of hands of
people who have heard the word
blockchain before okay but 25% of the
audience who have been surprised so far
that I’ve been speaking for about eight
minutes on blockchain have never
mentioned the word Bitcoin okay so the
same people who talked about blockchain
are also the same people and I will come
to that pretty quickly I’m intentionally
staying away but I will connect the dots
at the end but the takeaway is
blockchain is a technology for infusing
trust into business networks that’s what
it does now how does it do what it does
there’s four things that make up this
technology and I’m intentionally not
going to tell you how it is done is
that’s a lecture altogether separately
but I’m just going to tell you the
pieces that are coming together the one
is a shared ledger as I said when a
transaction happens when you record the
loading of a ship the movement of goods
they’re taking off a loan a change of
address whatever be the digital
transaction there is a shag ledger
amongst all the participants with where
that data is recorded so that’s one and
it happens through a process called
consensus and there are different
techniques that are getting explored
it’s a nascent technology but we sort of
know how to do that pretty well now the
second is privacy and confidentiality I
told you the thing that was causing that
spaghetti before was people who are not
sure I’m not going to share my data
because I don’t know who else is going
to do
and assert my business so what’s
happening now with advances in
technology for security and cryptography
that allows businesses to share data in
this network while controlling the
privacy and confidentiality of the data
so that’s the second big building block
the third one is what’s called Smart
contracts remember businesses are
eventually about agreements you agree to
give me a loan at a certain rate you
agree that I cannot change this unless
you know you know the rate changes so
much whatever the degree mint is is now
digitally captured using something
called a smart contract think of it as a
piece of program on a code that lives on
the bob chain and controls the changes
of information and the most important
part and this is why this is what keeps
our regulators and governments happy and
why there is a lot of interest in this
technology by its very nature blockchain
provides an auditable mechanism where
because it can’t be tampered with that
you can go back historically and
understand what’s happening so it keeps
a lot of the folks who are policing the
world happy and that’s important because
that policing that regulatory structure
is critical for business networks to run
so that’s where smart contracts add
value last but not the least and this is
the foundation all of this drives trust
into business networks it provides
visibility and transparency control
transparency because you must still have
that privacy but a level of transparency
that allows business which to be
inefficient let’s go back to that
logistics example one of the biggest
pain points of their industries today is
empty containers there are countries
that export a lot don’t import as much
there are countries that import a lot
export don’t as much so what happens
ships go with a lot of baggage on one
side often come back empty and lot of
that is because of lack of visibility on
supply and demand and a network like
this promises to really transform and
that’s just one example of the type of
transformation that industry is what I
have so since I took on the challenge I
have to explain at least one technical
idea to you and you’re going to tell me
whether I did that reasonably well or
not so I’m going to pick on the whole
immutability how do we make it hard
because we just think you can copy a
file and edit it so how do you make it
really hard for something to be
quote-unquote tamper-proof
so here is that 45 seconds of technology
the basic idea of creating and this is
where the name comes from by the way
blockchain chain of blocks it comes from
the fact that the way this ledger is
maintained you might imagine a block
each block shows a bunch of transaction
this could be a ship moving somebody
taking alone somebody changing an
address whatever that business ecosystem
is and what you do is when some number
of transactions are finished you create
a new block but the smart thing you do
when you create the new block is you
store at the beginning of the new block
something that summarizes the previous
block in the technology world we call it
a hash doesn’t matter what it’s called
it’s just something that represents the
contents in block 0 what that means is
you can look at that hash and block 0
and if block 0 got tampered the hash
would be different you store that in
block 1 then you keep listing all the
transactions in block 1 some point you
close off block 1 you create a new block
in that store the hash of block 1 which
includes the hash that was sitting from
the previous block you keep building it
up now why does this help this helps
because imagine you’re in block hundred
you want to change something that
happened before you have to be able to
change all the blocks and recompute all
of that little yellow boxes before you
can change any information because
otherwise somebody will very quickly
find out oh this hash doesn’t match
somebody is playing something fancy here
so the hardness comes because you link
everything together and as these
transactions grow for somebody to go
back and change something they have to
get they have to take control over all
of these blocks and make a consistent
change that makes it almost impossible
to I don’t know whether I got it
but hopefully that gives you a sense of
the principle behind one of the
important properties of the blockchain
now a lot of the the the pain points and
the benefits you seen here what does
blockchain do it saves time how does it
save time you will be amazed the number
of times container
arrive at a destination and just sit
wait for the paper documents to arrive
before they actually can be opened that
results when food spoilage it results in
latency so there is a reduction in time
all of that paperwork and interaction
reduces has a lot of cost blockchain
promises to reduce that cost risk risk
happens because you don’t know what the
other guy is doing and so now blockchain
provides transparency and visibility
that reduces risk and that’s why the
financial industry is starting to really
love it and as I said it increases trust
but I think the most important part is
why now and there are two reasons why
this is starting to become an important
technology one is all those ingredients
remember I talked about consensus I
talked about the idea of a blockchain
the crypto all of that technology is at
a level of maturity now that we are able
to put it all together into this thing
called a blockchain and actually roll it
out and and deploy so that’s obviously
just a maturity of the technology second
this comes back to Bitcoin those of you
who know what bitcoin is bitcoin is a
cryptocurrency a public network that got
kicked off I believe almost I think a
big head back maybe maybe I’m getting
ready it’s wrong but which think of it
as was an application of blockchain to
do cryptocurrency a way to exchange
value now we leave cryptocurrency aside
but what Bitcoin demonstrated was all of
these technology building blocks are
ready it was an operational example of a
working blockchain system so the world
stood back and said hey I may not be
doing cryptocurrency but it looks like I
can start doing block chains so it was
an exemplar the third reason why
blockchain now and I think that’s the
most critical is I think it’s a
technology for the emerging era and what
is this era this era is an era of
ecosystems we have already seen I told
you that we don’t realize it we think
that we touch each other we touch
another company other entity almost
every one of those is really an
ecosystem many of you might have seen
this example right the world’s biggest
taxi company there’s a known taxi the
world’s biggest vacation rental company
Airbnb doesn’t own real estate why does
that work
these are all companies operating in
ecosystems they deliver value by
operating in an ecosystem and providing
a service that none of the other parties
– and we know that this is an age in
which innovation is going to happen in
the ecosystem what is an ecosystem have
it has multiple parties and if multiple
parties what technology do we need so
that they can all operate efficiently
you need a technology like blockchain
that allows them to share information in
a secure trusted fashion effectively so
to me the third and most important
reason why this is a technology for now
is the fact that we are already in and
we are going to increasingly move into a
world of ecosystems and I think
blockchain is set up to be the digital
foundation of that emerging ecosystem
and we is already starting to see this
that’s a recent study that said about
15% of trail bases are already deploying
so this is not some vision of the future
ten years from now it’s happening here
and now of course early stages but it’s
happening
we anticipate that in the next couple of
years we will going to hit that mass
adoption where in many industries in
many countries you’re going to have
blockchain systems actually powering
daily transactions you may not realize
it you know you probably do what you do
but in the back end something would have
changed dramatically and hopefully for
the better for all of us and then there
will always be of course a maturity of
the technology but that’s the estimation
and what’s going to happen and this is
for those of you who are technologists
and want to know this is pretty cool
what do I need to do I think we are
barely starting here on the power of
what the technologies I think there’s
tremendous work to be done in terms of
improving it scaling it up to be at a
national or an international level there
is a lot of still concerns about privacy
and confidentiality so that’s going to
get a lot of brain power is now starting
to get applied to do each of these
challenges and I do believe that as
blockchain systems start to become
repositories of data you will see
artificial intelligence coming together
with this technology in a very big way
so to summarize here is a technology
that I think is going to transform it
will do for business ecosystems and
trust
transactions what the internet did for
knowledge sharing and communication so
in that sense I think it’s truly a
technology for the emerging era with
that thank you for the opportunity and
the time
that EDX Shiv Nadar approached me to
give a talk I decided to be bought lazy
and take on a challenge all at the same
time so I was lazy by deciding to talk
on something that I do for a living so I
don’t I really think I do this all the
time so let’s talk about my current
passion what I do so I don’t have to
prepare so much that was a lazy part the
challenge was when they told me the
audience is going to be people from all
walks of life all departments all
backgrounds you got to be able to
explain bleeding-edge technology that it
actually makes sense for everybody so I
said that’s a reasonable trade-off lazy
and challenged at the same time but
another challenge that I didn’t discover
until tomorrow today morning was that
I’m supposed to be in this little red
carpet and that’s a new challenge for me
because normally in talks I pace I
actually calculated that 18 minutes I
would burn about harden 20 calories so
now if I move outside this little Chuck
review somebody just shout and I will
move back into the red zone but with
that I plan to talk about my current
favorite passion blockchain and I’m
going to come to it with the first word
chaos so what comes to mind when you
think of chaos disorder confusion
inefficiency things not quite right
different people thinking different
things well I didn’t know this until now
I thought we lived in a beautiful
digital amazingly interconnected world
but business networks by the way are
amazingly chaotic and one of the
examples that the network on top has you
know a bank and auditor and insurance a
customer it could be you and me going
for a home loan it could be a company
approaching a bank for a working loan
but that’s the ecosystem that has to
come together to give that person that
product and and think of that that’s a
business network right we all think that
when we go shopping or do something it’s
just that entity and us but behind
that is an entire ecosystem that has to
come together and these ecosystems today
even if they are very digital and
connected are amazingly inefficient I
think you will realize this now you’ve
ever tried to purchase a loan or you run
a company and asked for a loan you will
start with providing documentation to
your bank then the same documentation
will be asked three times over by the
insurance company two years later when
the bank is audited to figure out
whether they gave you the loan the bank
will be asked to provide that same
information to that auditor and on and
on and on now why does this happen it
happens because we build business
networks like spaghetti you see the
stuff with the middle that looks like
spaghetti and then the reason it looks
that way and I’m going to come to the
root cause but what that means is they
are inefficient we do the same thing
over and over again Spencer that’s where
all the fees come from by the way
it’s duplicated the fact that it you
took a loan for however amount at that
percentage point probably sits in about
every database of every person in that
business network and then when you
duplicate you are going to make mistakes
so data is mismatched and then what do
we end up doing we end up spending a lot
of money reconciling and making sure and
that leads to fraud and dispute and this
was a revelation for me because you know
I thought things were great what it
turns out is this is true for every
business network think payment network
think logistics network imagine
one-click shopping on Amazon there’s an
entire network behind that actually gets
you the product drink payment networks
think supply chain networks and the root
cause of all of these things is while
they are connected they don’t have a
common place of a single source of truth
one place once piece of data that
everybody works off that removes all of
the bad things you see on the chart I’m
going to give you a particularly
egregious example of what’s happening
international logistics it’s not
something any of us unless you are in
that industry really worry about but
some of the statistics there think about
a batch of flowers or a batch of mangoes
going from I don’t know Mombasa to
giorgia for example on average that
journey requires about 30
Plus organizations to come together 200
plus interactions between these
organizations hundreds of piece of
documents and this is the funniest part
several hundred dollars doing Express
Mail of those documents so that the
actually it can be released from the
port now why does it happen why so many
organizations think about it ships don’t
go from one place to the other you’ve
got to have trucks warehouses customs
agencies prohibited goods yep somebody
has to check and it touches many ports
so they’re not about all these
organizations in today imagine doing a
spaghetti over 30 organizations opposed
to four of them it looks even worse and
the funniest part to me was the fact
that on average for a container about
$250 worth of paper shipping cost is
spent just moving paper documents or
that in Georgia they can actually
release the container actually ship thee
of a card over the flour to wherever it
needs to go now at the root of all of
this at the root of all of this
inefficiency is lack of trust so if
there is one word you carry away from
this trust it was the root cause for
this and why is that because if in all
these networks they all trusted one
person they could all share their data
with that one person that one person
would mediate everything and what they
would be like God but they would know
everything but you know life would be
easy unfortunately that doesn’t happen a
lot of these networks involve
competitors it involve people who want
to share a little bit of data but not
everything I’m happy to share when my
ship is going to arrive but I’m not
going to share that contractual
agreement between that person and me in
terms of how much he is supposed to pay
because I might charge you a different
rate I’m not going to share that so the
problem we have today’s business
networks share want to share a few want
to protect a few and we have never had
an infrastructure a data management a
digital data management infrastructure
that lets us do that effectively and
that is the revolution we are starting
to see with the technology of blocky
blockchain replaces that spaghetti you
saw in the middle with a coherent thing
called what are you going to call a shad
ledger I’ll tell you what that means but
it provides the following it provides a
shared source of truth so one place from
which everybody in that ecosystem who
needs to share data if you want to know
when that ship actually delivered that’s
one place you and don’t have to debate
that there was a late delivery and
therefore whether you have to pay a fine
important thing I told you right people
are going to share the especially
businesses unless they have guarantees
about security and immutability
mutability that if I recorded something
on that ledger you as a competent I’m
going to be able to change it because
that stuff happens and you know I’m not
going to share until you tell me that
the infrastructure I’m using this
blockchain is going to be immutable and
tamper proof and completely secure
that’s the cusp of this technology that
we are on now I want to show of hands of
people who have heard the word
blockchain before okay but 25% of the
audience who have been surprised so far
that I’ve been speaking for about eight
minutes on blockchain have never
mentioned the word Bitcoin okay so the
same people who talked about blockchain
are also the same people and I will come
to that pretty quickly I’m intentionally
staying away but I will connect the dots
at the end but the takeaway is
blockchain is a technology for infusing
trust into business networks that’s what
it does now how does it do what it does
there’s four things that make up this
technology and I’m intentionally not
going to tell you how it is done is
that’s a lecture altogether separately
but I’m just going to tell you the
pieces that are coming together the one
is a shared ledger as I said when a
transaction happens when you record the
loading of a ship the movement of goods
they’re taking off a loan a change of
address whatever be the digital
transaction there is a shag ledger
amongst all the participants with where
that data is recorded so that’s one and
it happens through a process called
consensus and there are different
techniques that are getting explored
it’s a nascent technology but we sort of
know how to do that pretty well now the
second is privacy and confidentiality I
told you the thing that was causing that
spaghetti before was people who are not
sure I’m not going to share my data
because I don’t know who else is going
to do
and assert my business so what’s
happening now with advances in
technology for security and cryptography
that allows businesses to share data in
this network while controlling the
privacy and confidentiality of the data
so that’s the second big building block
the third one is what’s called Smart
contracts remember businesses are
eventually about agreements you agree to
give me a loan at a certain rate you
agree that I cannot change this unless
you know you know the rate changes so
much whatever the degree mint is is now
digitally captured using something
called a smart contract think of it as a
piece of program on a code that lives on
the bob chain and controls the changes
of information and the most important
part and this is why this is what keeps
our regulators and governments happy and
why there is a lot of interest in this
technology by its very nature blockchain
provides an auditable mechanism where
because it can’t be tampered with that
you can go back historically and
understand what’s happening so it keeps
a lot of the folks who are policing the
world happy and that’s important because
that policing that regulatory structure
is critical for business networks to run
so that’s where smart contracts add
value last but not the least and this is
the foundation all of this drives trust
into business networks it provides
visibility and transparency control
transparency because you must still have
that privacy but a level of transparency
that allows business which to be
inefficient let’s go back to that
logistics example one of the biggest
pain points of their industries today is
empty containers there are countries
that export a lot don’t import as much
there are countries that import a lot
export don’t as much so what happens
ships go with a lot of baggage on one
side often come back empty and lot of
that is because of lack of visibility on
supply and demand and a network like
this promises to really transform and
that’s just one example of the type of
transformation that industry is what I
have so since I took on the challenge I
have to explain at least one technical
idea to you and you’re going to tell me
whether I did that reasonably well or
not so I’m going to pick on the whole
immutability how do we make it hard
because we just think you can copy a
file and edit it so how do you make it
really hard for something to be
quote-unquote tamper-proof
so here is that 45 seconds of technology
the basic idea of creating and this is
where the name comes from by the way
blockchain chain of blocks it comes from
the fact that the way this ledger is
maintained you might imagine a block
each block shows a bunch of transaction
this could be a ship moving somebody
taking alone somebody changing an
address whatever that business ecosystem
is and what you do is when some number
of transactions are finished you create
a new block but the smart thing you do
when you create the new block is you
store at the beginning of the new block
something that summarizes the previous
block in the technology world we call it
a hash doesn’t matter what it’s called
it’s just something that represents the
contents in block 0 what that means is
you can look at that hash and block 0
and if block 0 got tampered the hash
would be different you store that in
block 1 then you keep listing all the
transactions in block 1 some point you
close off block 1 you create a new block
in that store the hash of block 1 which
includes the hash that was sitting from
the previous block you keep building it
up now why does this help this helps
because imagine you’re in block hundred
you want to change something that
happened before you have to be able to
change all the blocks and recompute all
of that little yellow boxes before you
can change any information because
otherwise somebody will very quickly
find out oh this hash doesn’t match
somebody is playing something fancy here
so the hardness comes because you link
everything together and as these
transactions grow for somebody to go
back and change something they have to
get they have to take control over all
of these blocks and make a consistent
change that makes it almost impossible
to I don’t know whether I got it
but hopefully that gives you a sense of
the principle behind one of the
important properties of the blockchain
now a lot of the the the pain points and
the benefits you seen here what does
blockchain do it saves time how does it
save time you will be amazed the number
of times container
arrive at a destination and just sit
wait for the paper documents to arrive
before they actually can be opened that
results when food spoilage it results in
latency so there is a reduction in time
all of that paperwork and interaction
reduces has a lot of cost blockchain
promises to reduce that cost risk risk
happens because you don’t know what the
other guy is doing and so now blockchain
provides transparency and visibility
that reduces risk and that’s why the
financial industry is starting to really
love it and as I said it increases trust
but I think the most important part is
why now and there are two reasons why
this is starting to become an important
technology one is all those ingredients
remember I talked about consensus I
talked about the idea of a blockchain
the crypto all of that technology is at
a level of maturity now that we are able
to put it all together into this thing
called a blockchain and actually roll it
out and and deploy so that’s obviously
just a maturity of the technology second
this comes back to Bitcoin those of you
who know what bitcoin is bitcoin is a
cryptocurrency a public network that got
kicked off I believe almost I think a
big head back maybe maybe I’m getting
ready it’s wrong but which think of it
as was an application of blockchain to
do cryptocurrency a way to exchange
value now we leave cryptocurrency aside
but what Bitcoin demonstrated was all of
these technology building blocks are
ready it was an operational example of a
working blockchain system so the world
stood back and said hey I may not be
doing cryptocurrency but it looks like I
can start doing block chains so it was
an exemplar the third reason why
blockchain now and I think that’s the
most critical is I think it’s a
technology for the emerging era and what
is this era this era is an era of
ecosystems we have already seen I told
you that we don’t realize it we think
that we touch each other we touch
another company other entity almost
every one of those is really an
ecosystem many of you might have seen
this example right the world’s biggest
taxi company there’s a known taxi the
world’s biggest vacation rental company
Airbnb doesn’t own real estate why does
that work
these are all companies operating in
ecosystems they deliver value by
operating in an ecosystem and providing
a service that none of the other parties
– and we know that this is an age in
which innovation is going to happen in
the ecosystem what is an ecosystem have
it has multiple parties and if multiple
parties what technology do we need so
that they can all operate efficiently
you need a technology like blockchain
that allows them to share information in
a secure trusted fashion effectively so
to me the third and most important
reason why this is a technology for now
is the fact that we are already in and
we are going to increasingly move into a
world of ecosystems and I think
blockchain is set up to be the digital
foundation of that emerging ecosystem
and we is already starting to see this
that’s a recent study that said about
15% of trail bases are already deploying
so this is not some vision of the future
ten years from now it’s happening here
and now of course early stages but it’s
happening
we anticipate that in the next couple of
years we will going to hit that mass
adoption where in many industries in
many countries you’re going to have
blockchain systems actually powering
daily transactions you may not realize
it you know you probably do what you do
but in the back end something would have
changed dramatically and hopefully for
the better for all of us and then there
will always be of course a maturity of
the technology but that’s the estimation
and what’s going to happen and this is
for those of you who are technologists
and want to know this is pretty cool
what do I need to do I think we are
barely starting here on the power of
what the technologies I think there’s
tremendous work to be done in terms of
improving it scaling it up to be at a
national or an international level there
is a lot of still concerns about privacy
and confidentiality so that’s going to
get a lot of brain power is now starting
to get applied to do each of these
challenges and I do believe that as
blockchain systems start to become
repositories of data you will see
artificial intelligence coming together
with this technology in a very big way
so to summarize here is a technology
that I think is going to transform it
will do for business ecosystems and
trust
transactions what the internet did for
knowledge sharing and communication so
in that sense I think it’s truly a
technology for the emerging era with
that thank you for the opportunity and
the time
Please follow and like us: