How the blockchain will radically transform the economy

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One thought on “How the blockchain will radically transform the economy

  1. Quotes and notes from this talk:

    “As humans we find ways to lower uncertainty about one other so that we can exchange value.”

    – Informal rules used be enforced with violence or social reprecussions.
    – Formal institutions began to be built up when society became more complex and the distance between trade became greater.
    – Institutions moved online and became faster.

    “Institutions are a tool to lower uncertainty so that we can connect and exchange all kinds of value in society.”

    “It’s [block chains] basically a public registry of who owns what and who transacts what.”

    “Reviews, ratings, checkmarks, these are the attestations about our identities that we cobble together today to lower uncertainty about who we’re dealing with.”
    – Uncertainty is comprised of issues regarding asset tracking, identity management, and reneging on deals.

    “The problem in many companies, especially those that produce something complicated is that they’re managing all of these different vendors across a horizontal supply chain. All of these people that go into making a product, they have the same database, they don’t use the same infrastructure and so it becomes really hard to see transparently a product evolve over time. Using the blockchain we can create a shared reality.”

    *”It means a lot of human activity can be collateralized and automated and push a lot of human intervention to the edges, to the places where information moves from the real world to the blockchain.”*

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