American - Businessman | 1962 -
I've been in a room in Silicon Valley where on the wall they have 160 industries they think blockchain can disrupt. We picked six of them to focus on.
Patrick M. Byrne
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People didn't know where they could trade. When everybody owes each other IOUs that can be in multiple places at once, that's how the system couldn't tell any more who owned what and who owed what to whom. Blockchain could have prevented 2008.
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There are regulators at the SEC and elsewhere who are really excited about the potential of the blockchain. They understand you can build a robust financial system - it would solve all your black swan problems. All kinds of mischief and games that are played in the current system become impossible in this system.
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I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.
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The virtues of the blockchain is that it would be that it's peer-to-peer settlement - no centralized settlement, no manipulation... And most importantly, there's nothing to capture. It's consensus based. It's stateless.
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We know that flat and non-hierarchical systems use information best. I've tried to do that with my own company because it works better that way. And society at large will work better as well if we can get rid of these old institutions and hierarchies. New innovations like the block chain can make this possible.
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When we look at government in Washington or what's happening on Wall Street, we see so much centralization. But really, our goals should be to eliminate and overcome these central institutions. And in recent years we have gained powerful new tools to do this, and most significant among those is the block chain, which is the software behind Bitcoin.
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This is where the block chain is most useful and revolutionary: It helps us to overcome the problem of mutual trust in exchange, which will, in turn, make many of our modern central institutions unnecessary.
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With the block chain, for the first time, we no longer need these central institutions for settlement or for guaranteeing the value of coins or for land titling. All of these functions can be replaced by a transparent public ledger that is safe from tampering and which can make value and ownership clear and open for everyone.
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We want a money that some government mandarin can't just whisk into existence with a pen stroke.
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A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked.
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You're going to start seeing open-source, self-executing contracts gradually improve over time. What the Internet did to publishing, blockchain will do to about 160 different industries. It's crazy.
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