The Blockchain Revolution

May 15, 2020

On November 12, 2019, MOBI hosted MoCo Los Angeles, bringing together technologists, academics, and executives from the public and private sectors to introduce the New Economy of Movement. We envision a future of mobility complete with car wallets, usage-based payment, and data transparency. At MoCo Los Angeles, we had the privilege of hosting Author of Blockchain Revolution and Founder of the Blockchain Research Institute, Alex Tapscott, as our keynote speaker.

Tapscott discusses the Blockchain Revolution, smart contracts, decentralized business models, and citizen-owned identity.

Listen to the full speech:

Some Key Points

The Blockchain Revolution

  • The blockchain revolution is one of the most important innovations of our generation. We are entering the second age of the Internet.
  • We are shifting from an Internet of Information to an Internet of Value.
  • The Internet gives us the opportunity to make nearly infinite copies of digital assets, including digital currency. But with the ability to copy digital money, how can we solve the double spend problem? How can we ensure a good does not lose value by being duplicated or falsified?
  • To date, have primarily relied on middle men to sit in the center of transactions for identification, contracting, and record-keeping of our digital assets. Originally, these intermediaries were banks and governments.
  • Today, our arbiters of information tend to be large social media and platform tech companies. These organizations are centralized and therefore susceptible to attack and fraud. They add cost and friction, so they slow things down. They exclude parts of the population. And they scrape and capture a lot of data! Users cannot monetize or use this data. Organizations become data ‘feudalists’.

The Trust Protocol

The increased adoption of blockchain technology will result in increased transparency and access to data management. We can expect our processes to be conducted with integrity, through collaboration, consensus, and clever code. With blockchain, trust is no longer a human interaction, but a built-in trust protocol.

Smart Contracts

We can create a process in which business agreements are coded within digital assets. Smart contracts exist as self-executing contracts that carry out agreements across a blockchain network, tracking and controlling execution.

Blockchain Business Models

The cost of moving information has dropped millions of fold, but this trend doesn’t apply to trust. With blockchain, managing trust is more affordable.

With blockchain we have an opportunity to redefine business models that consist of:

  • Open Networked Enterprises
  • Decentralized Autonomous Enterprises
  • Smart Contracts
  • Autonomous Agents

Alex Tapscott outlines eight open networked enterprise business models:

  • The Blockchain Supply Chain
  • The Rights Creators
  • The Re-Intermediators
  • Blockchain Cooperatives
  • Animating the Physical World
  • The Data Partners
  • The Platform Builders
  • The New Public Sector

Out with Digital Feudalism

In the old models, we provide resources, our activity, our data, to digital landlords (e.g. Facebook) in exchange for “free” services.

A New Opportunity: Citizen-Owned Identity.

We develop a digital identity built by our interactions. In the new model, under blockchain, we regain control of our identity.

 

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