52 Insights interviewed legendary business strategist and author Don Tapscott about the blockchain. Bitcoin is the archetype, kind of like how email was for the web.
His predictions are always worth listening to:
The blockchain is the second frontier of the Internet:
The way that we view it is that blockchain represents the second era of the internet. The first era for decades was the internet of information. Now we’re getting an internet of value. Where anything of value which including money, our identities, cultural assets like music, even a vote can be stored, managed, transacted and moved around in a secure private way.
And where trust is not achieved by an intermediary it’s achieved by collaborative cryptography through some clever code which is why Alex and I call it the trust protocol. Trust is native to the medium.
The blockchain benefits the stagnant middle class:
We do have a prosperity paradox today, that for the first time in history our economies are growing, but our prosperity is declining, we have growing wealth but a stagnant middle class, the only solution to this problem is the so-called redistribution of wealth taxing the rich and distributing the wealth. We believe what blockchain enables is a redistribution of wealth that is through blockchain we can create a more of a democratic economy where we a priori distribute the wealth through peoples direct interaction with the economy.
Creatives will get their cake and eat it too:
We can ensure that creatives of value are more fairly compensated, so songwriters who have had their revenue destroyed by the internet can now post music on the blockchain and because of a smart contract your music is now protected by intellectual property rights. So those are just a handful of ways where we can create a more democratic economy in the first place.
The blockchain is future of the economic order where everyone owns their own virtual identity, all backed by ‘cryptographic proof.’ But will blockchain empower more equality or unfold into data exploitation as the FANG (Apple, Google, Facebook, and Amazon) have done to round one of the internet?
Cross your fingers.