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Interview records In the early 1990s, we said the old media is centralized. Did you see this? , it's one to numerous; it's controlled by powerful forces, and everybody is a passive recipient. The brand-new web, the brand-new media, we stated, is one to one, it's lots of to lots of; it's extremely distributed, and it's not centralized.

This has a remarkable neutrality. It will be what we desire it to be, and we can craft a much more egalitarian, flourishing society where everybody gets to share in the wealth that they produce. Lots of great things have occurred, but overall the benefits of the digital age have been unbalanced.

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It's owned by a tiny handful of effective companies or governments. They generate income from that information or, when it comes to federal governments, utilize it to spy on us, and our privacy is weakened. What if there were a 2nd generation of the Web that allowed the true, peer-to-peer exchange of worth? We do not have that now.

What if we could do that peer to peer? What if there was a protocolcall it the trust protocolthat allowed us to do transactions, to do commerce, to exchange money, without a powerful 3rd party? This would be amazing. A number of years back, an unknown individual or individuals named Satoshi Nakamoto came up with the Bitcoin protocol.

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It offers us another kick at the can, another go, to attempt and reconsider the financial power grid and the old order of things. That, to me, is how huge this is. It seems like 1993. How the blockchain works The blockchain is essentially a distributed database. Believe of a giant, global spreadsheet that operates on millions and countless computer systems.

It's open source, so anyone can change the underlying code, and they can see what's going on. It's genuinely peer to peer; it does not require effective intermediaries to authenticate or to settle deals. It utilizes advanced cryptography, so if we have a global, distributed database that can tape-record the fact that we've done this deal, what else could it tape-record? Well, it could record any structured details, not just who paid whom but also who wed whom or who owns what land or what light purchased power from what power source.