By blockchain, as we have a technology that enables peers to come together and collaborate in exciting new ways blockchain can solve many real-world problems across many industries.
Think about you tap your card and at Starbucks and messages go through six companies and three days later a clearing or settlement occurs well if all of that were based on blockchain on a distributed ledger there would be no three-day settlement period because the payment and the settlement would be the same activity there would be no counterparty risk or no cost or no delay and that’s one of the dozens and does of opportunities in that industry.
Think about remittances a trillion-dollar industry where people who’ve left their ancestral lands send money back home to their families the global diaspora shouldn’t take four to seven days and cost a housekeeper 10 to 20 percent it should happen instantly.
Blockchain can solve the problem of the land title’s in the world was 70% of land title’s in the developing world are not enforceable blockchain can help us create a more open and transparent platform for government and help end to corruption and in the business of course every industry is up for transformation just think about supply chains a 50 trillion dollar industry all of that is moving towards a blockchain platform.
So this is 1995 only this time it’s bigger than the Internet of information this is the internet of value when it comes to business one of the biggest themes has to do with identity and that relates to data the virtual you all this data that is a mirror image of you is not owned by you and in some cases, it knows more about you than you do because you don’t remember where you were a year ago or what you said or what you bought or what score you got on a test or what medication you took or what your heart rate was.
Get the picture the trouble is you create this data but it’s captured by the new digital landlord’s large technology companies some financial companies governments and so on and it means that you can’t use this data to plan your life you can’t monetize the data and this has created a bifurcation of wealth in society as data is the new asset class owned by any handful and it means that your privacy’s undermine and people say well privacy’s dead get over it are making a big mistake as privacy is the foundation of the freedom we can get our identities back through blockchain a self-sovereign identity that sweeps up all this data as you go throughout life and the data that you create is owned by you and used for you.