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According to Don Tapscott, blockchain has activated P2P trust for the first time in history

May 4, 2020

At the end of Virtual Blockchain Week, the best-selling tech author and co-founder of the Blockchain Research Institute (BRI), Don Tapscott gave a presentation describing the transition from the Internet of Information to the Internet of Values.

In his lecture entitled “Blockchain Revolution: The State of the Union”, Tapscott argued that the Blockchain understands the basic technology that will support “the second digital age”“”

The transition to the second digital age

Tapscott wrote the 25th anniversary edition of his 1994 best-selling book ‘Digital Economy’ and found that “he concluded from it We have entered the first digital age“”

According to Don Tapscott, blockchain has activated P2P trust for the first time in historyAccording to Don Tapscott, blockchain has activated P2P trust for the first time in history

Characterized Tapscott the first digital age as the “Internet of Information”It includes technologies from “mainframes, minicomputers, PCs, the Internet, the mobile web, social networks, the cloud and big data”.

Tapscott now claims that We are in the transition to the second digital age“where we have these extraordinary technologies that permeate everything: in our physical world, in our processes, in our bodies”.

The problem of double spending defines the first digital age

Tapscott argued that the Blockchain includes “the basic technology” from the second digital age:

“For 40 years … we’ve had this Internet of Information,” said Tapscot, adding, “But if I send you […] some information […]I’m not really sending you the information, I’m sending you a copy. “

“But when it comes to assets, the things that are really important in the economy, such as money and values, contracts, deeds and intellectual property as well as data about our identity and cultural assets such as art or music or voices, […] eSending or copying a copy of it is a bad idea. You don’t want anyone to copy your voice or your identity, and if I send you a thousand dollars it is really important that I no longer have the money in my account but in yours. “

“Cryptographers have long referred to this as the problem of double spending, and the way we treat this problem in our economy is through intermediaries,” he added.

“Banks, exchanges, transfer agents, fiduciaries, credit card companies, sometimes governments, now big technology companies, and in general they have done a pretty good job, but there are growing problems […] We need a new approach“”

Blockchain is “the greatest innovation in human history

For Tapscott, the fact that Satoshi solved the double spending problem is “the greatest innovation in human history” Possibility of social and economic restructuring away from intermediaries to networks of trust between peers.

Tapscott described distributed ledger technologies (DLT) as “a native digital medium for trust” Blockchain enables anonymous people to trust each other for the first time without intermediaries.

“For the first time, People could trust each other at eye leveland trust is not achieved with an intermediary, but with cryptography, collaboration and intelligent code. “

Challenges for broad acceptance

Despite its optimism for blockchain technologies, Tapscott found this The blockchain still faces significant obstacles to its use and widespread acceptance.

Tapscott emphasized that DLT challenges “very deep structures” and billion dollar industries that won’t go away overnight. He argued that DLT has been driving creative destruction of the company since the industrial age and a profound shift towards creating distributed values.

He also raised that Challenges in terms of scalability and interoperability for blockchain platformsand pointed out the image problem that cryptos in general can pose for many social classes.

Finally, Tapscot found that lA blockchain still faces major challenges In developing efficient and effective governance processes, Pindar Wong quotes the following:

“Just because it’s decentralized doesn’t mean it has to be disorganized.”

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