May 4, 2020 15:00 UTC
May 4, 2020 at 15:00 UTC
Blockchain Allows P2P Trust
Author Don Tapscott noted in the keynote for Virtual Blockchain Week about the DLT foundational technology to be the second most powerful digital era. To close Virtual Blockchain Week, Dan Tapscott being the best selling technology author and Co-founder of the Blockchain Research Institute performed a presentation with the opinions of valuables from the internet of information to the internet of value.
‘Blockchain Revolution: The State of the Union’ was the title of his presentation where he made an opinion that blockchain consists of the foundational technology that is expected to underpin the second-era of digital.
In the 25th anniversary edition of 1994 best selling book ‘Digital Economy’ Tapscott mentioned that we are about to “conclude the first era of the digital age”.
He named the first digital age as “the internet of information” getting technologies from “mainframes, mini-computers, PCs, the mobile web, the internet, social media, the cloud, and big data”.
Tapscott believes that the world is transforming to the second digital era where there will be extraordinary technologies offering people a physical world into the processes and even bodies.
He opined that till 40 years the world was up to the internet of information but now it is the time to transform the technology and get the second digital era.
For Tapscott, Satoshi’s cracking of the double-spend issue is considered as one of the biggest innovations in human history. This created the possibility of a societal and economic reorganization from middle-men toward trusted peer-to-peer networks.
Describing distributed ledger technologies as a local digital medium for trust, Tapscott believes that blockchain allows anonymous individuals to trust another. He also believes that blockchain is facing major barriers to widespread acceptance and use.
Later he argued that DLT is majorly driving the destruction of the industrial age corporation and a profound shift toward distributed value creation. There are still the challenges with the interoperability and scalability for blockchain platforms.