Blockchain goes to Wall Street

Wall Street, where so much of our economy and trade is determined, has embraced more elements of Blockchain technology and Bitcoin at a recent convention in New York City. Nasdaq recently heard a speech from influential members of the Bitcoin community. Here’s what happened.

The father and son authors of the new book “Blockchain Revolution”
took to the stage this morning where Nasdaq opens and closes its market
to discuss their latest work.

Kicking off a panel discussion with several industry leaders, Don
Tapscott and Alex Tapscott took turns discussing how the management
structure of some of those very same companies could be disrupted by
distributed ledger technologies like blockchain.

The elder Tapscott set the stage for the conversation with a
point-by-point explanation of why he believes blockchains can do
to the management structure of companies what bitcoin and other
applications are doing to value exchange.

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Don Tapscott described the bigger-picture impact:

“This surely will have an impact on the firm.”

Coincidental timing

On the same day “Blockchain Revolution” hit stores, a distributed autonomous organization called TheDAO would also launch its crowdfunding campaign.
Given the leaderless, autonomous nature of the project and the
impressive capital it has raised, it was a topic of conversation at the
day’s event.

According to Tapscott, the reason The DAO was created is because its
structure provides the most efficient way for its creators to minimize
transaction cost.

Citing Nobel prize-winning economist Ronald Coase, Tapscott argued
that until now the structure that best facilitated that process was
vertically integrated, which generally speaking means a leader
overseeing other leaders who oversee entry-level employees.

But with smart-contract enabled management infrastructures,
supporters of “The DAO” argue this structure can be flipped on its axis
and managed horizontally.

As an example of the types of services that may one day be delivered
under this management structure, Tapscott invoked the business models of
some of today’s leading Silicon Valley startups.

Tapscott mentioned that blockchains could enable the creation of what he called a “super Uber” or “bAirbnb” (blockchain Airbnb).

He suggested the technology that powers The DAO could also reshape
the music industry to the point where musicians “could they be fed
first, and enable the labels to work on there behalf”.

Read more at: http://bit.ly/1TjVdCD

By 2020, currency will look very different

Although Bitcoin is thought by many to be on the fringes of society and global economy, a recent study has shown that by the year 2020, one out of five businesses in the United Kingdom will be using some form of digital currency in order to complete trades. The study only covered the United Kingdom but we can assume that the global economy will reflect similar results. It’s a smart idea to get in now.

Since its introduction in 2009, Bitcoin has grown exponentially. Now,
however, it seems as though its rise in popularity is due to continue
in the the United Kingdom after a new report found that a fifth of U.K.
employees believe that their organizations will be accepting Bitcoin and
similar digital currencies as payment by 2020.

The study, Beyond Digital,
by Infomentum looked at the feedback from 1,000 office workers
examining how they believe office technology is set to evolve over the
next few years. According to the report, during the past five years
digital transformation and technological change have seen companies
rethink the way they do business, whether on or offline.

In 2014, Infomentum produced a report titled Generating Success with Generation C,
enabling businesses to understand the expectations of the connected
customer and how those expectations were making their way into the
workplace. In 2015, a report called Talking Transformation was released, looking at how CEOs could restructure their organizations before the market disrupted them.

This
latest report is aimed at helping businesses look beyond digital
transformation as it focuses on what else Generation C ? made up of
young, tech savvy consumers ? wants over the next few years, enabling
businesses to prepare their organizations for 2020 based on the analysis
and views from leading experts.

Read more at: http://bit.ly/1S3jCxW

Taking the internet to the next level

IBM, one of the largest technology companies in the world, is taking a closer look at Blockchain technology and naming it the revolution that it truly is. IBM is looking for new ways to incorporate blockchain into their methods and how to help this technology move along on a more widespread kind of scale. Check this out.

The Aite Group projects the blockchain market could be valued at
$400 million by 2019. For that reason, some of the biggest names in
banking, industry and technology have entered into the space to evaluate
how this technology could change the financial world. 

IBM and
Linux, for instance, have brought together some of the brightest minds
in the industry and technology to work on blockchain technology through
the Hyperledger Project. 

The Hyperledger Project is under the
umbrella of the Linux Foundation, and seeks to incorporate findings by
blockchain projects such as Blockstream, Ripple, Digital Asset Holdings
and others in order to make blockchain technology useful for the world’s
biggest corporations. IBM has also contributed its own code to the
project. 

According to John Wolpert, IBM’s Global Blockchain
Offering Director, when IBM and Linux began working together on the
blockchain project, Linux made clear it wanted to “disrupt the
disruption,” in part with their findings, as well as the data gathered
by projects such as Ripple, Ethereum and others exploring the
blockchain.  

The Linux foundation announced its Hyperledger
project on December 17, 2015. Just one day later, 2,300 companies had
requested to join. The second-largest open source foundation in the
history of open source had only 450 inquiries.

Read more at: http://bit.ly/1RLcPvL