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.


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”.

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