Don Tapscott about blockchain
In a blockchain future, what will happen to the new New York stock exchange? That was the question made to Don Tapscott regarding the “blockchain revolution” (a co-written book with his son).
“Well, a likely scenario is it become a fabulous Museum, and it is a beautiful building when you think about it. But buying and selling a stock can be done peer-to-peer now only using new blockchain platforms.“
Thanks to the usage of smart contracts, potentially this can happen because blockchain can enable the access to decentralized stocks exchange platforms, where a centralized exchange such as New York stock exchange is no more needed. So basically every trade can be made from every place around the world. The only thing that one must have is a computer and an internet connection. When asked about what he thinks about the actual state of blockchain development he answered:
“I think we are in 1994, and in 94 we had the Internet, and most people were using it for a single application: email; and that’s kind of like Bitcoin is today, the application is called a currency. But we’re starting to see the rise of the web as we did in 94. A general-purpose platform for building applications that changed many, many industries.”
One example made by Don Tapscott can be the smart contracts built on top of ethereum blockchain. Ethereum is by far the most powerful blockchain platform out there it has the most developed programming language. Meaning Ethereum can do something pretty radical because it allows for what are known as smart contracts to be built into the code so it can also transfer a set of instructions or conditions.
“It’s a contract that self-executes, and has a payment system built into it, sort of like a contract that has built-in lawyers, governments and a bank account”