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See This Report on bitcoin: its influence on the global world and its relationship
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Interview transcript In the early 1990s, we stated the old media is centralized. It's one way, it's one to lots of; it's managed by powerful forces, and everybody is a passive recipient. The Latest Info Found Here , the new media, we said, is one to one, it's numerous to numerous; it's extremely distributed, and it's not centralized.
This has an incredible neutrality. It will be what we want it to be, and we can craft a a lot more egalitarian, prosperous society where everyone gets to share in the wealth that they produce. Great deals of great things have occurred, but overall the advantages of the digital age have actually been asymmetrical.
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It's owned by a small handful of effective business or governments. They generate income from that data or, when it comes to federal governments, utilize it to spy on us, and our personal privacy is undermined. What if there were a second generation of the Internet that allowed the real, peer-to-peer exchange of worth? We do not have that now.
What if we could do that peer to peer? What if there was a protocolcall it the trust protocolthat enabled us to do deals, to do commerce, to exchange money, without a powerful third party? This would be remarkable. Numerous years back, an unidentified individual or individuals named Satoshi Nakamoto developed the Bitcoin protocol.
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It offers us another kick at the can, another go, to try and reassess the financial power grid and the old order of things. That, to me, is how big this is. It feels like 1993. How the blockchain works The blockchain is basically a distributed database. Think about a giant, global spreadsheet that operates on millions and millions of computers.
It's open source, so anybody can alter the underlying code, and they can see what's going on. It's truly peer to peer; it does not need powerful intermediaries to authenticate or to settle transactions. It uses modern cryptography, so if we have an international, distributed database that can record the truth that we've done this deal, what else could it record? Well, it might record any structured details, not just who paid whom however also who married whom or who owns what land or what light bought power from what source of power.
