McKinsey interview with Tapscott - How blockchain will change the world?

Crazy Review : Don Tapscott's new book "Blockchain Revolution: How Blockchain Changes Money, Businesses, and the World" explains why blockchain can change the world. Blockchain can subvert any industry, and everyone can directly participate in the value it creates without going through a third-party bureaucracy. It can directly benefit or save costs for content creators, promote innovation, and protect legal rights. Blockchain can save personal identity information, and every transaction will be recorded. At the same time, the information is completely private, which protects personal privacy very well. The potential brought by blockchain is rare in history.

Translation: Nicole

In a recent interview with McKinsey’s Rik Kirkland and Don Tapscott, author of Blockchain Revolution: How Blockchain Will Transform Money, Business, and the World, Tapscott explained why blockchain has the potential to change the world economy.

Regardless of the industry, blockchain has great potential to disrupt these industries and create a thriving world where people can participate in the value they create. For example, the music industry is a disaster, at least for musicians. In the past, most of their value was taken away by major record companies, then technology companies came along and took over all the value, and in the end, songwriters and singers were left with only crumbs. What if the new music industry is a disruptive app on the blockchain? On this app, as a songwriter, I can publish songs on the blockchain through smart contracts (detailed usage).

If a recording artist publishes my music on a blockchain music platform, I can say, "You can listen to my music, it's free, but if you want to put it in your movie, it's going to cost you a lot. This is how the blockchain music platform works. You put the song in the movie, and the smart contract will pay me." Or use the music as a ringtone? There are smart contracts for that, too.

Imogen Heap

This is not a pipe dream. Imogen Heap is a talented British singer-songwriter and best-selling recording artist who also participated in the creation of Mycelia. They created a company called Consensus Systems to enable blockchain developers in the world to use the Ethereum platform, which is also a blockchain. She has already released his first song on the Internet. I very much hope that card-playing recording artists can seriously study a completely new paradigm where all singers can be compensated according to the value they create.

Tapscott said he is not a futurist, he believes the future is not to be predicted but to be realized.

"We are arguing that this technology is revolutionary and has great potential to change society."

"It's like the early '90s, you have all the smartest venture capitalists, programmers, business executives, bankers, government employees, entrepreneurs. Usually that's a sign of something big. Is this irrational exuberance? I don't know. Last year, there was $1 billion in venture funding in the music sector alone. I'm hopeful because I can see the disruptive power of this app. Rather than just redistributing wealth, maybe we can change the way wealth is distributed in the first place. Imagine a Kickstarter-like campaign to start a company with 50 million investors, each of whom invests a few dollars or less."

"Imagine everyone with a supercomputer in their pocket, connected to the internet but unbanked because they have a few pigs and a chicken, and that's their bank account. Imagine what would happen if they could bring two billion people into the global financial system? The 70 percent of people who own land have very weak ownership of their land, and if you're in a developing country in Latin America and the dictator in power says, 'You have the paperwork to prove your ownership, but my central computer says my friend owns your land.'"

“Imagine that instead of international aid going through a bureaucracy, it could go directly to the beneficiary through a smart contract? Instead of a $60 billion car service integration, why can’t we have a distributed app on the blockchain that manages all transportation and handles everything from reputation to payments? Eventually, they’ll be autonomous cars, or Airbnb for blockchains? The value created goes directly to the value creators, not to some other powerful institution. In the process, we can protect our privacy, which is a fundamental human right, and those who think “it’s dead — just ignore it” are completely wrong. It’s the foundation of a free society.”

“Imagine that each of us has our own black box of identity information on the blockchain. When you make a transaction, you provide relevant transaction information and collect transaction data. You can save your data and capitalize it if you want. This may become the foundation of a new era where our basic privacy rights are protected because identity information is the foundation of freedom and should be managed responsibly.”

“We can’t do that yet. I’m doing this in large part because of the power of this opportunity. I’ve been writing about the digital age for 35 years, and I’ve never seen technology with so much potential for humanity.”