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Interview records In the early 1990s, we said the old media is centralized. It's one way, it's one to lots of; it's controlled by powerful forces, and everybody is a passive recipient. The brand-new web, the new media, we said, is one to one, it's lots of to many; it's extremely dispersed, and it's not centralized.

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This has an awesome neutrality. It will be what we want it to be, and we can craft a a lot more egalitarian, thriving society where everybody gets to share in the wealth that they produce. Great deals of excellent things have occurred, however in general the advantages of the digital age have been asymmetrical.

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It's owned by a tiny handful of powerful business or federal governments. They monetize that information or, when it comes to governments, use it to spy on us, and our privacy is weakened. What if there were a 2nd generation of the Web that made it possible for the true, peer-to-peer exchange of value? We don't 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 transactions, to do commerce, to exchange money, without an effective 3rd party? This would be amazing. Several years ago, an unknown individual or persons named Satoshi Nakamoto came up with 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, international spreadsheet that works on millions and countless computers.

It's open source, so anyone can change the underlying code, and they can see what's going on. It's genuinely peer to peer; it doesn't require effective intermediaries to confirm or to settle deals.  This Author  uses cutting edge cryptography, so if we have an international, distributed database that can record the fact that we've done this deal, what else could it tape? Well, it could record any structured info, not simply who paid whom but also who married whom or who owns what land or what light purchased power from what source of power.