Name: 【TED】Bettina Warburg: How the blockchain will radically transform the economy (How the blockchain will radically transform the economy | Bettina Warburg)
Uploaded: 2018-01-06T17:25:53.000Z
Duration: 14 min 58 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Economists have been exploring people's behavior for hundreds of years:

Adverbs of manner

They've studied the institutions that facilitate our trade,

But there is a new, technological institution

that will fundamentally change how we exchange value,

but if you take nothing else away from this talk,

that while blockchain technology is relatively new,

it's also a continuation of a very human story,

Now, one of the first people to really explore the idea

to lower our uncertainties about one another

but North pioneered what's called "new institutional economics."

And what he meant by institutions were really just formal rules

that allow our economic wheels to function,

and we can see this play out over the course of human history.

If we think back to when we were hunter-gatherer economies,

we really just traded within our village structure.

We had some informal constraints in place,

but we enforced all of our trade with violence

These institutions helped us manage our trade

as the uncertainty and the complexity grew,

Eventually with the internet, we put these same institutions online.

We built platform marketplaces like Amazon, eBay, Alibaba,

just faster institutions that act as middlemen

institutions are a tool to lower uncertainty

so that we can connect and exchange all kinds of value in society.

because for the first time, we can lower uncertainty

not just with political and economic institutions,

like our banks, our corporations, our governments,

Blockchain technology is a decentralized database

that stores a registry of assets and transactions

The transactions are secured through cryptography,

and over time, that transaction history gets locked in blocks of data

that are then cryptographically linked together and secured.

This creates an immutable, unforgeable record

of all of the transactions across this network.

This record is replicated on every computer that uses the network.

I think it's closest in description to something like Wikipedia.

It's a composite view that's constantly changing and being updated.

We can also track those changes over time on Wikipedia,

because at their core, they're just a data infrastructure.

On Wikipedia, it's an open platform that stores words and images

you can think of it as an open infrastructure

for assets like the digital currency Bitcoin,

There are of course other technical details to the blockchain,

It's this public registry that stores transactions in a network

and is replicated so that it's very secure and hard to tamper with.

and how they therefore promise to transform our economic systems

【TED】Bettina Warburg: How the blockchain will radically transform the economy (How the blockchain will radically transform the economy | Bettina Warburg)

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【TED】Bettina Warburg: How the blockchain will radically transform the economy (How the blockchain will radically transform the economy | Bettina Warburg)

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physical

infrastructure

applause