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Interview transcript In the early 1990s, we said the old media is centralized. It's one method, it's one to numerous; it's managed by powerful forces, and everybody is a passive recipient. The new web, the new media, we said, is one to one, it's lots of to many; it's extremely distributed, and it's not centralized.

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This has a remarkable 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 create. Lots of excellent things have actually taken place, however in general the advantages of the digital age have actually been unbalanced.

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It's owned by a tiny handful of powerful business or federal governments. They monetize that data or, in the case of federal governments, utilize it to spy on us, and our personal privacy is undermined. 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 deals, to do commerce, to exchange money, without a powerful 3rd party?  bitcoin  would be remarkable. Several years back, an unknown individual or persons called Satoshi Nakamoto developed the Bitcoin procedure.

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It offers us another kick at the can, another go, to try and rethink the financial power grid and the old order of things. That, to me, is how huge this is. It feels like 1993. How the blockchain works The blockchain is generally a dispersed database. Believe of a giant, worldwide spreadsheet that operates on millions and countless computer systems.

It's open source, so anybody can alter the underlying code, and they can see what's going on. It's really peer to peer; it doesn't require effective intermediaries to authenticate or to settle deals. It utilizes state-of-the-art cryptography, so if we have a global, distributed database that can tape the reality that we've done this deal, what else could it record? Well, it could tape any structured info, not just who paid whom however likewise who married whom or who owns what land or what light purchased power from what power source.