Don Tapscott's Blog, page 12
May 9, 2016
Here’s Why Blockchains Will Change the World – Book Excerpt
A book excerpt from Blockchain Revolution, co-authored by Don Tapscott and Alex Tapscott, has been published on Fortune:
The Bitcoin technology creates the World Wide Ledger of value.
As early as 1981, inventors were attempting to solve the Internet’s problems of privacy, security, and inclusion with cryptography. No matter how they reengineered the process, there were always leaks because third parties were involved. Paying with credit cards over the Internet was insecure because users had to divulge too much personal data, and the transaction fees were too high for small payments. In 1998, Nick Szabo wrote a short paper entitled “The God Protocol.” Szabo mused about the creation of a be-all end-all technology protocol, one that designated God the trusted third party in the middle of all transactions. His point was powerful: Doing business on the Internet requires a leap of faith.
A decade later in 2008, the global financial industry crashed. Perhaps propitiously, the pseudonymous Satoshi Nakamoto–who may or may not be an Australian entrepreneur named Craig Wright–outlined a new protocol for a peer-to-peer electronic cash system using a cryptocurrency, or digital currency, called Bitcoin. Cryptocurrencies are different from traditional fiat currencies because they are not created or controlled by countries. This protocol established a set of rules—in the form of distributed computations—that ensured the integrity of the data exchanged among these billions of devices without going through a trusted third party. This seemingly subtle act set off a spark that has excited, terrified, or otherwise captured the imagination of the computing world and has spread like wildfire everywhere.
Read the full excerpt on Fortune
Image: Thomas Trutschel/Photothek via Getty Images
May 7, 2016
Special Innovation Issue of the Toronto Star
Today’s issue of the Toronto Star has been guest edited by innovation expert Don Tapscott. He writes:
Canada is at a turning point. Plummeting oil prices, lacklustre economic performance, a petrodollar, pernicious climate change and structural youth unemployment illustrate the need for a shift from a resource economy appropriate for the industrial age to an innovation economy appropriate for the digital age.
Toronto, specifically, can lead the way and become a global centre for innovation, entrepreneurship, breakthrough science, rich culture, open government and prosperity as a whole. In this special innovation edition of the Star, I’ve helped curate stories outlining mind-boggling developments, and even written a few, in the hope that you will become motivated to join in, if you haven’t already.
Download and read the front page of the Toronto Star: Innovation Edition and be sure to pick up a copy of the paper for the entire issue, which includes multiple articles on blockchain revolution and a full page spread on page 2 written by Alex Tapscott.
May 6, 2016
How the Tech Behind Bitcoin Will Change Your Life
Don joins his son Alex on a new article published for TIME Ideas. The Tapscotts write:
It appears that once again, the technological genie has been unleashed from its bottle. Summoned by an unknown person or persons at an uncertain time in history, the genie is now at our service for another kick at the can—to transform the economic power grid and the old order of human affairs for the better.
We’re not talking about the social web, artificial intelligence, big data, robotics or even self-driving cars. We’re talking about the blockchain, the technology behind digital currencies like Bitcoin. Block. Chain. OK, not the most sonorous word ever– it sounds like a combination of blocking and tackling and chain gang. Sonorous or not, this technology represents nothing less than the second generation of the Internet, and it holds the potential to transform money, business, government and society. Let us explain.
Don and Alex Tapscott predict upcoming digital revolution
Don and Alex Tapscott launched their book tour on Thursday at the Rotman School of Management. Toronto Star writer Oliver Sachgau writes about the event:
On Thursday, the pair launched the result of their first professional collaboration, a book on what they see as the next big change in technology, called Blockchain Revolution.
The two began a 10-city tour to talk about the topics in their book at the University of Toronto. Speaking to a room of business and technology leaders, both Alex, who runs Northwest Passage Ventures, and Don, CEO of the Tapscott Group and an expert on the intersection of media, innovation and technology, argued for how blockchains will change business, technology and the Internet. In his speech, the elder Tapscott compared the impact to when the Internet was first created.
The article continues further to explain the blockchain. It also gives examples of who would be interested in this book, and informs us about Don’s upcoming guest-editing of the Toronto Star for a special Innovation Edition on Saturday.
Read the full article on the Toronto Star
Photo: Carlos Osorio / Toronto Star
May 2, 2016
Reappointment as Chancellor
I am delighted with this honour. The last three years as Trent’s chancellor has been deeply rewarding and inspiring for me. I’ve loved every minute of performing my duties and I look forward with great anticipation as Trent continues to evolve and become an even more important institution in this country. On a personal note, I am excited about the opportunity to continue working with President Leo Groarke and the wonderful leadership team that has been assembled at Trent.
April 29, 2016
SWIFT Attracts Jeers and Praise for Distributed Ledger Embrace
SWIFT, which is known as the “global backbone of the financial industry”, announced that it would be building its own distributed ledger platform as it continues to believe that distributed ledgers aren’t able to meet the needs of the financial community.
Even so, acknowledging the need for exploration and change is worthy, especially in a time when the financial industry could be upended by the blockchain. CoinDesk published the reactions of the authors of Blockchain Revolution:
Alex Tapscott, CEO of Northwest Passage Ventures, for example, argued that while it would be “overly simplistic” to say blockchain would replace SWIFT, the organization can’t conduct tests on the “margins of the system” given its potential.
“[SWIFT] should reinvent themselves completely with blockchain at the center of that strategy,” he advised.
Don Tapscott, author of the forthcoming book “Blockchain Revolution”, however, chose to see the event as a net-positive given the difficulties, he said, the financial industry has historically had embracing new technologies.
He said:
“SWIFT shows signs of avoiding the law of paradigm shifts: ‘Leaders of old paradigms have the greatest difficulty embracing the new.’”
April 27, 2016
Blockchain Revolution on IBTimes
The IBTimes, a leading source for international business news, has recently published an article on Blockchain Revolution, the upcoming book by Don and Alex Tapscott.
Ian Allison, writer for the International Business Times, states:
In the book, the Tapscotts outline dozens of stories about blockchain initiatives that are creating a more prosperous world, and provide a preview of how this groundbreaking technology will dramatically shape our world far into the future. Beyond the rewiring of the financial system, the book looks at how blockchains will encourage entrepreneurship by creating new businesses and the mean to raise funds, as well as help artists and musicians to be fairly compensated. The book will also consider ways this technology can “pre-distribute” wealth by democratising the way it’s created in the first place.
April 25, 2016
Blockchain Revolution on the Financial Post
Diane Francis, Editor-at-Large of the Financial Post, interviews Don and Alex Tapscott for her latest article, “It’s not just for banks: The coming blockchain revolution is going to have dramatic ramifications for all of us”.
She writes:
Bitcoin is just one of thousands of blockchain ledgers, but it is established as a means of transferring money safely, efficiently and cheaply without using banks, credit card companies or other financial intermediaries.
She further explains the blockchain process and its ramifications for us all. Blockchain ledgers would make services such as Uber or Airbnb into member-owned cooperatives, and the accountability of the blockchain would alleviate disputes. Blockchain ledgers could also be used to reduce or eliminate fraud in regards to physical assets and property titles.
Read the full article on the Financial Post.
Photo: Chris Ratcliffe/Bloomberg
April 21, 2016
Don Tapscott on How to Reinvent Talent Management
There are three major trends which are impacting the effectiveness of talent management, according to leadership expert Don Tapscott, who said organisations and their HR leaders need to seriously rethink their approach to talent in light of these changes.
“Everything we think is true about talent management, is becoming untrue,” said Tapscott, who has authored or co-authored 15 books with a focus on where the world is heading as civilisation fundamentally reshapes itself.
“If you look at talent management today and you ask a HR person what that means, they may give a lot of high-level abstract, important, meaningful views of that.
“It really comes down to a series of functions – all of which are being obviated. There’s recruitment, there’s training, compensation, supervision and retention. These are the big ones.”
April 20, 2016
Thought Leader Interview: Don Tapscott
One of the world’s most influential management thinkers discusses a new model for tackling the world’s ‘wicked problems’-issues such as poverty, inequality and climate change: Global Solution Networks (GSNs). Collaboration among nation states-while still necessary-is now insufficient to deal with these issues, he says, describing how GSNs operate. He also discusses his latest work on the opportunities presented by blockchain technology. What if there were a next generation of the Internet, he asks, where we could conduct peer-to-peer transactions-not just to exchange information, but to exchange value and money? We can’t do that yet without a powerful intermediary-like a credit card company or PayPal; but before long, the Blockchain will make it-and much more-possible. In the end, he says, the first era of the digital age has not fully delivered on its promises. Through GSNs and the Blockchain, we will have another opportunity to rewrite the economic order of things-and dramatically improve the state of the world.
“We will soon have another opportunity to rewrite the economic order of things and dramatically improve the state of the world.”
– Don Tapscott on the Blockchain revolution
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