Goktug Yilmaz's Reviews > Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World

Blockchain Revolution by Don Tapscott
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Notes:
-Double entry bookkeeping enabled the rise of capitalism and nation states.
-Blockchain can be programmed to record everything of value and importance to humankind. Birth and death certificates, marriage licenses, deeds, titles, ownership, educational degrees, financial accounts, medical procedures, insurance claims, votes, providence of food.
-Internet of everything needs a ledger of everything.
-Bankers love the idea of secure, frictionless and instant transactions. But some flinch at the idea of openness, decentralization and new forms of currency.
-Problems to be solved: hacking, identity theft, fraud, cyber bullying, phishing, spam, malware, ransomware. The first era of the internet did little of increasing security of persons, institutions and economic activity.
-Financial companies does not specialize in developing secure technology, they specialize in financial innovation. 50% of all identity theft came from these institutions.
-Today remittances take 3-7 days to settle. Stock takes 2-3 days to settle. Bank loan trades take 23 days to settle. Swift network handles 15M payment orders a day between 10K financial organizations. Same is true for Automated Clearing House (ACH).
-Bitcoin cannot have bail ins, bank holidays, currency controls, balance freezes, withdrawal limits. (Andreas)
-We we will evolve with AI and for a long time it will be in the service of homo sapiens. It may evolve beyond us, but its fine, it will occupy a different ecological niche. AI will not distinguish between humans a rock or a geological process. We evolved past lots of species, many of them are doing fine. (Lupin)

-In 1937 paper Nature of the Firm, identified 3 types of cost in the economy:
=Cost of search: Finding information, people, resources to create something.
=Coordination: Getting all these people to work efficiently.
=Contracting: Negotiating cost for labor and materials for every activity and production. Keeping trade secrets and policing & enforcing these agreements.
-Firms would expand until cost of performing a transaction inside the firm exceeded the cost of performing the transaction outside the firm. Internet reduced search and coordination costs.

-Opportunities that rise from the ability of searching the world wide ledger. Decentralized database of much of the worlds structured information.
=Who sold which discovery to whom, at what price?
=Who owns this intellectual property?
=Who is qualified to handle this project?
=What medical skills does our hospital have in staff?
=Who performs what type of surgery with what outcomes?
=How many carbon credits this company saved?
=Which suppliers have experience in China?
=What subcontractors delivered on time and budget according to their smart contracts?
-The results of these queries won't be resumes, ad links or other pushed content. They will be transaction histories, proven track records of individuals and enterprises, ranked perhaps by reputation score.

-Information on the internet is abundant, unreliable and perishable. It is scarce, tamper proof and permanent on the blockchain.
-If there is enough financial incentive to preserve this blockchain into the future, the possibility of it existing thousands of years cannot be discounted. (Andreas)
-Blockchain can be part of the archaeological records.
-Competitive advantage stems from activities, networks of reinforcing activities that are hard to replicate in their totality. Its not the individual parts of the business that matter, but how they are strung together and built to reinforce one another in a unique activity system. Competitive advantage comes from the entire system of activities. While any individual activity within the system can be copied, competitors cannot produce the same benefit unless they manage to dupe the entire system.
-Even mission critical activities can be outsourced as long as you know the entire system. Analysis of big data can be the riskiest activities to outsource.
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Reading Progress

January 18, 2018 – Shelved
January 18, 2018 – Shelved as: to-read
January 18, 2018 – Shelved as: audio
February 27, 2018 – Started Reading
April 1, 2018 – Finished Reading

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