by Don Tapscott
51 percent attack, 67, 266–67, 269
Filament, 146–48, 157, 260
Financial aid for students, 248–49
Financial crisis of 2008, 5, 10, 56, 108, 193, 293, 296
Financial identity, 15–16, 140, 176, 177–78, 179
Financial inclusion, as fundamental right, 19–20, 172, 175
Financial intermediaries, 56, 57, 58, 61
Financial leverage, 56
Financial risk, 59–60, 63, 64
Financial services, 55–86. See also Microfinance
blockchain IPOs, 82–84
blockchain transformations of, 8, 18–19, 58–63, 64, 128
frameworks for accounting and corporate governance, 73–79
Golden Eight of, 61–63, 64, 86
identity issues, 61, 64, 78–79
paradoxes of traditional finance, 55–57
players in blockchain ecosystem, 285
prediction markets, 84–85
reputation and credit score, 79–82
retail services, 71–73
smart devices and IoT, 159
from stock exchanges to block exchanges, 63, 65–66
Financial stability, 295
Financial utility, 69–70
Firefox Web, 129
First era of the Internet, 3–4, 12–14, 15, 39, 49, 92, 95, 106, 124, 265, 281–82, 299–300
“Float,” 45
FNY Capital, 83
Food industry, 138–39, 157–58
Ford, Henry, 246
Forde, Brian, 247, 282, 286, 287, 305
Foreign aid, 20–21, 188–92
Formation costs, 179
Fragmenting public discourse, 212–13
Free agent nation, 110
Freedom of Information laws, 208–9
Free press, 243–46
Free speech, 243–46
Freitas, Miguel, 246
Funding, in financial services, 62–63, 64
Fund-raising, 179
Futarchy, 220
Future Crimes (Goodman), 276
Future-proofing, 152, 197
Galaxy Zoo, 12
Gauck, Joachim, 52
Gault, Mike, 199
Gemini, 284, 291
Gems, 94–95
Gender differences, in banking access, 178, 192
Germany, 27, 51–52
GetGems, 245
Gibson, William, 255
GitHub, 89, 138
Global solution networks (GSNs), 283, 300–307
Global standards networks, 304–6
“God Protocol, The” (Szabo), 4–5
Gold, 34, 95, 199, 254, 260
Goldcorp Challenge, 223
Golden Eight, 61–63, 64, 86
Goldman Sachs, 66, 70, 71, 284
Goodman, Marc, 276
Google, 13, 96, 118, 140, 143, 161, 180, 255, 270, 275
Gore, Al, 212
Governance, 24, 283, 288–89, 307
distributed power, 33–35, 273
in financial services, 73–79
new framework for blockchain, 298–307
regulations vs., 296–97
Government Digital Service, U.K., 205
Governments, 9, 13, 23, 197–225
alternative models of politics and justice, 218–21
Big Brother, 244, 274–75
blockchain voting, 215–17
design principles in, 201–3
empowering people to serve selves and others, 207–11
engaging citizens to solve big problems, 221–23
Estonia example, 197–99, 203, 204, 206–7
in financial services industry, 70
high-performance services and operations, 203–7
players in blockchain ecosystem, 286–87
second era of democracy, 211–15
stifling or twisting bitcoin, 263–65
tools of twenty-first-century, 223–25
Grande, Ariana, 228
Greifeld, Bob, 65, 66, 84
Guardtime, 199
Guez, Bruno, 238
Gun rights, 200–201, 276
Gupta, Vinay, 226, 227
Hacking, 39, 40, 41, 118–19, 138, 151–52, 243–44
boundary decisions, 112–14
business model innovation, 142–44
DAEs, 273–74
smart things, 168–69
Hagel, John, 94
Haiti
earthquake of 2010, 20–21, 188–89
remittances, 183
Haldane, Andrew, 9
Hamel, Gary, 110
Hanks, Tom, 78
Hanson, Robin, 220
Hashcash, 34
Hash rate, 241, 260
Hash value, 32
Hawking, Stephen, 274
Health care, 151, 158
Heap, Imogen, 21, 226, 227–28, 229, 231–35
Hearn, Mike, 69, 164–65, 271, 282
HedgeStreet, 84
Hedgy, 105
Herstatt risk, 59–60
Hewlett-Packard, 150
Hierarchies, 12, 88, 93–101, 105–6
High latency, 256–57
Hill, Austin, 28
design principles, 38, 40–41, 43, 51
financial services, 63, 65–67, 76
implementation challenges, 262, 272
Holacracy, 48–49, 88
Hollywood Stock Exchange, 84
Home management, 161, 275
Homomorphic encryption, 28
Honduras, 193–95
Honesty, 10, 11
Horizontal search, 97
Humanitarian aid, 20–21, 188–92
Human Rights Watch, 200
Hyperledger Project, 69–70, 285, 305
IBM, 39, 111, 118, 129–30, 150, 153
IBM Connections, 139
IBM Institute for Business Value, 163
Ideagoras, 137, 138
Identity, 3–4, 14–16, 264–65. See also Digital identity
in bAirbnb, 116
for citizens, 197–98, 203–4
economic inclusion and, 176, 177–78
in financial services, 61, 64, 78–79
for IoTs, 147–48
personal avatars, 14–16, 45, 99, 204
privacy and, 41–45
Ilves, Toomas Hendrik, 197
Implementation challenges, 24, 195–96, 253–77
Big Brother watching you, 274–75
criminal use, 275–76
DAEs forming Skynet, 273–74
energy consumption unsustainable, 259–63
governing protocols, 271–72
governments stifle or twist it, 263–65
incentives inadequate for distributed mass collaboration, 267
job killer, 270–71
powerful incumbents usurping it, 265–67
technology not ready for prime time, 254–58
Inaccessibility, 256–57
Incentives, 35–39, 130–31, 202, 267
Inclusion, 49–51, 202–3, 308
economic, as fundamental right, 19–20, 175
Incumbency, 265–67
Independent contractors, 103–4, 137–38
Industrial blockchain, 154, 160
Inequality, 12–13, 173, 174, 175
Infinite data, 151, 162, 274–75
Inflation, 37–38, 256
Infrastructure management, 157, 206–7
InnoCentive, 95, 137–38
Inno360, 95, 137
In-Out Matrix, 111–12, 112
Institute for Blockchain Studies, 110, 204, 224, 248
Institute for Liberty and Democracy, 19
Insurance, 63, 64, 116–17, 159, 181
Insuring value, in financial services, 63, 64
Integrated government, 203–5
Integrity, 10, 30–33, 74, 76, 108, 199, 201–2
Intel, 38, 155
Intellectual property rights, 21
art, 239–43
music, 226–39
International Corporation for Assigned Names and Num
bers (ICANN), 271, 281, 300, 301
International Labour Organization, 172–73
International Monetary Fund, 183, 281, 295
International Telecommunications Union, 195
Internet, first era. See First era of the Internet
Internet Engineering Task Force (IETF), 271, 281, 299, 305
Internet Governance Forum (IGF), 300
Internet of Things (IoT), 3, 38, 146, 147–48, 152–55
economic payoffs, 161–64
future developments, 164–67
hacking your future, 168–69
public sector use of, 206–7
twelve disruptions, 156–61
Internet Society, 281, 300
Intrade, 84
Investing, in financial services, 62–63, 64
IPOs (initial public offerings), 82–84, 127, 180, 181
Iran, 13
Ito, Joichi, 246–49, 286, 289, 301
Jaques, Elliot, 106
Jennings, Eric, 147–48, 157, 162–63, 260
Jensen, Michael, 100, 108
Jive, 139
Jobanputra, Jalak, 287
Job killer, 270–71
JPMorgan Chase, 8, 43, 63
Jumpstart Our Business Startups Act, 82–83
Jurisdiction issues, 264
Justice system, 220–21, 223
Kahn, Bob, 281
Kahneman, Daniel, 279
Kaminska, Izabella, 78, 257–58, 266
Karpeles, Mark, 247
Kaye, David, 244
Kaye, Max, 216
Keating, Zoë, 21, 235–36, 237
Kessler, Sarah, 135
Keyless signature infrastructure (KSI), 199
Kidder, Tracy, 150
Kim, Joyce, 170–72, 177, 287
Kirby, Peter, 194
Knowledge networks, 300–301
Kulin, Haluk, 43, 46, 48, 178
Kurzweil, Ray, 336n
Labor markets, 270–71
Land title registration, 8, 19–20, 51, 188–89, 193–95, 198
Larsen, Chris, 59, 67
Law enforcement, 286–87
Law profession, 102–3
Lawsky, Benjamin, 8, 287, 289–92
Leadership, 24, 281–309
framework for governance, 298–307
new agenda for next digital age, 307–9
the players, 283–89
regulation and, 289–93, 296–97
Lederman, Leon, 4–5
Ledger of Everything, 152
Ledger of Things, 145–69
economic payoffs, 161–64
evolution of computing, 150–52
future developments, 164–67
hacking your future, 168–69
Internet of Things, 152–55
power to the people, 146–50
twelve disruptions, 156–61
Legal disputes, 100, 105, 193, 219, 221
Legal frameworks, 264
Legal recourse, lack of, 258
Lending value, in financial services, 62, 64
Libertarianism, 199–200, 201, 327n
Library of Congress, 133
Licensed exchanges, 291
Lightfoot, Gordon, 29
Lighthouse, 94
Lih, Andrew, 131
Lincoln, Abraham, 199
LinkedIn, 99
Linux, 12, 88, 129–30, 141, 282
Linux Foundation, 69, 285
Lipset, Seymour Martin, 201
Liquid democracy, 218–19
Liquidity, 256, 295
Litecoin, 257
Litecoin Association, 267
Literacy, 172, 195, 249
Live Nation, 229
Living standards, 172
Locally generated power, 148, 149–50
London School of Economics, 74
LO3 Energy, 148, 149
Lubin, Joseph, 15–16, 88–91, 112–13, 141, 177–78
Ludwin, Adam, 68
Lundkvist, Christian, 76
Lyft, 134, 164
MaidSafe, 95
Mainframes, 150
Malaysia Airlines Flight MH370, 213
Managers (management)
ConsenSys, 89–91
public sector, 206–7
smart devices and IoT, 157, 159–60, 161
Manifesto for the Digital Age, 308–9
Manila, remittances, 182–83, 186
Manufacturing, 160, 174
Marketing, search costs, 97
Massive open online courses (MOOCs), 248–49
Masters, Blythe, 8, 63, 65, 66, 68, 73, 287, 289
McAdam, Cindy, 287
McKinsey, 156, 163–64, 169, 194
McLuhan, Marshall, 14
McWaters, Jesse, 66, 306
Meckling, William, 100
Medical records, 158
Medici, 83
Member ownership, 89–91
Members of a social network, 262
Mesh networks, 123, 146–47
Metaverse, 38
Metering economy, 135–36, 180, 233
MHITs, 50–51
Microblogging, 246
Microfinance, 56, 170–72, 191–92
current issues with, 191–92
inclusion design principle, 49–51
Nicaragua example, 170–72, 176
prosperity passport, 177, 178
Microgrids, 148–50
Micromonetizing, 180–81, 233
Microsoft, 4, 150, 270, 310
Microsoft Yammer, 139–40
Millennials, 174
Mi.Mu, 228
Miners, 30–32, 240–41, 260, 267, 268–69
Mining, 240–41, 259–60, 268–69
Mining rate, 38
MintPal, 266
MIT Bitcoin Project, 247
MIT Digital Currency Initiative, 247, 282, 284, 286, 301, 303, 305
MIT Media Lab, 27, 246–47, 286, 305
M-of-N signature, 104
Monegraph, 133
Monetary policy, 37–38, 56, 294–95, 309
Money laundering, 176, 275–76
Monks, Robert, 78
Monopolies, 57, 93–95
Moore’s law, 4, 51, 307–8
Moreira, Carlos, 11, 14, 15, 154, 204
Morgan, Pamela, 219, 287
Mornini, Tom, 73–74, 77
Morris, Gilbert, 173
Motion detectors, 254
Moving value, in financial services, 61, 64
M-Pesa, 176
Mt. Gox, 9, 247
Mugabe, Robert, 216–17
Muller, Ralf, 237–38
Mulligan, Mark, 230
Multisignature (multisig), 103–5
Multistakeholders, 282, 297, 298–99
Murdoch, Rupert, 310
Music, 21, 226–39
A&R, 238–39
basic copyright registration, 236, 237–38
business complexity, 228–31
digital content management system, 238
emergence of new business model, 231–35
ownership rights, 45–49, 132–33
self-launched artists, 235–37
smart contracts, 47, 231
Music copyright, 45–49, 132–33, 228–31, 234, 236, 237–38
Music Key, 236
Musk, Elon, 274
MyBarackObama.com, 224
Nadex, 84
Napster, 21, 263
NASDAQ, 83–84
NASDAQ Linq, 65
Nathan, Oz, 27–28
National Institute of Standards and Technology, 40
National Rifle Association, 200–201, 276
National Security Agency, 42, 274
Natural disaster relief, 20–21, 188–89, 190–91
“Nature of the Firm, The” (Coase), 92–93
Nest, 275
Networked institutions, 306
Networked integrity, 10, 30–33
Networked intelligence, 164
Network effects, 51, 67, 175
Network protocol, 271–72
&n
bsp; Neutral Voting Bloc (NVB), 216
New business formation, rate of, 173–74
New business models, 115–44, 168
autonomous agents, 122–25
bAirbnb vs. Airbnb, 115–17
Big Seven, 128–42
distributed applications, 117–22
distributed autonomous enterprises, 126–28
hacking your future, 142–44
New York ID cards, 80, 176
New York State Department of Financial Services (NYDFS), 287, 289–92
New York Stock Exchange (NYSE), 83–84
Ng, Andrew, 248
Nicaraguan microfinance, 170–72, 176
Nielsen, Jakob, 51
Nielsen’s law of Internet bandwidth, 51, 272
Nike, 136, 180–81
Nodes, 32, 240–41
Nonces, 241
Nondisclosure agreements, 235
Nongovernment organizations (NGOs), 191, 287
Norton, Robert, 133
OASIS, 38
Obama, Barack, 213, 224–25
OMERS Ventures, 284
Omohundro, Steve, 46–47, 109, 265, 277
Online citizen juries and panels, 223
Open Government, 209
Open networked enterprises (ONEs), 22, 120, 121–22, 128–42
blockchain cooperatives, 134–35
blockchain makers, 138–39
enterprise collaborators, 139–42
metering economy, 135–36
peer producers, 129–32
platform builders, 136–38
rights creators, 132–34
Open source, 60, 64, 69–70, 129, 262, 281–82
OP_RETURN, 237–38
Oral agreements, 99
Orlando, Jim, 284
Orsini, Lawrence, 148, 149
Ostrom, Elinor, 48
Outsourcing, 12, 93, 95, 174
Overstock, 83
Ownership rights, 45–49, 132–34, 234
Owners of coin, 37
Owners of computing power, 37, 262
Owners of disk storage space, 262
Pacifico, Paul, 226, 227
Pacioli, Luca, 74, 75
Pair, Stephen, 48, 72, 246, 260, 263, 266
Pandit, Vikram, 55, 59–60
Passing rate, 156
Passive citizenry, 211–12
Paul, Rand, 199
“Pay for success” models, 209–10
PayPal, 6, 80, 94, 310
Pay to script hash (P2SH), 104
Peer collaborators, 139–42
Peer producers, 129–32
Peers Inc. (Chase), 137
Peer-to-peer sharing economy, 17–18
PeerTracks, 238–39
Performance rights organizations (PROs), 229
PermaRec, 76–77
Permissioned blockchains, 67–68, 86
Personal avatars, 14–16, 45, 99, 204
Personal BlackBox Company, 43, 46, 48, 49, 81, 178
Picopayments, 191–92, 233
Piketty, Thomas, 173, 175
Piscini, Eric, 68, 76, 185
Plain Writing Act of 2010, 213
Platform builders, 136–38, 304
Poisson process, 32
Policing costs, 230–31
Policy networks, 302
Political balkanization, 212–13