in 2015 alone over 120 billion dollars worth of diamonds were exported around
worth of diamonds were exported around
worth of diamonds were exported around the world and to manage the massive
the world and to manage the massive
the world and to manage the massive value of these tiny stones the industry
value of these tiny stones the industry
value of these tiny stones the industry relies on paper certificates and
relies on paper certificates and
relies on paper certificates and receipts which can be easily lost or
receipts which can be easily lost or
receipts which can be easily lost or tampered with in an industry with a real
tampered with in an industry with a real
tampered with in an industry with a real risk of fraud and a history of human
risk of fraud and a history of human
risk of fraud and a history of human rights abuse understanding the origin
rights abuse understanding the origin
rights abuse understanding the origin and authenticity of diamonds is
and authenticity of diamonds is
and authenticity of diamonds is paramount a system to do that being
paramount a system to do that being
paramount a system to do that being developed by technologists right here in
developed by technologists right here in
developed by technologists right here in London is one example of the innovations
London is one example of the innovations
London is one example of the innovations being created using the technology
being created using the technology
being created using the technology behind Bitcoin now some of you may know
behind Bitcoin now some of you may know
behind Bitcoin now some of you may know bitcoin as a digital currency used for
bitcoin as a digital currency used for
bitcoin as a digital currency used for trading or maybe you’ve heard it’s been
trading or maybe you’ve heard it’s been
trading or maybe you’ve heard it’s been used to purchase illicit goods on the
used to purchase illicit goods on the
used to purchase illicit goods on the dark web in exploring emerging
dark web in exploring emerging
dark web in exploring emerging technologies one of my favorite aspects
technologies one of my favorite aspects
technologies one of my favorite aspects is when I get to look at how technology
is when I get to look at how technology
is when I get to look at how technology can be used to benefit society and while
can be used to benefit society and while
can be used to benefit society and while bitcoin as a digital currency is really
bitcoin as a digital currency is really
bitcoin as a digital currency is really interesting the applications of its core
interesting the applications of its core
interesting the applications of its core technology extend much further so in
technology extend much further so in
technology extend much further so in exploring the benefits I’d like to talk
exploring the benefits I’d like to talk
exploring the benefits I’d like to talk to you about the technology underlying
to you about the technology underlying
to you about the technology underlying Bitcoin blockchain this technology may
Bitcoin blockchain this technology may
Bitcoin blockchain this technology may not only change how we transfer value
not only change how we transfer value
not only change how we transfer value but could dramatically shift our systems
but could dramatically shift our systems
but could dramatically shift our systems of trade identity and governance and one
of trade identity and governance and one
of trade identity and governance and one of the aspects that’s most interesting
of the aspects that’s most interesting
of the aspects that’s most interesting is how it can make these systems more
is how it can make these systems more
is how it can make these systems more transparent
transparent
transparent blockchain systems are often considered
blockchain systems are often considered
blockchain systems are often considered technical and complicated to explain so
technical and complicated to explain so
technical and complicated to explain so to try to broadly explain the concept
to try to broadly explain the concept
to try to broadly explain the concept here I’d like to talk to you about
here I’d like to talk to you about
here I’d like to talk to you about marbles so imagine all of us here trades
marbles so imagine all of us here trades
marbles so imagine all of us here trades marbles but in our marble trading world
marbles but in our marble trading world
marbles but in our marble trading world we’re starting to see a few issues some
we’re starting to see a few issues some
we’re starting to see a few issues some people have been trading and stealing
people have been trading and stealing
people have been trading and stealing other people’s marbles some people have
other people’s marbles some people have
other people’s marbles some people have been trying to trade the same marble to
been trying to trade the same marble to
been trying to trade the same marble to two people so we decided to resolve
two people so we decided to resolve
two people so we decided to resolve these kinds of disputes we need a type
these kinds of disputes we need a type
these kinds of disputes we need a type of system so we went to the traditional
of system so we went to the traditional
of system so we went to the traditional systems we asked our friend Tommy if he
systems we asked our friend Tommy if he
systems we asked our friend Tommy if he can keep track and keep a ledger of
can keep track and keep a ledger of
can keep track and keep a ledger of those transactions suddenly Tommy finds
those transactions suddenly Tommy finds
those transactions suddenly Tommy finds that people have been offering him
that people have been offering him
that people have been offering him bribes to change that database or
bribes to change that database or
bribes to change that database or they’re trying to hack into his computer
they’re trying to hack into his computer
they’re trying to hack into his computer and also Tommy’s only human so sometimes
and also Tommy’s only human so sometimes
and also Tommy’s only human so sometimes he just makes mistakes so we decide that
he just makes mistakes so we decide that
he just makes mistakes so we decide that together we need to come up with a new
together we need to come up with a new
together we need to come up with a new system and we each start taking note of
system and we each start taking note of
system and we each start taking note of every trade once a minute we fill a page
every trade once a minute we fill a page
every trade once a minute we fill a page send what we think has happened to
send what we think has happened to
send what we think has happened to everyone else and as a group we agree
everyone else and as a group we agree
everyone else and as a group we agree what trades took place we continue to do
what trades took place we continue to do
what trades took place we continue to do this minute after minute noting and
this minute after minute noting and
this minute after minute noting and agreeing these trades gradually building
agreeing these trades gradually building
agreeing these trades gradually building up a shared record book where we know
up a shared record book where we know
up a shared record book where we know the data recorded is what should be
the data recorded is what should be
the data recorded is what should be there this record book shows every
there this record book shows every
there this record book shows every transaction that has ever happened in
transaction that has ever happened in
transaction that has ever happened in chronological order and we each hold an
chronological order and we each hold an
chronological order and we each hold an exact copy of it because of the way the
exact copy of it because of the way the
exact copy of it because of the way the pages are bound together trying to go
pages are bound together trying to go
pages are bound together trying to go back and change past trades would be
back and change past trades would be
back and change past trades would be practically impossible and because we
practically impossible and because we
practically impossible and because we each hold a copy of it we would know if
each hold a copy of it we would know if
each hold a copy of it we would know if something went wrong this shared record
something went wrong this shared record
something went wrong this shared record book is essentially a blockchain a
book is essentially a blockchain a
book is essentially a blockchain a blockchain is a distributed immutable
blockchain is a distributed immutable
blockchain is a distributed immutable ledger or record of transactions
ledger or record of transactions
ledger or record of transactions distributed means that it’s shared and
distributed means that it’s shared and
distributed means that it’s shared and stored in multiple locations removing a
stored in multiple locations removing a
stored in multiple locations removing a single point of failure and providing
single point of failure and providing
single point of failure and providing visibility across multiple participants
visibility across multiple participants
visibility across multiple participants immutable means that it’s near
immutable means that it’s near
immutable means that it’s near impossible to go back and change the
impossible to go back and change the
impossible to go back and change the past records once they have been agreed
past records once they have been agreed
past records once they have been agreed by the
by the
by the and secured using cryptography from
and secured using cryptography from
and secured using cryptography from there there’s a number of different ways
there there’s a number of different ways
there there’s a number of different ways that you can design blockchain systems
that you can design blockchain systems
that you can design blockchain systems they can be public meaning the ledger is
they can be public meaning the ledger is
they can be public meaning the ledger is openly available for anyone to view
openly available for anyone to view
openly available for anyone to view online or private visible only to
online or private visible only to
online or private visible only to certain participants there can be
certain participants there can be
certain participants there can be different ways of achieving consensus or
different ways of achieving consensus or
different ways of achieving consensus or agreeing how trades get added to the
agreeing how trades get added to the
agreeing how trades get added to the record book and some systems like
record book and some systems like
record book and some systems like Bitcoin are decentralized meaning
Bitcoin are decentralized meaning
Bitcoin are decentralized meaning there’s no single owner or controller of
there’s no single owner or controller of
there’s no single owner or controller of the ledger now to put it very simply a
the ledger now to put it very simply a
the ledger now to put it very simply a blockchain is essentially a shared
blockchain is essentially a shared
blockchain is essentially a shared database I realize this may not sound
database I realize this may not sound
database I realize this may not sound revolutionary at first but it’s a new
revolutionary at first but it’s a new
revolutionary at first but it’s a new type of shared database one which allows
type of shared database one which allows
type of shared database one which allows us to link data together in a provable
us to link data together in a provable
us to link data together in a provable way by its design blockchain technology
way by its design blockchain technology
way by its design blockchain technology means no longer having to blindly trust
means no longer having to blindly trust
means no longer having to blindly trust third parties instead they’re replaced
third parties instead they’re replaced
third parties instead they’re replaced by mathematics and shared software
by mathematics and shared software
by mathematics and shared software blockchain technology can remove the
blockchain technology can remove the
blockchain technology can remove the middlemen it enables the sharing of
middlemen it enables the sharing of
middlemen it enables the sharing of information in a secure way and it
information in a secure way and it
information in a secure way and it provides a single point of truth but
provides a single point of truth but
provides a single point of truth but without having to rely on a single
without having to rely on a single
without having to rely on a single entity to ensure that truth considering
entity to ensure that truth considering
entity to ensure that truth considering we’re living in a post truth world
we’re living in a post truth world
we’re living in a post truth world having a verifiable source of truth
having a verifiable source of truth
having a verifiable source of truth which isn’t controlled by any one party
which isn’t controlled by any one party
which isn’t controlled by any one party could be extremely important when I
could be extremely important when I
could be extremely important when I started to immerse myself in the
started to immerse myself in the
started to immerse myself in the blockchain space I had a sense of deja
blockchain space I had a sense of deja
blockchain space I had a sense of deja vu it brought me back to the early 90s
vu it brought me back to the early 90s
vu it brought me back to the early 90s when I started using the internet not
when I started using the internet not
when I started using the internet not yet user-friendly and mainly frequented
yet user-friendly and mainly frequented
yet user-friendly and mainly frequented by a mix of academics and nerds but we
by a mix of academics and nerds but we
by a mix of academics and nerds but we were also a growing community who shared
were also a growing community who shared
were also a growing community who shared a common belief that this technology
a common belief that this technology
a common belief that this technology though not yet well understood by
though not yet well understood by
though not yet well understood by everyone should be open and accessible
everyone should be open and accessible
everyone should be open and accessible to all blockchain share similar
to all blockchain share similar
to all blockchain share similar ideological underpinnings built around
ideological underpinnings built around
ideological underpinnings built around the desire to give individuals back
the desire to give individuals back
the desire to give individuals back control in the first instance to free
control in the first instance to free
control in the first instance to free themselves from having to trust the
themselves from having to trust the
themselves from having to trust the banks and governments who have
banks and governments who have
banks and governments who have repeatedly breached that trust
repeatedly breached that trust
repeatedly breached that trust the recent example of the global
the recent example of the global
the recent example of the global financial crisis coincided and many
financial crisis coincided and many
financial crisis coincided and many think not coincidentally with the launch
think not coincidentally with the launch
think not coincidentally with the launch of Bitcoin in 2009 blockchain technology
of Bitcoin in 2009 blockchain technology
of Bitcoin in 2009 blockchain technology not only puts more power back in the
not only puts more power back in the
not only puts more power back in the hands of individuals but by design it
hands of individuals but by design it
hands of individuals but by design it provides unprecedented opportunity for
provides unprecedented opportunity for
provides unprecedented opportunity for transparency now why is this important
transparency now why is this important
transparency now why is this important transparency and freedom of information
transparency and freedom of information
transparency and freedom of information are increasingly being recognized as a
are increasingly being recognized as a
are increasingly being recognized as a human right they address this imbalance
human right they address this imbalance
human right they address this imbalance of power in which we have access to very
of power in which we have access to very
of power in which we have access to very little information about governments or
little information about governments or
little information about governments or corporations but thanks to our
corporations but thanks to our
corporations but thanks to our dependency on our mobile phones we hand
dependency on our mobile phones we hand
dependency on our mobile phones we hand them over whether we know it or not and
them over whether we know it or not and
them over whether we know it or not and completely free of charge
completely free of charge
completely free of charge nearly every data point in our daily
nearly every data point in our daily
nearly every data point in our daily lives transparency allows us to hold
lives transparency allows us to hold
lives transparency allows us to hold these governments and corporations to
these governments and corporations to
these governments and corporations to account and helps to expose corruption
account and helps to expose corruption
account and helps to expose corruption an issue which cost the global economy
an issue which cost the global economy
an issue which cost the global economy as much as two trillion dollars every
as much as two trillion dollars every
as much as two trillion dollars every year and undermines our trust in our
year and undermines our trust in our
year and undermines our trust in our political and economic systems and
political and economic systems and
political and economic systems and institutions blockchain technology was
institutions blockchain technology was
institutions blockchain technology was born out of this lack of trust and it’s
born out of this lack of trust and it’s
born out of this lack of trust and it’s a tool for this transparency let me
a tool for this transparency let me
a tool for this transparency let me share three examples of how blockchain
share three examples of how blockchain
share three examples of how blockchain technology is being used to create a
technology is being used to create a
technology is being used to create a more transparent and therefore more just
more transparent and therefore more just
more transparent and therefore more just informed and empowered society the
informed and empowered society the
informed and empowered society the world’s population is reaching seven and
world’s population is reaching seven and
world’s population is reaching seven and a half billion making land and
a half billion making land and
a half billion making land and increasingly scarce and precious
increasingly scarce and precious
increasingly scarce and precious commodity and an increasing target for
commodity and an increasing target for
commodity and an increasing target for corruption records of ownership which
corruption records of ownership which
corruption records of ownership which are immutable and audible could not only
are immutable and audible could not only
are immutable and audible could not only be used as a tool against this but could
be used as a tool against this but could
be used as a tool against this but could unlock trapped economic opportunity
unlock trapped economic opportunity
unlock trapped economic opportunity initiatives in countries including
initiatives in countries including
initiatives in countries including Georgia Sweden Ghana in the u.s. are
Georgia Sweden Ghana in the u.s. are
Georgia Sweden Ghana in the u.s. are exploring how blockchain based systems
exploring how blockchain based systems
exploring how blockchain based systems could be used to enhance land tidal
could be used to enhance land tidal
could be used to enhance land tidal registries this could help to ensure
registries this could help to ensure
registries this could help to ensure that land remains with its rightful
that land remains with its rightful
that land remains with its rightful owner
another area our supply chains the
another area our supply chains the authenticity norwich another goods we
authenticity norwich another goods we
authenticity norwich another goods we buy helps determine their value their
buy helps determine their value their
buy helps determine their value their quality even their safety from diamonds
quality even their safety from diamonds
quality even their safety from diamonds to artwork to consumer goods
to artwork to consumer goods
to artwork to consumer goods technologists are exploring how
technologists are exploring how
technologists are exploring how blockchain based systems could be used
blockchain based systems could be used
blockchain based systems could be used to trace product journeys one of these
to trace product journeys one of these
to trace product journeys one of these startups is Providence and they’ve built
startups is Providence and they’ve built
startups is Providence and they’ve built a platform that allows brands and
a platform that allows brands and
a platform that allows brands and industries such as food and drink
industries such as food and drink
industries such as food and drink fashion and cosmetics to track products
fashion and cosmetics to track products
fashion and cosmetics to track products along with supply chain providing
along with supply chain providing
along with supply chain providing consumers with verifiable information
consumers with verifiable information
consumers with verifiable information about products history and creation not
about products history and creation not
about products history and creation not only this has helped us as consumers
only this has helped us as consumers
only this has helped us as consumers make more informed choices about what we
make more informed choices about what we
make more informed choices about what we buy it creates a network of real-time
buy it creates a network of real-time
buy it creates a network of real-time data which allows to Pritchett to
data which allows to Pritchett to
data which allows to Pritchett to prevent fraud contamination and other
prevent fraud contamination and other
prevent fraud contamination and other supply chain risks a third area where
supply chain risks a third area where
supply chain risks a third area where blockchain technology is being explored
blockchain technology is being explored
blockchain technology is being explored to provide transparency is voting
to provide transparency is voting
to provide transparency is voting securities exchanges are looking into
securities exchanges are looking into
securities exchanges are looking into how blockchain based systems can be used
how blockchain based systems can be used
how blockchain based systems can be used in voting platforms allowing
in voting platforms allowing
in voting platforms allowing shareholders to observe and participate
shareholders to observe and participate
shareholders to observe and participate in annual meetings and various groups
in annual meetings and various groups
in annual meetings and various groups around the world are looking at how
around the world are looking at how
around the world are looking at how blockchain systems can be used for
blockchain systems can be used for
blockchain systems can be used for elections helping to enable audits and
elections helping to enable audits and
elections helping to enable audits and reduce fraud of course the voting
reduce fraud of course the voting
reduce fraud of course the voting example also calls to mind some of the
example also calls to mind some of the
example also calls to mind some of the potential risks here specifically for
potential risks here specifically for
potential risks here specifically for voter privacy demanding transparency
voter privacy demanding transparency
voter privacy demanding transparency from our systems and institutions should
from our systems and institutions should
from our systems and institutions should in no way conflict with our right for
in no way conflict with our right for
in no way conflict with our right for privacy as individuals so in designing
privacy as individuals so in designing
privacy as individuals so in designing these types of systems privacy security
these types of systems privacy security
these types of systems privacy security and system integrity become extremely
and system integrity become extremely
and system integrity become extremely important now some of you may be
important now some of you may be
important now some of you may be thinking I hear about blockchain all the
thinking I hear about blockchain all the
thinking I hear about blockchain all the time everybody wants a blockchain
time everybody wants a blockchain
time everybody wants a blockchain everybody has a blockchain they’re
everybody has a blockchain they’re
everybody has a blockchain they’re definitely coming we just need to wait
definitely coming we just need to wait
definitely coming we just need to wait for them right well clearly I’m gonna
for them right well clearly I’m gonna
for them right well clearly I’m gonna say yes and today change is usually
say yes and today change is usually
say yes and today change is usually happening faster than most people expect
happening faster than most people expect
happening faster than most people expect but blockchain technology is still early
but blockchain technology is still early
but blockchain technology is still early stage and there’s still a lot to learn
stage and there’s still a lot to learn
stage and there’s still a lot to learn about it
about it
about it potential applications in addition to
potential applications in addition to
potential applications in addition to the opportunities that I’ve mentioned
the opportunities that I’ve mentioned
the opportunities that I’ve mentioned there’s also challenges like scalability
there’s also challenges like scalability
there’s also challenges like scalability interoperability and as mentioned
interoperability and as mentioned
interoperability and as mentioned privacy and confidentiality so together
privacy and confidentiality so together
privacy and confidentiality so together with the potential benefits we’re
with the potential benefits we’re
with the potential benefits we’re working on understanding the potential
working on understanding the potential
working on understanding the potential risks and also different systems will of
risks and also different systems will of
risks and also different systems will of course have different design priorities
course have different design priorities
course have different design priorities not all of which are going to include
not all of which are going to include
not all of which are going to include transparency to date much of the focus
transparency to date much of the focus
transparency to date much of the focus in the space has been on the use of
in the space has been on the use of
in the space has been on the use of blockchain technology in the financial
blockchain technology in the financial
blockchain technology in the financial sector achieving the necessary
sector achieving the necessary
sector achieving the necessary cooperation for a successful blockchain
cooperation for a successful blockchain
cooperation for a successful blockchain integration in financial services is an
integration in financial services is an
integration in financial services is an impressive first step and the
impressive first step and the
impressive first step and the opportunity to bring transparency to
opportunity to bring transparency to
opportunity to bring transparency to financial services is incredibly
financial services is incredibly
financial services is incredibly exciting naturally it’s also very
exciting naturally it’s also very
exciting naturally it’s also very complex for market and regulatory
complex for market and regulatory
complex for market and regulatory reasons maybe it’s also just that today
reasons maybe it’s also just that today
reasons maybe it’s also just that today siloed systems lack of transparency and
siloed systems lack of transparency and
siloed systems lack of transparency and therefore lack of power of the
therefore lack of power of the
therefore lack of power of the individual is our status quo in
individual is our status quo in
individual is our status quo in technologies like blockchain technology
technologies like blockchain technology
technologies like blockchain technology are providing us with the opportunity to
are providing us with the opportunity to
are providing us with the opportunity to challenge the status quo it’s allowing
challenge the status quo it’s allowing
challenge the status quo it’s allowing us to prove transparency it’s changing
us to prove transparency it’s changing
us to prove transparency it’s changing how we think about data ownership and
how we think about data ownership and
how we think about data ownership and control and born of an open-source
control and born of an open-source
control and born of an open-source project it’s an example of the important
project it’s an example of the important
project it’s an example of the important advancements which come from open
advancements which come from open
advancements which come from open innovation now just as with the internet
innovation now just as with the internet
innovation now just as with the internet ensuring proper governance incentives
ensuring proper governance incentives
ensuring proper governance incentives and a commitment to openness are key it
and a commitment to openness are key it
and a commitment to openness are key it might be really hard to imagine today
might be really hard to imagine today
might be really hard to imagine today but the internet would be a very
but the internet would be a very
but the internet would be a very different and arguably much less useful
different and arguably much less useful
different and arguably much less useful tool had it remained a collection of
tool had it remained a collection of
tool had it remained a collection of intranets closed off to the diversity
intranets closed off to the diversity
intranets closed off to the diversity and freedom of expression we see today
blockchain technology open systems and
blockchain technology open systems and transparency can bring enormous benefits
transparency can bring enormous benefits
transparency can bring enormous benefits to markets to science to democracy it’s
to markets to science to democracy it’s
to markets to science to democracy it’s up to us as citizens and consumers to
up to us as citizens and consumers to
up to us as citizens and consumers to demand this type of transparency in
demand this type of transparency in
demand this type of transparency in order to provide the incentives for
order to provide the incentives for
order to provide the incentives for these systems to exist we must also
these systems to exist we must also
these systems to exist we must also participate consensus based trust means
participate consensus based trust means
participate consensus based trust means that stakeholders need to help to run
that stakeholders need to help to run
that stakeholders need to help to run the systems so we need to align our
the systems so we need to align our
the systems so we need to align our incentives and engage and as
incentives and engage and as
incentives and engage and as technologists we need to understand the
technologists we need to understand the
technologists we need to understand the implications that the technology we
implications that the technology we
implications that the technology we build can have on humanity and we should
build can have on humanity and we should
build can have on humanity and we should enable systems which benefit us all not
enable systems which benefit us all not
enable systems which benefit us all not just the few blockchain technology may
just the few blockchain technology may
just the few blockchain technology may serve as a powerful tool for opening
serve as a powerful tool for opening
serve as a powerful tool for opening access to information for empowering
access to information for empowering
access to information for empowering individuals and for automating trust in
individuals and for automating trust in
individuals and for automating trust in these early days as blockchain
these early days as blockchain
these early days as blockchain technology begins to embed the financial
technology begins to embed the financial
technology begins to embed the financial institutional and cultural systems of
institutional and cultural systems of
institutional and cultural systems of our society let’s take this opportunity
our society let’s take this opportunity
our society let’s take this opportunity to make those systems be more open
to make those systems be more open
to make those systems be more open inclusive and transparent thank you
inclusive and transparent thank you
inclusive and transparent thank you [Applause]
”
Be First to Comment