on July 30, 2015, a handful of people gathered around a screen in a small room in an office in Brooklyn. New York. They were about to witness the birth of a technology platform that two years later is beginning to change the world. and in the future may change it in ways that have not yet been imagined. “The air was electric,” recalls Canadian author Alex Tapscott, who was there that day. “And not just because there was a thunderstorm looming on the horizon and we were getting flash flood warnings on our phones, but because there was this thing that a huge community of thousands of people had been spending two years building on faith. and this was the seminal moment when it was all going to go live. No one really knew what to expect.” What they were watching was the birth of the Ethereum blockchain » essentially a global, peer-to-peer network of thousands of computers (known as ‘nodes’) ~ and they were watching it in the offices of Consensus. a company that has since gone on to ride the wave of innovation the Ethereum blockchain has set in motion. The screen showed a map of the world. At around

11.45am, the very first block of the blockchain, the so—called “genesis block”, was created, and on the screen a red marker dropped on to the map over New York, signifying that was where it had been established. “There was a lot of religious connotation in the moment,” says Tapscott. “I don’t want to overplay its Old Testament-like nature but it had a lot of that birth/rebirth feel to it.” More red markers began to drop every few seconds, as new nodes became active around the world: in Toronto, London, Shanghai, Amsterdam… In Berlin, Dr Gavin Wood, one of the creators of the Ethereum blockchain, and then its CTO, was watching the same picture on a screen, together with many of the core founding team, With typical British understatement, he remembers the occasion in slightly less portentous terms. “It was a very smooth~running occasion.” he says. ‘‘It was so smooth, it was almost anticlimactic. We were looking at a screen and looking at the nodes on the network and it was really just detailing what number it was at. So of course it began at zero and we were able to see it go up to one and two and so on. There really wasn’t all that much to see. We stood around watching it for a minute or two, and then it was Ol(,job done, let’s have a beer ‘ While Tapscott and Wood experienced the birth of the Ethereum blockchain in different ways, both agree that the potential for its technology to change our lives is immense. “It’s captured the imagination of people in every single industry, not just in financial services but in manufacturing, shipping, supply chain, retail, even music and art, and surprisingly even in government,” says Tapscott, whose book, Blockchain Revolution. co-authored with his father Don and published last year, paints a vivid picture of a future powered by blockchain. Apple co-founder Steve Wozniak has called it “mind—blowing”. “It’s a critical technology that’s going to have a lot of impact over the next five, ten, twenty years, much like the internet did. It’s something that could disrupt the world in a really fundamental way,” says Wood, who has now left Ethereum and started a new company, Parity, which creates technology that allows companies to make the most of blockchain. But what exactly is a blockchain? Perhaps the easiest way to understand it is to see it as a giant, open ledger that allows things of value to be stored or transferred between individuals anonymously and with total trust. Because the ledger isn’t stored in one single place but is shared across a huge network of personal computers, its records are also almost immune to hacking. It was in 2008 that one or more people hiding behind the pseudonym ‘Satoshi Nakamoto’ devised the first blockchain, which allowed the creation of bitcoin, the world’s first cryptocurrency. In the years that followed, blockchain and bitcoin became pretty much synonymous, and the potential for the technology was seen as being mainly in the financial sphere, all but eliminating the traditional middlemen of the banking system. J “In late 2014, early 2015 there was an inflection point when all of a sudden a lot of companies in the financial services industry began to wake up to the potential threat and the potential opportunity of this technology.” says Tapscott, “The potential threat meaning that maybe this blockchain could enable new models for doing financial services that would cut the banks out of their business. And maybe it could also present huge opportunities for them to significantly streamline or cut costs inside their own organisations.” A report at the beginning of this year by Accenture and McLagan looking at the potential for blockchain technology for eight out of ten of the world’s biggest investment banks suggested they could reduce infrastructure costs by 30 per cent, meaning an annual saving of between £6bn and £9bn. In April, Bank of England governor Mark Carney made similar noises. “New technologies could transform wholesale payments, clearing and settlement,” he said. “In particular, distributed ledger technology (ie blockchain) could yield significant gains in the accuracy, efficiency and security of such processes, saving tens of billions of pounds of bank capital and significantly improving the resilience of the system.”

But now blockchain is breaking into whole new areas beyond fintech, and it’s mainly thanks to one man. Vitalik Buterin was born in Russia. but grew up in Toronto from the age of six after his parents emigrated. At school he was quickly identified as a gifted child with a particular talent for maths and programming and an uncanny ability for mental arithmetic. He came across bitcoin when he was just 17 and began writing for bitcoin publications. And then he had the idea for a new blockchain, one that would cut out the middlemen not just in finance but in just about any business you could conceive of. And he decided to call it Ethereum. Buterin looks like a classic geek: T-shirt. spindly arms and a haircut he seems to have attempted himself with a pair of blunt scissors. All kinds of myths surround him – for instance, that he learnt to speak fluent Mandarin in just a few months, that all of his worldly possessions fit into one suitcase and, perhaps most bizarrely, that he eats whole lemons, including the rind. He speaks in a slightly robotic monotone, like a personification of Al, but what he says tends to be highly lucid and visionary. “He’s a really fascinating guy, he’s a bit of an enigma, but at heart he’s just a really sweet genius,” declares Tapscott. who is based in Toronto and knows Buterin well. “What he’s built is pretty radical in almost every single way. But the way he explains it. when you hear him, it’s like, gee, why didn’t this already exist? It makes so much sense.” The key game changer in the Ethereum blockchain is the introduction of so-called ‘smart contracts’. These are essentially self—operating computer programs that mimic the logic of a traditional contract. but with guaranteed execution and enforcement of payments. It means anything of value can be easily exchanged with absolute trust. The implications are immense. because essentially any centralised service can now be decentralised. Musicians and artists can control the sale and use of their work, people wanting to hire out their home or car can do it directly, rather than going through an intermediary such as Airbnb or Uber, individuals can buy or sell excess solar power generated by their homes, the list is long. Many see this as the beginning of a new, decentralised internet. ” For thirty years we’ve had the internet of information find now we have the internet of value,” says Tapscott. it 8 a peer-to—peer platform that enables anyone, anywhere to move, store and manage anything of value, from money to financial assets to titles and deeds and even votes in a way that’s trusted and where you don’t have to rely on an intermediary like a bank or a government or a credit card company or anyone else.” Unlike the bitcoin blockchain, Ethereum offers a user-friendly platform for developers to build a wide range of applications using its technology. These so-called ‘decentralised apps’ (dApps) “run exactly as programmed without any A possibility of downtime, censorship or third-party interference,” as the Ethereum spiel puts it. The Ethereum website currently lists more than 350 dApps in various stages of development, including “blockchain powered insurance solutions”, “blockchain revolution in the recruitment industry”, “a blockchain solution for musicians to license their works” and even something called Studbook, which is described as “Tinder for horses”. “There’s been an explosion of developer interest,” says Tapscott. “Ethereum has captured the imagination of so many people, which is amazing.” That includes major corporations. At the end of February the Enterprise Ethereum Alliance was launched in the USA, with the aim of connecting companies with Ethereum experts. “Together, we will learn from and build upon the only smart contract supporting blockchain currently running in real—world production — Ethereum — to define enterprise~grade software capable of handling the most complex, highly demanding applications at the speed of business,” it boasted. Its rapidly growing membership includes the likes of BF, Microsoft, Santander and UBS.

Blockchain architecture raised $17m in just 28 minutes in an ICO. Later in the same month, Gnosis raised $12.5m in ten minutes for a decentralised platform for prediction markets. For Jessi Baker, founder of Provenance, which uses blockchain technology to provide transparency in the supply chain of goods, the strength of the bitcoin and ether prices is a good sign because it means the tech is here to stay. She started Provenance as a side project in 2013 while she was doing a PhD in computer science at University College London and has been working on it full time since April 2015. It was one of the first applications to be built using the Ethereum platform. “At pretty much every meeting I had with potential clients two years ago, nobody knew what blockchain was, nobody cared about it, and I think some people thought I was a little bit of a loony,” she says. “Now we’re getting chased pretty aggressively. I’d say we’re getting about 200 emails a day from people either asking questions or wanting to work with us.” Provenance has around 250 clients, ranging from big companies such as the Co-op to much smaller operations such as an independent wine producer in France. “I think we’re starting to see the beginnings of what a decentralised Internet could really be like and how trust could be brokered on it,” she says. “At the moment most of the applications are not sufficiently linked in to the digital ecosystems of industry and government to really see how it’s going to be transformational but I think you can kind of imagine. pm probably very biased but I do believe its the future of the internet. “There won’t be some great jazz hands moment,” says Irra Ariella Khi, CEO of aviation security startup Vchain Technology. “A lot of it will just be a different kind of thing running in the background. We realise Vchain uses the blockchain to decrease friction for passengers passing through airports. Around 50 per cent of people make mistakes when entering their passenger information before they travel, which can lead to problems for the, on their journey and also cost airlines money. But if ‘ your personal information is validated via blockchain, mistakes and frequent airport checks no longer happei IAG, the parent company of British Airways, recently invested in Vchain. Wood agrees that most of the initial changes brought about by blockchain will be largely invisible. Yes, banking and insurance processes may well change, but that’s not going to affect our everyday lives — unles we work in the banking or insurance industries. in which case our jobs could well be threatened. “But eventually there will probably be all sorts of use cases that we can’t imagine today,” Wood says. “We’re used to the old world, where transacting is expensive and slow, and when we get into the new world, when transacting is really fast and cheap, then there will be use cases that are unlocked — in much the same way that Facebook could have been implemented in 1995, but we didn’t implement it because we didn’t have the imagination.” According to Wood, it isn’t just traditional transactional middlemen such as bankers and insurance brokers and notaries who are likely to be put out of work by blockchain technology —- managers in all kinds of companies may no longer be needed. Perhaps one of the most fascinating aspects of Ethereum and smart contracts, and one that offers a g real glimpse of the changed future, is the ability ‘to create a so-called “democratic autonomous organisation”. This means that L a computer program is able to run a company without human intervention, including holding and using money. “This is fundamentally different to anything we’ve had before,” says Wood. “Programs can ‘ actually own money — to the point that no one else in the world could remove the money from that program unless it was programmed 7 to allow that removal. It’s a new thing and it’s difficult to get your head around. Wow. In principle you could programme a taxi Company that bought cars and paid drivers to run the cars to make a profit in order to buy more cars. And you kind of end up with this huge company – until a flaw is found in the algorithm that it uses or the business process is found to be suboptimal and some newer algorithm is able to run a company better and put you out of business. The point is that the management, what would normally be the brains of a corporation, the control structures of a corporation. can now exist autonomously in the cloud. so to speak» without a master it would be its own master. That’s a new thing. That’s an odd thing.” And perhaps it’s a scary thing. But it’s the future. Sooner or later.


  1. Hey There. I found your blog using msn. This is a really well written article.

    I’ll be sure to bookmark it and come back to read more of your
    useful information. Thanks for the post. I’ll definitely comeback.

  2. Hi there! This is kind of off topic but I need some guidance from an established blog.
    Is it tough to set up your own blog? I’m not very techincal but I can figure things out pretty quick.
    I’m thinking about setting up my own but I’m not sure where to start.
    Do you have any ideas or suggestions? Many thanks

  3. At this time it appears like Expression Engine is the top blogging platform available right now.
    (from what I’ve read) Is that what you’re using on your blog?

  4. Greetings I am so excited I found your website, I really found you
    by accident, while I was browsing on Askjeeve for something else,
    Anyhow I am here now and would just like to say
    thank you for a marvelous post and a all
    round enjoyable blog (I also love the theme/design), I don’t
    have time to go through it all at the moment but I have bookmarked it and also included your RSS feeds, so when I have time I will be back to read more, Please do keep up the excellent job.

  5. You actually make it seem so easy with your presentation but I find this topic to be really something which
    I think I would never understand. It seems too complicated and extremely broad for me.
    I’m looking forward for your next post, I’ll try to get the hang of

  6. I do not know whether it’s just me or if
    everyone else encountering issues with your site.
    It seems like some of the text in your posts are running
    off the screen. Can somebody else please comment and let me know if this is happening to them too?
    This could be a issue with my web browser because I’ve had this happen before.
    Many thanks

  7. Thanks for any other excellent article. The place else may anyone get
    that type of information in such a perfect method of writing?
    I have a presentation next week, and I am at
    the search for such info.

  8. you are in reality a just right webmaster. The site loading velocity
    is amazing. It sort of feels that you’re doing any distinctive trick.
    In addition, The contents are masterpiece. you have performed a great job on this matter!

  9. Generally I do not learn post on blogs, but I
    wish to say that this write-up very forced me to check
    out and do it! Your writing taste has been surprised me.

    Thank you, very great post.

  10. Hello there! This post could not be written much better!
    Reading through this post reminds me of my previous roommate!
    He constantly kept talking about this. I am going to forward this post to him.
    Fairly certain he’s going to have a great read.
    Thanks for sharing!

  11. Wonderful blog! I found it while browsing on Yahoo News.
    Do you have any tips on how to get listed in Yahoo News?

    I’ve been trying for a while but I never seem to get there!

  12. When someone writes an paragraph he/she retains the thought of a user in his/her brain that how
    a user can understand it. So that’s why this article is outstdanding.

  13. When someone writes an post he/she retains the plan of a user in his/her brain that how
    a user can be aware of it. Therefore that’s
    why this article is perfect. Thanks!

  14. Hey! Quick question that’s entirely off topic. Do you know
    how to make your site mobile friendly? My weblog looks weird
    when viewing from my iphone4. I’m trying to find a template or plugin that might be able to fix this problem.
    If you have any recommendations, please share. Thank

  15. Nice post. I was checking continuously this weblog and I’m inspired!
    Extremely helpful information specifically the ultimate section :
    ) I deal with such info a lot. I used to be looking for
    this certain info for a long time. Thanks and good luck.

  16. Excellent blog! Do you have any recommendations for
    aspiring writers? I’m hoping to start my own blog soon but I’m a
    little lost on everything. Would you propose starting with a free platform
    like WordPress or go for a paid option? There are so many options out there that I’m completely overwhelmed ..
    Any tips? Cheers!

  17. I like the valuable information you supply in your articles.

    I will bookmark your weblog and check once more here frequently.
    I’m rather sure I’ll be told a lot of new stuff right right
    here! Best of luck for the next!

  18. Hello there! Quick question that’s entirely off topic. Do you know how to make your site
    mobile friendly? My weblog looks weird when viewing from my iphone.

    I’m trying to find a theme or plugin that might be able to correct this issue.
    If you have any suggestions, please share. Thank you!

  19. Hey! I could have sworn I’ve been to this website
    before but after browsing through some of the post I realized it’s new to me.
    Anyways, I’m definitely glad I found it and I’ll be book-marking and checking back

  20. Hi there, just became alert to your blog through Google,
    and found that it’s truly informative. I am going to watch out for
    brussels. I’ll appreciate if you continue this
    in future. Lots of people will be benefited from your writing.

  21. Hmm iit appeawrs ike your blog ate my fkrst commment (it was super long) so I guess
    I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog.

    I tooo am an aspiring blog writer but I’m still new too everything.

    Do you have any recommendations for novice blog
    writers? I’d genuinely appreciate it.

    my web page: Indian news

  22. I was curious if you ever thought of changing the page layout
    of your website? Its very well written; I love what youve got to say.
    But maybe you could a little more in the way of content so people could connect with it better.
    Youve got an awful lot of text for only having 1 or two images.
    Maybe you could space it out better?

  23. I like what you guys tend to be up too. This sort of clever work and coverage!
    Keep up the very good works guys I’ve incorporated you guys to my own blogroll.

  24. I loved as much as you’ll receive carried out right here.
    The sketch is tasteful, your authored subject matter stylish.

    nonetheless, you command get bought an shakiness over that you wish
    be delivering the following. unwell unquestionably come more formerly again since
    exactly the same nearly a lot often inside case you shield this hike.

    my web blog – 188bet

  25. Howdy! I could have sworn I’ve been to this site before but after reading through some of the post I realized it’s new to me. Anyways, I’m definitely delighted I found it and I’ll be bookmarking and checking back often!|

  26. I’m not sure why but this website is loading very slow for me. Is anyone else having this issue or is it a issue on my end? I’ll check back later on and see if the problem still exists.|

  27. Oh my goodness! Amazing article dude! Thank you, However I am encountering problems with your RSS. I don’t understand the reason why I am unable to subscribe to it. Is there anyone else having similar RSS problems? Anyone that knows the solution can you kindly respond? Thanx!!|

  28. My programmer is trying to convince me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using Movable-type on numerous websites for about a year and am worried about switching to another platform. I have heard excellent things about blogengine.net. Is there a way I can transfer all my wordpress content into it? Any kind of help would be really appreciated! Anyone can learn how to earn FREE Bitcoin. read here: https://bit.ly/FreeBTCWay

  29. A person essentially assist to make seriously posts I might state. That is the first time I frequented your website page and up to now? I surprised with the analysis you made to create this particular publish incredible. Fantastic process!|

  30. I was wondering if you ever considered changing the page layout of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or two pictures. Maybe you could space it out better?

  31. An impressive share! I have just forwarded this onto a colleague who has been doing a little research on this.

    And he in fact ordered me dinner because I stumbled upon it for him…
    lol. So let me reword this…. Thanks for the meal!! But yeah, thanx for spending some time to discuss this matter here on your web page.

  32. Hey there just wanted to give you a quick heads up. The text in your article seem to be running off the screen in Chrome.
    I’m not sure if this is a format issue or something to do with
    internet browser compatibility but I thought I’d post to let you know.
    The design look great though! Hope you get the problem resolved soon. Many thanks

  33. Please let me know if you’re looking for a writer for your blog.
    You have some really great articles and I think I would be a good asset.
    If you ever want to take some of the load off, I’d really like to write some material for your
    blog in exchange for a link back to mine. Please blast
    me an email if interested. Many thanks!

  34. I discovered countless interesting stuff in your weblog particularly its conversation. From the numerous comments on your posts, I guess I am not the only one getting all of the fun here! keep up the good work.

  35. Thank you for the auspicious writeup. It in fact was once
    a amusement account it. Glance complex to far brought agreeable from you!
    However, how could we keep in touch?

  36. Very great post. I just stumbled upon your blog and wished
    to mention that I’ve really loved browsing your blog posts.
    After all I will be subscribing on your rss feed and I am hoping you write once more very soon!

  37. Hi, i think that i saw you visited my blog thus i came to “return the favor”.I’m trying to find things to improve my
    site!I suppose its ok to use some of your ideas!!

  38. My brother suggested I might like this blog.
    He used to be totally right. This post actually made my day.

    You can not consider simply how so much time I had spent for this info!

  39. Dude, please tell me that youre heading to write a lot more. I notice you havent written another weblog for a while (Im just catching up myself). Your blog is just as well important to become missed. Youve received so considerably to say, these knowledge about this topic it would be a shame to see this blog disappear. The internet needs you, man!

  40. Wonderful goods from you, man. I have bear in mind your
    stuff prior to and you’re simply extremely magnificent. I really like what you have got right
    here, really like what you are stating and the best
    way through which you assert it. You are making it enjoyable and you still
    take care of to stay it smart. I cant wait to learn much more from you.
    This is actually a tremendous web site.

  41. Every weekend i used to pay a quick visit this web site, because i wish for enjoyment, as this this web
    page conations in fact good funny material too.

  42. Woman of Alien Great perform you have got done, this great site is admittedly great with great facts. Time is God as strategy for trying to keep anything from taking place directly.

  43. Thanks a lot for sharing this with all of us you really know what you are talking about! Bookmarked. Kindly also visit my web site =). We could have a link exchange arrangement between us!

  44. I’m truly enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it much more enjoyable for
    me to come here and visit more often. Did you
    hire out a designer to create your theme? Outstanding work!

  45. I have not checked in here for a while since I thought it was getting boring, but the last several posts are good quality so I guess I will add you back to my everyday bloglist. You deserve it my friend 🙂


Please enter your comment!
Please enter your name here