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I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

- Patrick M. Byrne
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Patrick M. Byrne
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Government
Blockchain
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A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked.

I've been in a room in Silicon Valley where on the wall they have 160 industries they think blockchain can disrupt. We picked six of them to focus on.

There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this whole new universe.

The virtues of the blockchain is that it would be that it's peer-to-peer settlement - no centralized settlement, no manipulation... And most importantly, there's nothing to capture. It's consensus based. It's stateless.

A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked.

Over the next decade, there will be disruption as significant as the Internet was for publishing, where blockchain is going to disrupt dozens of industries, one being capital markets and Wall Street.

On the blockchain, you have a public ledger, which is the form of ownership. That means you are not doing net settlement - just netting everything down, which means that everything has been turned into fungible numbers.

We know that flat and non-hierarchical systems use information best. I've tried to do that with my own company because it works better that way. And society at large will work better as well if we can get rid of these old institutions and hierarchies. New innovations like the block chain can make this possible.

People didn't know where they could trade. When everybody owes each other IOUs that can be in multiple places at once, that's how the system couldn't tell any more who owned what and who owed what to whom. Blockchain could have prevented 2008.

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I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.

I've been all over meeting government ministers and such in Caribbean financial circles. There's a small blockchain movement in the Caribbean. They've been quite a bit more advanced than you might've imagined.