How the blockchain will radically transform the economy | Bettina Warburg

For institutions like banks, our governments or our companies, we can take advantage of all that collective uncertainty and use it to collaborate and exchange more, faster and more openly. Now, I don't want you to get the impression that

blockchain

s are the solution to everything. Although the media said it would end global poverty, it would also solve the problem of counterfeit medicines and potentially save rainforests. The truth is that this technology is still in its infancy and we

will

need to see many experiments implemented, which often fail, before we truly understand all the use cases for our economic system.

But there are a lot of people working on this, from financial institutions to technology companies, startups and universities. One reason is that it is not just about economic development. It is also an innovation in computing. Blockchain databases give us the technological ability to create a record of human exchange, currency exchange, all types of physical and digital assets, and even our own personal attributes, in a completely new way. In a way, it has become a technology company that has many of the benefits of the traditional companies that we are used to using in society, but does so in a decentralized way.

It does this by turning many of our doubts into certainties. So I think we need to start preparing, because we are about to face a world where autonomous distributed organizations have a really important role to play. Thank you all. (Applause) (Bruno Giussani): Thank you, Bettina. I think I understand that it is coming, it offers a lot of potential and it is complicated. What is your estimate of the adoption rate? (Bettina Warburg): I think that's a very good question. My lab is very focused on going to companies and governments first, because in reality,

blockchain

s are a complex technology.

How many of you really understand how the Internet works? But it's used every day, so I think we're facing the same John Sculley idea that technology should be invisible or beautiful, and blockchains are neither of those things right now, so they're more Suitable for any first time users. of technology that understand it to some extent and can address it or look for those optimal use cases such as identity or asset tracking or smart contracts that can be used at that level of companies or governments. Bruno: Thank you, thank you for coming to TED. (Bettina): Thank you. (applause)