Table of Contents
Acknowledgments xv
Acknowledgments for the Paperback Edition xxi
Preface to the Paperback Edition xxiii
Part I Say You Want a Revolution
Chapter 1 The Trust Protocol 3
In Search of the Trust Protocol 4
How This Worldwide Ledger Works 6
A Rational Exuberance for the Blockchain 8
Achieving Trust in the Digital Age 10
Return of the Internet 12
Your Personal Avatar and the Black Box of Identity 14
A Plan for Prosperity 17
Promise and Peril of the New Platform 24
Chapter 2 Bootstrapping the Future: Seven Design Principles of the Blockchain Economy 27
The Seven Design Principles 29
1 Networked Integrity 30
2 Distributed Power 33
3 Value as Incentive 35
4 Security 39
5 Privacy 41
6 Rights Preserved 45
7 Inclusion 49
Designing the Future 51
Part II Transformations
Chapter 3 Reinventing Financial Services 55
A New Look for the World's Second-Oldest Profession 58
The Golden Eight: How the Financial Services Sector Will Change 61
From Stock Exchanges to Block Exchanges 63
Dr. Faust's Blockchain Bargain 66
The Bank App: Who Will Win in Retail Banking 71
Google Translate for Business: New Frameworks for Accounting and Corporate Governance 73
Reputation: You Are Your Credit Score 79
The Blockchain IPO 82
The Market for Prediction Markets 84
Road Map for the Golden Eight 86
Chapter 4 Re-architecting the Firm: The Core and the Edges 87
Building ConsenSys 87
Changing the Boundaries of the Firm 92
Determining Corporate Boundaries 109
Chapter 5 New Business Models: Making It Rain on the Blockchain 115
bAirbnb Versus Airbnb 115
Global Computing: The Rise of Distributed Applications 117
The DApp Kings: Distributed Business Entities 120
Autonomous Agents 122
Distributed Autonomous Enterprises 126
The Big Seven: Open Networked Enterprise Business Models 128
Hacking Your Future: Business Model Innovation 142
Chapter 6 The Ledger of Things: Animating the Physical World 145
Power to the People 146
The Evolution of Computing: From Mainframes to Smart Pills 150
The Internet of Things Needs a Ledger of Things 152
The Twelve Disruptions: Animating Things 156
The Economic Payoff 161
The Future: From Uber to SUber 164
Hacking Your Future for a World of Smart Things 168
Chapter 7 Solving the Prosperity Paradox: Economic Inclusion and Entrepreneurship 170
A Pig Is Not a Piggy Bank 170
The New Prosperity Paradox 172
Road Map to Prosperity 178
Remittances: The Story of Analie Domingo 182
Blockchain Humanitarian Aid 188
Safe as Houses? The Road to Asset Ownership 193
Implementation Challenges and Leadership Opportunities 195
Chapter 8 Rebuilding Government and Democracy 197
Something Is Rotten in the State 199
High-Performance Government Services and Operations 203
Empowering People to Serve Selves and Others 207
The Second Era of Democracy 211
Blockchain Voting 215
Alternative Models of Politics and Justice 218
Engaging Citizens to Solve Big Problems 221
Wielding Tools of Twenty-first-Century Democracy 223
Chapter 9 Freeing Culture on the Blockchain: Music to Our Ears 226
Fair Trade Music: From Streaming Music to Metering Rights 227
Artlery for Art Lovers: Connecting Artists and Patrons 239
Privacy, Free Speech, and Free Press on the Blockchain 243
Getting the Word Out: The Critical Role of Education 246
Culture on the Blockchain and You 249
Part III Promise and Peril
Chapter 10 Overcoming Showtoppers: Ten Implementation Challenges 253
1 The Technology Is Not Ready for Prime Time 254
2 The Energy Consumed Is Unsustainable 259
3 Governments Will Stifle or Twist It 263
4 Powerful Incumbents of the Old Paradigm Will Usurp It 265
5 The Incentives Are Inadequate for Distributed Mass Collaboration 267
6 The Blockchain Is a Job Killer 270
7 Governing the Protocols Is Like Herding Cats 271
8 Distributed Autonomous Agents Will Form Skynet 273
9 Big Brother Is (Still) Watching You 274
10 Criminals Will Use It 275
Reasons Blockchain Will Fail or Implementation Challenges? 277
Chapter 11 Leadership for the Next Era 278
Who Will Lead a Revolution? 281
The Blockchain Ecosystem: You Can't Tell the Players Without a Roster 283
A Cautionary Tale of Blockchain Regulation 289
The Senator Who Would Change the World 292
Central Banks in a Decentralized Economy 293
Regulation Versus Governance 296
A New Framework for Blockchain Governance 298
A New Agenda for the Next Digital Age 307
The Trust Protocol and You 309
Afterword to the Paperback Edition 313
Notes 317
Index 347