Book Review : Blockchain Revolution

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AUTHOR: Don Tapscott and Alex Tapscott

GENRE: Non-fiction, Technology

PAGES: 368

YEAR OF PUBLISH: 2016

OTHER BOOKS FROM AUTHOR: 

1.Supply Chain Revolution
2.Growing Up Digital: The Rise of the Net Generation
3.Wikinomics 
4.The digital economy

RELATED BOOKS: The Truth Machine, Bubble or revolution, Mastering Bitcoin

SUMMARY OF BLOCKCHAIN REVOLUTION

The book has an argumentative tone towards "why blockchain is the best tool available for the majority of business or political institutions." Starting with highlighting the flaws in the present internet-based centralized system, the author highlights the 2008 global financial crisis. It was then the world started looking towards a framework that doesn't fall prey to trust issues. Cryptocurrencies are different from traditional fiat currencies because they are not created or controlled by countries. This protocol established a set of rules- in the form of distributed computations that ensured the integrity of data exchanged among billions of devices without going through a trusted third party. 

The book gives a general idea of Satoshi's bitcoin model. It further talks about the commercial side of earning bitcoins by building the most reliable blockchains. 

There is a detailed discussion on the designing principles for blockchain bifurcated as - "principle", "problem to be solved", and "breakthrough", as quoted below:

• Network Integrity
• Distributed Power
• Value as an incentive
• Security
• Privacy
• Rights preserved

Though the author continuously pushed to the scope of blockchain for many sectors, the focus was on how blockchain will revive the financial sector to absolute transparency. 

 

 

Therefore the author has not left any stone unturned in quoting examples of established players leaving their lucrative jobs and starting up in blockchain solutions. Discussing the giants like Goldman Sachs, Credit Suisse, Mastercard, the big 4 consulting firms, all are gearing up for blockchain. The introduction of the "triple accounting system" is on the lips of everyone.

The author mentions- "Capitalism has become a kleptocracy. And any measures to bring down income inequality was and will remain inefficient due to the presence of institutions thriving between demand and supply." 

Blockchain has the potential to revive the scope of the internet by reducing unwanted friction. It also discussed various blockchain products like etherium and many more.

Blockchain Revolution is oriented towards governance, principles, scope, and examples that blockchain is witnessing and why you should be aware of it.

 

REVIEW OF BLOCKCHAIN REVOLUTION

It would be a surprise if you haven't heard about blockchain/ bitcoins/ cryptocurrency. I have been the kind of person who wants to know "why" before "what". So, whenever I was encountering these terms, it was towards "what is Blockchain? what is a bitcoin? certification of blockchain coding".

It seemed just like my academics when things were bombarded to learn without giving significance - without telling "why". I never felt committed or connected to my syllabus.

The blockchain revolution answers why the world is talking about this. You won't find any coding or anything technical. The author made appreciable attempts to simplify the core idea of blockchain for naive readers in this field. Apart from the commercial perspective, particularly finance, the author also talked about the scope of changing dynamics of social structure. There will be many instances when your existing beliefs and wisdom will be challenged. Blockchain is taking on capitalism and not only the commercial side but governance as well.  I was amazed to discover blockchain was used in world war. Germans were using Enigma code to communicate and instruct their troops. It was blockchain, depicted by British mathematician Alan Turning. 

There will be resistance from existing institutions. But what will decide the fate of Satoshi Nakomoto's blockchain is the "awareness" - to make it a revolution or just another fad. 

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