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Seven blockchain benefits according to Don Tapscott

Sue Troy
Editorial Director
1/8

Blockchain Summit: Cryptocurrencies, redistributed wealth

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Visual Editor: Sarah Evans

Blockchain technology -- a distributed ledger that underpins bitcoin and other cryptocurrencies, and is widely predicted to be practical in many more use cases -- promises redistributed wealth across the globe by changing how that wealth is created, according to Don Tapscott, author, consultant and CEO of Tapscott Group.

Tapscott, author of Blockchain Revolution, which was released this month, spoke at the DC Blockchain Summit in Washington, D.C., on the topic of how blockchain technology is poised to solve some of society's big problems, including the disparity between technology haves and have-nots, and the social inequality that a digital economy engenders.

Here is a rundown of some of the chief changes Tapscott outlined.

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How could blockchain technology lead to redistributed wealth moving forward?
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It's actually not the re-distribution of wealth but the PRE-distribution of wealth. Changing the way get's distributed in the first place.

Thanks for the Awesome slide show!
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Here's the idea. Rather than RE-distributing wealth we can PRE-distribute it.

Through the blockchain, we can go from redistributing wealth to distributing value and opportunity fairly in the first place, from cradle to grave. How? Including billions of people in the global economy: protecting rights through immutable records like land titles; creating true sharing economy by replacing service aggregators like Uber with distributed applications on a blockchain; ending the remittance rip-off and helping diasporas return funds to their ancestral lands; enabling citizens to own and monetize their data (and protect privacy) through owning their personal identities rather than identities being owned by big social media companies or governments; uunleashing a new halcyon age of entrepreneurship by enabling small companies to have all the capabilities of large companies; helping build accountable government through transparency, smart contracts and revitalized models of democracy.
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In low and middle income countries theres a major challenge associated with property titles and claims to property. BC would allow the local village with a secure ID.
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The opportunity for the application of BC technology in low and middle income countries is tremendous; however a key difference is that while the commercial focus is on outstanding technology challenges, the LMICs are focused on the trust aspect of block chain. With respect to the 2030 development agenda BC is a significant breakthrough that will make a huge impact on and add value to any transaction that requires trust. This is very likely to support the Sustainable Development Goal (SDG) agenda adopted at the beginning of 2015 to run through 2030, designed to end poverty, improve health significantly and ensure prosperity for all. For SDGs there is substantive potential for BC in areas such as land registry (given that according to the World Bank 70% of the global population lacks proper land titling or demarcation), health, digital identity and finance for small and medium enterprises (SMEs).
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