The Power Of Decentralization In Blockchain

The most exciting thing about blockchain is the concept of decentralization. This is a powerful idea—that business transactions can take place worldwide without a central authority governing them. The idea launched a transformative technology that will go far beyond currency and economics.

I was privileged to participate as a panelist at the sold-out University of Toronto Faculty of Engineering BizSkule event on Blockchain, Decrypting the New Economy. The audience was very interested in the technological and sociological impact of blockchain technology, and there will be many.

Key takeaways were:

• The decentralization of blockchain can be a difficult concept to deal with. Blockchain has none of the hierarchies that we become accustomed to in government and business. The technology crosses borders and can be used in many innovative ways. It is a shift in thinking—that instead of a central authority—the code of blockchain itself will set the game rules.