0:00:05.171,0:00:08.216
I think non-financial[br]use cases of blockchain are just emerging.

0:00:08.258,0:00:11.970
The biggest such application[br]currently are NFTs or non-fungible tokens,

0:00:12.220,0:00:16.808
which represent unique assets,[br]things like collectibles primarily today.

0:00:17.017,0:00:20.270
But there's been an explosion[br]of representing other types of assets,

0:00:20.270,0:00:24.274
things like carbon credits, real estate[br]securities and those kinds of things.

0:00:24.315,0:00:27.861
Fundamentally,[br]you can think of blockchain as creating

0:00:28.319,0:00:33.283
more efficient usage[br]or exchanges in almost any arena.

0:00:33.324,0:00:36.536
One way to use[br]blockchain is to track energy

0:00:36.703,0:00:40.415
and how it's used throughout a grid[br]and being able to then

0:00:40.665,0:00:44.544
help people figure out how to use it[br]much more efficiently.

0:00:45.295,0:00:49.174
Any time where there's like a contract,[br]the participants

0:00:49.174,0:00:50.717
they need some level of trust, right?

0:00:50.717,0:00:52.802
And usually we bring in lawyers[br]to do that, and that's great.

0:00:52.844,0:00:54.387
Lawyers are an awesome solution to that.

0:00:54.387,0:00:56.056
They're also an expensive solution[br]to that.

0:00:56.056,0:00:57.974
Blockchains can create situations.

0:00:57.974,0:01:00.226
They can't solve every problem,[br]but they can create situations

0:01:00.226,0:01:03.104
where we don't necessarily[br]need a lawyer to be involved

0:01:03.354,0:01:07.192
because things that the lawyer would take[br]care of can happen on the blockchain

0:01:07.192,0:01:08.818
in a way that everyone can trust.

0:01:08.818,0:01:10.820
Currently,[br]when we upload photos or videos,

0:01:11.029,0:01:13.156
we don't actually have ownership[br]over that data.

0:01:13.364,0:01:16.910
So there's a huge opportunity in terms of[br]how do we communicate with people that we

0:01:16.910,0:01:18.828
love, but also how do we create online?

0:01:20.622,0:01:21.289
What excites me

0:01:21.289,0:01:25.085
most about blockchain is the opportunity[br]to deal with the wealth gap.

0:01:25.168,0:01:28.421
Blockchain enables opportunity[br]because in this space

0:01:28.421,0:01:32.801
we get to de-identify ourselves[br]and now I'm able to interact with people

0:01:33.134,0:01:37.263
anonymously or pseudo anonymously,[br]just as a series of numbers.

0:01:37.305,0:01:42.435
My public key and I can participate[br]in any type of use cases that I want

0:01:42.685,0:01:46.356
without having that regulation[br]preventing me simply because

0:01:46.815,0:01:50.527
I'm of a particular demographic[br]or a particular gender.

0:01:50.568,0:01:55.156
My hope for the future of blockchain[br]is that we find ways

0:01:55.156,0:01:59.285
to solve problems[br]that we haven't been very good at solving.

0:01:59.285,0:02:02.831
Financial inclusion’s[br]an obvious one blockchain technology

0:02:03.123,0:02:05.917
either by itself will solve this problem

0:02:06.209,0:02:11.631
or it will push governments[br]to put in more sensible regulation,

0:02:11.965,0:02:17.512
to have more sensible policies on access[br]that will solve the problem.

0:02:17.887,0:02:19.973
The thing that keeps me up at night[br]that I'm really worried about

0:02:19.973,0:02:23.351
is that we will wind up,[br]whether accidentally or deliberately,

0:02:23.351,0:02:28.231
rebuilding the same biases[br]that we have in our existing system.

0:02:31.734,0:02:32.569
There definitely are

0:02:32.569,0:02:35.697
environmental impacts[br]when it comes to blockchain technology.

0:02:35.947,0:02:40.451
With Bitcoin, it's proof of work, and[br]proof of work requires energy consumption.

0:02:40.660,0:02:44.414
But the value that Bitcoin brings is much[br]higher than that energy consumption.

0:02:44.622,0:02:47.709
The environmental impacts are disastrous.

0:02:47.709,0:02:52.422
In the case of the proof of work[br]technologies, that’s bitcoin as an example.

0:02:52.505,0:02:55.508
So proof of stake[br]is another form of consensus system.

0:02:55.633,0:02:58.678
We have stakeholders that stake on a

0:02:58.887,0:03:02.015
on a blockchain[br]to say that this block is valid.

0:03:02.390,0:03:06.311
So using proof of stake, we're actually[br]not expanding any electricity usage.

0:03:06.477,0:03:09.189
A lot of people believe that[br]it's less decentralized.

0:03:09.230,0:03:12.150
So I think you're going to see blockchain[br]reducing its own carbon footprint.

0:03:12.358,0:03:13.776
Meanwhile, providing

0:03:13.776,0:03:16.571
technologies and abilities[br]that will help improve things outside

0:03:16.571,0:03:17.405
of the blockchain space.

0:03:19.824,0:03:20.909
I believe that cryptocurrency

0:03:20.909,0:03:24.120
and blockchain are going to continue[br]to grow and be widely adopted.

0:03:24.162,0:03:25.663
It's true that it goes through cycles.

0:03:25.663,0:03:28.082
Sometimes we'll see a massive run up[br]and then a correction.

0:03:28.541,0:03:31.211
But if you zoom out over these[br]from one cycle to the next,

0:03:31.336,0:03:34.047
it continues to grow[br]at a really rapid pace.

0:03:34.297,0:03:38.009
My biggest concern with blockchain[br]technology is that it's developing

0:03:38.009,0:03:42.555
very fast, but the regulators and[br]governments don't really understand it.

0:03:42.847,0:03:44.974
They don't know how to regulate it.

0:03:45.016,0:03:48.686
They will eventually, but short term,[br]they don't.

0:03:48.853,0:03:53.858
And it's important to agree[br]across countries, not just in one country.

0:03:53.858,0:03:55.235
It's already become a

0:03:55.235,0:03:58.613
an underlying layer for lots of systems[br]and applications worldwide.

0:03:58.905,0:04:02.033
And so it's pretty difficult to,[br]at this point, stop using blockchains.

0:04:02.116,0:04:06.204
Do I think decentralized, permissionless[br]open networks are here to stay?

0:04:06.246,0:04:07.538
I certainly hope so.

0:04:07.538,0:04:09.999
And I think Bitcoin's demonstrated[br]that they are at least

0:04:10.083,0:04:12.460
at what seems to be over[br]a decade in existence.

0:04:12.877,0:04:14.587
Will the new ones survive?

0:04:14.587,0:04:15.838
It's really anybody's guess.

0:04:15.838,0:04:18.424
It's impossible to know. For any new thing

0:04:18.466,0:04:20.260
we need a lot of evidence to believe that

0:04:20.260,0:04:22.303
it's really going[br]to be the next big thing.

0:04:22.303,0:04:24.639
And in the case of blockchain,[br]we just don't have that evidence yet.

0:04:24.847,0:04:27.225
Blockchain's Helping push the technology.

0:04:27.225,0:04:29.602
It's pushing[br]ideas, it's pushing competition.

0:04:30.103,0:04:32.188
But sometimes the first mover

0:04:32.730,0:04:35.400
isn't the one who wins.