Bill Tai: How Blockchain is Reconstructing Marketplaces

(lively music) – Great things have happened, when known markets with known behaviors, have been deconstructed to their basic elements and reassembled, for the modern era We're in the midst now, of kind of deconstructing and reconstructing marketplaces

I'm Bill Tai, I'm a venture capitalist and I'm an advisor to AirSwap In the operation of exchanges, what people really care about are liquidity, so they can get a transaction executed when they want, and security so they know that it happened and it didn't get hacked One of the reasons that the blockchain has such resiliency compared to a centralized system is, the centralized system it can work, but it's also a single point of failure The blockchain, because it's a distributed ledger where the recording of all those transactions isn't just happening in one place, it's written in thousands and thousands and thousands of places, it can't go down The nodes are spread around the world and if the power fails in a couple of them everything else is still running

So it's hard to hack because to try to replace or, erase and change the information, you'd essentially either have to take over every single one of those computers around the world, writing it down at the same time or you'd have to double the whole network all at once, which, it's really kind of impossible at the scale that is today So we're right now at that point where assets, because of the blockchain can be connected to a gigantic network, so every single asset in the hand of every single person can broadcast itself to find its buyer or seller, and we're in a world where, there's gonna be somebody that doesn't organize the world's information or people, like Google did or Facebook did, but organizes the world's assets It's an enormous market and I think the timing for this technology is perfect

Source: Youtube

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