In this eight-part series the Co-founder of , Joseph Lubin talks about key concepts in technology, , and ConsenSys. Each week we’ll release a new video in the series!
In this series, Joseph Lubin — Co-Founder of and Founder of ConsenSys — discusses key concepts in technology.
In the fifth part of this series, Joe discusses how any company that values and requires trust can utilize technology today. He explains, “ moves us from a world of subjective trust to a world of automated trust and guaranteed execution.” Additionally, he mentions how removing intermediaries will enable companies to interact directly with their consumers.
Joe explains that financial industries have been the first to adopt because they recognize the power of tokenization, native digital assets, crypto derivatives, and new financial products. Furthermore, he states that although the first use of technology was a , financial institutions are now using and to build shared sources of truth and enhance existing infrastructure.
When discussing ’s potential impact on the financial system, Joe remarks, “You could have a body of different financial actors that are custodians of a protocol but don’t necessarily have to be custodians of the physical assets because a much more robust system is a decentralized system.”
He switches industries, highlighting how record companies capture most of the value generated by artists. Joe describes ConsenSys startup, Ujo Music, which has developed a platform that gives artists the ability to capture revenue for their work through the use of smart contracts. Noting the benefits of open platforms, Lubin mentions “content creators that can directly access their consumers are set to benefit quite dramatically.”
The co-founder pivots to discuss the journalism industry, specifically how private equity firms and hedge funds have bought local newspapers and TVs stations to pump content without regard for ethical practices. Joe laments on social media’s clickbait driven nightmare that has absolved itself of truth or facts. Finally, he examines Civil, a ConsenSys company that is working to bring content to the consumer without commercial intermediaries. Joe explains how Civil enables ethical journalism and incentivizes real focused newsrooms.
Tune in next week for a deeper dive into the world of decentralization, and find out who can benefit from technology!
Published at Tue, 12 Mar 2019 19:09:18 +0000
