Blockchain Revolution

Blockchain Implications: Originally, the Bitcoin Foundation funded
development of the bitcoin core protocol, the common standards used by the
community. However, the near-collapse of the foundation (precipitated by
mismanagement and waste) proved the need for networked governance solutions.
Recognizing the profound importance of this technology and the need for careful
stewardship and nurturing, MIT created the Digital Currency Initiative, which has
since bankrolled the bitcoin core developers so they can continue their work. “We
stepped in immediately and provided them with positions at the MIT media lab, so
they could continue to independently work on supporting the core development of
bitcoin,” said Brian Forde.
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For the core developers, their ability to work
autonomously was central to the design.
Gavin Andresen is among the core developers working at MIT. He believes
leadership is required to move the agenda forward on common standards, such as the
much-debated block-size question. “Maybe you can design light socket set waves by
committee, but you can’t design software standards that way,” he suggested. Pointing
to the early days of the Web, Andresen said, “The Internet model shows that you can
have technologies where consensus does arise, even though there’s no one clear
leader,” but that “you can either have a person or a process that ends in a person. You
definitely need one or the other.”
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Consensus mechanisms alone can’t support
standards developments.
Scalingbitcoin.org is an organization that convenes engineers and academics to
address major technical issues, including standards questions. Pindar Wong, who
chairs the planning committee for Scalingbitcoin.org (among his many other
important leadership roles), has been a key leader in convening key stakeholders and
clearing technical logjams in the sector. In financial services, both R3 and the
Hyperledger Project are tackling critical standards issues. Invariably, there will have
to be standards networks on a variety of things, from the blockchain protocol that
forms the basis of the financial services industry of the future, to common standards
for privacy and payments in the Internet of Things.

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While each of these groups attacks the problem from different angles and with
different agendas, each shares a common goal to make this technology ready for
prime time—by building infrastructure, developing standards, and making it scalable.
8.
Networked Institutions
Some networks provide such a wide range of capabilities that we describe them as
“networked institutions.” They are not state-based but true multistakeholder networks.
The value they generate can range from knowledge, advocacy, and policy to actual
delivery of solutions.