Blockchain Revolution

Chapter 3: Reinventing Financial Services
1
. Estimates range from $87.5 million to $112 million (IMF).
2
. https://ripple.com/blog/the-true-cost-of-moving-money/.
3
. Interview with Vikram Pandit, August 24, 2015.
4
. www.nytimes.com/2015/07/12/business/mutfund/putting-the-public-back-in-public-finance.html.
5
. www.worldbank.org/en/topic/poverty/overview.
6
. http://hbswk.hbs.edu/item/6729.html.
7
. Interview with Hernando de Soto, November 27, 2015.
8
. http://corporate.westernunion.com/About_Us.html.
9
. Interview with Erik Voorhees, June 16, 2015.
10
. Paul A. David, “The Dynamo and the Computer: An Historical Perspective on the Modern Productivity
Paradox,” Economic History of Technology 80(2) (May 1990): 355–61.
11
. Joseph Stiglitz, “Lessons from the Global Financial Crisis,” revised version of a lecture presented at Seoul
National University, October 27, 2009.
12
. www.finextra.com/finextra-downloads/newsdocs/The%20Fintech%202%200%20Paper.pdf.
13
. www.bloomberg.com/news/articles/2015-07-22/the-blockchain-revolution-gets-endorsement-in-wall-street-
survey.
14
. www.swift.com/assets/swift_com/documents/about_swift/SIF_201501.pdf.
15
. https://lightning.network/.
16
. Interview with Chris Larsen, July 27, 2015.
17
. Interview with Austin Hill, July 22, 2015.
18
. Interview with Blythe Masters, July 27, 2015.
19
. Ibid.
20
. Ibid.
21
. Ibid.
22
. https://bitcoinmagazine.com/21007/nasdaq-selects-bitcoin-startup-chain-run-pilot-private-market-arm/.
23
. Interview with Austin Hill, July 22, 2015.
24
. July 2015 by Greenwich Associates; www.bloomberg.com/news/articles/2015-07-22/the-blockchain-
revolution-gets-endorsement-in-wall-street-survey.
25
. Blythe Masters, from Exponential Finance keynote presentation: www.youtube.com/watch?
v=PZ6WR2R1MnM.
26
. https://bitcoinmagazine.com/21007/nasdaq-selects-bitcoin-startup-chain-run-pilot-private-market-arm/.
27
. Interview with Jesse McWaters, August 13, 2015.
28
. Interview with Austin Hill, July 22, 2015.
29
. https://blog.ethereum.org/2015/08/07/on-public-and-private-blockchains/.
30
. Interview with Chris Larsen, July 27, 2015.
31
. Interview with Adam Ludwin, August 26, 2015.

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32
. Interview with Blythe Masters, July 27, 2015.
33
. Interview with Eric Piscini, July 13, 2015.
34
. Interview with Derek White, July 13, 2015.
35
. Ibid.
36
. Later, Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial
Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Société Générale, and Toronto
Dominion Bank; www.ft.com/intl/cms/s/0/f358ed6c-5ae0-11e5-9846-de406ccb37f2.html#axzz3mf3orbRX;
www.coindesk.com/citi-hsbc-partner-with-r3cev-as-blockchain-project-adds-13-banks/.
37
. http://bitcoinnewsy.com/bitcoin-news-mike-hearn-bitcoin-core-developer-joins-r3cev-with-5-global-banks-
including-wells-fargo/.
38
. http://www.linuxfoundation.org/news-media/announcements/2015/12/linux-foundation-unites-industry-
leaders-advance-blockchain.
39
. www.ifrasia.com/blockchain-will-make-dodd-frank-obsolete-bankers-say/21216014.article.
40
. http://appft.uspto.gov/netacgi/nph-Parser?
Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-
bool.html&r=1&f=G&l=50&co1=AND&d=PG01&s1=20150332395&OS=20150332395&RS=20150332395?
p=cite_Brian_Cohen_or_Bitcoin_Magazine.
41
. www.youtube.com/watch?v=A6kJfvuNqtg.
42
. Interview with Jeremy Allaire, June 30, 2015.
43
. Ibid.
44
. Ibid.
45
. Ibid.
46
. Heralded as another sign the industry was “growing up”; www.wsj.com/articles/goldman-a-lead-investor-in-
funding-round-for-bitcoin-startup-circle-1430363042.
47
. Interview with Jeremy Allaire, June 30, 2015.
48
. Interview with Stephen Pair, June 11, 2015.
49
. Alex Tapscott has consulted to Vogogo Inc.
50
. Interview with Suresh Ramamurthi, September 28, 2015.
51
. E-mail correspondence with Blythe Masters, December 14, 2015.
52
. Interview with Tom Mornini, July 20, 2015.
53
. These ideas were originally explored in The Naked Corporation by Don Tapscott and David Ticoll.
54
. Ibid.
55
. www.accountingweb.com/aa/auditing/human-errors-the-top-corporate-tax-and-accounting-mistakes.
56
. Ibid.
57
. Interview with Simon Taylor, July 13, 2015.
58
. Ibid.
59
. Interview with Jeremy Allaire, June 30, 2015.
60
. Interview with Christian Lundkvist, July 6, 2015.
61
. Interview with Austin Hill, July 22, 2015.
62
. Interview with Eric Piscini, July 13, 2015.
63
. www2.deloitte.com/us/en/pages/about-deloitte/articles/facts-and-figures.html.
64
. Interview with Eric Piscini, July 13, 2015.
65
. Ibid.
66
. Interview with Tom Mornini, July 20, 2015.
67
. Ibid.
68
. www.calpers.ca.gov/docs/forms-publications/global-principles-corporate-governance.pdf.
69
. Interview with Izabella Kaminska, August 5, 2015.
70
. http://listedmag.com/2013/06/robert-monks-its-broke-lets-fix-it/.
71
. The Right to Be Forgotten Movement is gaining steam, particularly in Europe: http://ec.europa.eu/justice/data-
protection/files/factsheets/factsheet_data_protection_en.pdf.
72
. www.bloomberg.com/news/articles/2014-10-07/andreessen-on-finance-we-can-reinvent-the-entire-thing.

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73
. http://www.nytimes.com/2015/12/24/business/dealbook/banks-reject-new-york-city-ids-leaving-unbanked-on-
sidelines.html.
74
. Interview with Patrick Deegan, June 6, 2015.
75
. Ibid.
76
. https://btcjam.com/.
77
. Interview with Erik Voorhees, June 16, 2015.
78
. www.sec.gov/about/laws/sa33.pdf.
79
. http://www.wired.com/2015/12/sec-approves-plan-to-issue-company-stock-via-the-bitcoin-blockchain/.
80
. http://investors.overstock.com/mobile.view?c=131091&v=203&d=1&id=2073583.
81
. https://bitcoinmagazine.com/21007/nasdaq-selects-bitcoin-startup-chain-run-pilot-private-market-arm/.
82
. James Surowiecki, The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective
Wisdom Shapes Business, Economies, Societies and Nations (New York: Doubleday, 2014).
83
. www.augur.net.
84
. From e-mail exchange with the Augur team: Jack Peterson, Core Developer; Joey Krug, Core Developer;
Peronet Despeignes, SpecialOps.
85
. Interview with Andreas Antonopoulos, December 8, 2014.
86
. Interview with Barry Silbert, September 22, 2015.
87
. Interview with Benjamin Lawsky, July 2, 2015.