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1 also BYDon TapscottParadigm Shift: The New Promise of Information Technology (1993)Coauthor, Art CastonThe Digital Economy: Promise and Peril in the Age of Networked Intelligence (1995)Growing Up Digital: The Rise of the Net Generation (1997)Who Knows: Safeguarding Your Privacy in a Networked World (1997)Coauthor, Ann CavoukianDigital Capital: Harnessing the Power of Business Webs (2000)Coauthors, David Ticoll and Alex LowyThe Naked Corporation: How the Age of Transparency Will Revolutionize Business(2003)Coauthor, David TicollWikinomics: How Mass Collaboration Changes Everything (2006)Coauthor, Anthony D. WilliamsGrown Up Digital: How the Net Generation Is Changing the World (2008)Macrowikinomics: New Solutions for a Connected Planet (2010)Coauthor, Anthony D. WilliamsAn imprint of Penguin Random House LLC375 Hudson StreetNew York, New York 10014 Copyright 2016 by Don Tapscott and Alex TapscottPenguin supports copyright. Copyright fuels creativity, encourages diverse voices, promotes free speech,and creates a vibrant culture.

2 Thank you for buying an authorized edition of this book and for complyingwith copyright laws by not reproducing, scanning, or distributing any part of it in any form withoutpermission. You are supporting writers and allowing Penguin to continue to publish books for every : 9781101980132 International edition ISBN: 9780399564062 ISBN: 9781101980156 (ebook)While the author has made every effort to provide accurate telephone numbers, Internet addresses, andother contact information at the time of publication, neither the publisher nor the author assumes anyresponsibility for errors or for changes that occur after publication. Further, the publisher does not have anycontrol over and does not assume any responsibility for author or third-party Web sites or their Ana Lopes and Amy Welsman for enabling this book, and for understandingthat it s all about the blockchain. A masterpiece. Gracefully dissects the potential of blockchain technology to take on today s most pressing globalchallenges.

3 Hernando De Soto, Economist and President, Institute for Liberty and Democracy, Peru The blockchain is to trust as the Internet is to information. Like the original Internet, blockchain has potential totransform everything. Read this book and you will understand. Joichi Ito, Director, MIT Media Lab In this extraordinary journey to the frontiers of finance, the Tapscotts shed new light on the blockchainphenomenon and make a compelling case for why we all need to better understand its power and potential. Dave McKay, President and CEO, Royal Bank of canada Deconstructs the promise and peril of the blockchain in a way that is at once accessible and erudite. BlockchainRevolution gives readers a privileged sneak peak at the future. Alec Ross, author, The Industries of the Future If ever there was a topic for demystification, blockchain is it. Together, the Tapscotts have achieved thiscomprehensively and in doing so have captured the excitement, the potential, and the importance of this topic toeveryone.

4 Blythe Masters, CEO, Digital Asset Holdings This is a book with the predictive quality of Orwell s 1984 and the vision of Elon Musk. Read it or becomeextinct. Tim Draper, Founder, Draper Associates, DFJ, and Draper University Blockchain is a radical technological wave and, as he has done so often, Tapscott is out there, now with son Alex,surfing at dawn. It s quite a ride. Yochai Benkler, Berkman Professor of Entrepreneurial Legal Studies, Harvard Law School If you work in business or government, you need to understand the blockchain revolution. No one has written amore thoroughly researched or engaging book on this topic than Tapscott and Tapscott. Erik Brynjolfsson, Professor at MIT; coauthor of The Second Machine Age An indispensable and up-to-the-minute account of how the technology underlying bitcoin could and should unleash the true potential of a digital economy for distributed prosperity. Douglas Rushkoff, author of Present Shock and Throwing Rocks at the Google Bus Technological change that used to develop over a generation now hits us in a relative blink of the eye, and no onetells this story better than the Tapscotts.

5 Eric Spiegel, President and CEO, Siemens USA Few leaders push us to look around corners the way Don Tapscott does. With Blockchain Revolution he and hisson Alex teach us, challenge us, and show us an entirely new way to think about the future. Bill McDermott, CEO, SAP SE Blockchain Revolution is a brilliant mix of history, technology, and sociology that covers all aspects of theblockchain protocol an invention that in time may prove as momentous as the invention of printing. James Rickards, author of Currency Wars and The Death of Money Blockchain Revolution serves as an atlas to the world of digital money, masterfully explaining the currentlandscape while simultaneously illuminating a path forward toward a more equitable, efficient, and connectedglobal financial system. Jim Breyer, CEO, Breyer Capital Blockchain Revolution is the indispensable and definitive guide to this world-changing technology. Jerry Brito, Executive Director, Coin Center Incredible.

6 Really incredible. The Tapscotts examination of the blockchain as a model for inclusion in anincreasingly centralized world is both nuanced and extraordinary. Steve Luczo, Chairman and CEO, Seagate Technology Makes a powerful case for blockchain s ability to increase transparency but also ensure privacy. In the authors words, The Internet of Things needs a Ledger of Things. Chandra Chandrasekaran, CEO and Managing Director, Tata Consultancy Services The epicenter of trust is about to diffuse! The definitive narrative on the revolutionary possibilities of adecentralized trust system. Frank D Souza, CEO, Cognizant Identifies a profound new technology movement and connects it to the deepest of human needs: trust. Thoroughlyresearched and provocatively written. Every serious businessperson and policy maker needs to read BlockchainRevolution. Brian Fetherstonhaugh, Chairman and CEO, OgilvyOne Worldwide Blockchain Revolution sets the table for a wave of technological advancement that is only just beginning.

7 Frank Brown, Managing Director and Chief Operating Office, General Atlantic A must read. You ll gain a deep understanding of why the blockchain is quickly becoming one of the mostimportant emerging technologies since the Internet. Brian Forde, Director of Digital Currency Initiative, MIT Media Lab Blockchain technology has the potential to revolutionize industry, finance, and government a must read foranyone interested in the future of money and humanity. Perianne Boring, Founder and President, Chamber of Digital Commerce When generational technology changes the world in which we live, we are truly fortunate to have cartographerslike Don Tapscott, and now his son Alex, to explain where we re going. Ray Lane, Managing Partner, GreatPoint Ventures; Partner Emeritus, Kleiner Perkins Don and Alex have written the definitive guidebook for those trying to navigate this new and promising frontier. Benjamin Lawsky, Former Superintendent of Financial Services, State of New York; CEO of TheLawsky Group Blockchain Revolution is an illuminating, critically important manifesto for the next digital age.

8 Dan Pontefract, author of The Purpose Effect; Chief Envisioner, TELUS The most well-researched, thorough, and insightful book on the most exciting new technology since the work of exceptional clarity and astonishingly broad and deep insight. Andreas Antonopoulos, author of Mastering Bitcoin Blockchain Revolution beautifully captures and illuminates the brave new world of decentralized, trustlessmoney. Tyler Winklevoss, Cofounder, Gemini and Winklevoss Capital A fascinating and reassuring insight into a technology with the power to remake the global economy. What aprize. What a book! Paul Polman, CEO, UnileverCONTENTSAlso by Don TapscottTitle PageCopyrightDedicationPraise for Don Tapscott and Alex TapscottAcknowledgmentsPART I: Say You Want a RevolutionCHAPTER 1: The Trust ProtocolIn Search of the Trust ProtocolHow This Worldwide Ledger WorksA Rational Exuberance for the BlockchainAchieving Trust in the Digital AgeReturn of the InternetYour Personal Avatar and the Black Box of IdentityA Plan for ProsperityPromise and Peril of the New PlatformCHAPTER 2: Bootstrapping the Future: Seven Design Principles of theBlockchain EconomyThe Seven Design Principles1.

9 Networked Integrity2. Distributed Power3. Value as Incentive4. Security5. Privacy6. Rights Preserved7. InclusionDesigning the FuturePART II: TransformationsCHAPTER 3: Reinventing Financial ServicesA New Look for the World s Second-Oldest ProfessionThe Golden Eight: How the Financial Services Sector Will ChangeFrom Stock Exchanges to Block ExchangesDr. Faust s Blockchain BargainThe Bank App: Who Will Win in Retail BankingGoogle Translate for Business: New Frameworks for Accounting and CorporateGovernanceReputation: You Are Your Credit ScoreThe Blockchain IPOThe Market for Prediction MarketsRoad Map for the Golden EightCHAPTER 4: Re-architecting the Firm: The Core and the EdgesBuilding ConsenSysChanging the Boundaries of the FirmDetermining Corporate BoundariesCHAPTER 5: New Business Models: Making It Rain on the BlockchainbAirbnb Versus AirbnbGlobal Computing: The Rise of Distributed ApplicationsThe DApp Kings: Distributed Business EntitiesAutonomous AgentsDistributed Autonomous EnterprisesThe Big Seven: Open Networked Enterprise Business ModelsHacking Your Future: Business Model InnovationCHAPTER 6: The Ledger of Things: Animating the Physical WorldPower to the PeopleThe Evolution of Computing.

10 From Mainframes to Smart PillsThe Internet of Things Needs a Ledger of ThingsThe Twelve Disruptions: Animating ThingsThe Economic PayoffThe Future: From Uber to SUberHacking Your Future for a World of Smart ThingsCHAPTER 7: Solving the Prosperity Paradox: Economic Inclusion andEntrepreneurshipA Pig Is Not a Piggy BankThe New Prosperity ParadoxRoad Map to ProsperityRemittances: The Story of Analie DomingoBlockchain Humanitarian AidSafe as Houses? The Road to Asset OwnershipImplementation Challenges and Leadership OpportunitiesCHAPTER 8: Rebuilding Government and DemocracySomething Is Rotten in the StateHigh-Performance Government Services and OperationsEmpowering People to Serve Selves and OthersThe Second Era of DemocracyBlockchain VotingAlternative Models of Politics and JusticeEngaging Citizens to Solve Big ProblemsWielding Tools of Twenty-first-Century DemocracyCHAPTER 9: Freeing Culture on the Blockchain: Music to Our EarsFair Trade Music: From Streaming Music to Metering RightsArtlery for Art Lovers: Connecting Artists and PatronsPrivacy, Free Speech, and Free Press on the BlockchainGetting the Word Out: The Critical Role of EducationCulture on the Blockchain and YouPART III: Promise and PerilCHAPTER 10: Overcoming Showstoppers: Ten ImplementationChallenges1.