Summary of How the Blockchain Will Radically Transform the Economy

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8 Overall

8 Importance

7 Innovation

8 Style


Blockchain researcher Bettina Warburg presents a polished overview of blockchain technology, which she illustrates with simple graphics and anchors in a narrative of economic history. However, her methodical lecture doesn’t mention any drawbacks or objections to the blockchain. That omission aside, getAbstract recommends this video to anyone interested in liberty, economic security, trade or how technology affects society.

In this summary, you will learn

  • How humans developed formal and informal mechanisms to reduce uncertainty in trade,
  • How the blockchain eases this uncertainty in three ways, and
  • Why this technology will bring an economic revolution.

About the Speaker

Trained as a political scientist, Bettina Warburg is a blockchain researcher.



When humans trade with one another, they face uncertainties. According to the late economist Douglass North, people developed “institutions” such as written laws and bribery to reduce those uncertainties. Hunter-gatherers traded within their own villages, so they used informal guidelines. As the economy grew, people formalized trade though banks and governments. These institutions moved to the digital world after the web emerged. The blockchain is the next evolutionary phase. The technology lets people trade with more certainty – and without involving governments. This innovation will reshape the economy.

The blockchain is a “decentralized database” that stores a “

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