How Are Companies Using Blockchain Today? #Blockchain Explained with Joe Lubin - #5

In the fifth part of this series, Joe discusses how any company that values and requires trust can utilize blockchain technology today. He explains, “blockchain 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 also explains that #financial industries have been the first to adopt blockchain because they recognize the power of tokenization, native digital assets, crypto derivatives, and new financial products. However, he explains that although the first use of blockchain technology was a cryptocurrency, financial institutions are now using blockchain and #Ethereum to build shared sources of truth and enhance existing infrastructure.

Joe elaborates on blockchain’s potential impact on the financial system, stating, “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 blockchain platforms, Lubin explains “content creators that can directly access their consumers are set to benefit quite dramatically.”

The Ethereum 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 describes social media’s clickbait driven nightmare that has absolved itself of truth or facts. Finally, he discusses 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 news focused newsrooms.

To learn more about ConsenSys visit: https://consensys.net/
Learn more about UJO Music: https://ujomusic.com/
Learn more about Civil: https://civil.co/
Follow Joe on Twitter for breaking blockchain insights: https://twitter.com/ethereumJoseph