[MUSIC] For years I've echoed the very wise words of US Supreme Court Justice, Louis Brandeis. He said, sunlight is said to be the best disinfectant. In the world of blockchain, sunlight is what we call transparency. The ability to see all aspects of transactions is critical to insuring strong markets, corporations, and governments. Without transparency, corruption and scandals can grow and fester. Consider the infamous fall of Enron. Enron was an American energy commodities and services company, it was celebrated and emulated. At its pinnacle of success, everything came crashing down in 2001, why? Arguably, it was the lack of transparency. Enron falsified its balance sheet. And this led to the largest bankruptcy filing in American history, $74 billion gone. 85,000 jobs lost. And several C-Suite executives got criminal convictions. That was the heavy price that was paid. Distributed ledger technology can help prevent these kinds of frauds. Transactions on a blockchain have high transparency, whether they're pubic and permissionless like Bitcoin or Ethereum, or private and prermissioned, like Ripple or Hyperledger. This second era of the Internet, Internet of value, forces us to reconsider the benefits and challenges of public knowledge about transactions and contracts. In this module, you'll learn the differences between public and private blockchains, protecting privacy in both types, and the procedural and technological methods for ensuring security. Transparency is the theme of Blockchain Revolution, the book that I wrote with Alex Tapscott. If you want to focus on corporate transparency, then you can checkout a book I wrote not long after the Enron scandal, with my co-author, David Ticoll. The book was called Naked Corporation. How the Age of Transparency Will Revolutionize Business. If you have any questions throughout this module, please check out the discussion forum. Next, we introduce the benefits of shared knowledge. On behalf of academic partner, INSEAD, thank you for your contributions to the course.