In this lesson, we'll talk about the future of blockchain stewardship. We also offer up some suggestions for blockchain stakeholders to help make sure that blockchain does have a future. Because we think the future is not something to predict, it's something to achieve, we all need to get involved. We think the key to blockchain's future can be found in its past and the stewardship of that other disruptive technology, the Internet. It's good that the blockchain's beginning was as unfettered as the Internet's, not governed by nations, or by state-based institutions, or by corporations. The early days of blockchain were unregulated like the Internet of days past, where innovation soared and a whole ecosystem grew. Yes, eventually, regulation found the Internet, and today there are laws across the globe concerning things like spam, privacy, and net neutrality. Those regulations are important and can be beneficial to society. As the Internet grew and entered the mainstream, the public wanted some control. But that first hands-off approach was equally beneficial to the newborn technology at the time. Such an approach has worked for blockchain as well. Now blockchain's ecosystem has matured a bit. It's time to make sure this technology last. Blockchain's next era may require even more government involvement than did the Internet. There's a reason for that. The Internet of information deals with just that, data. Blockchain, as the Internet of value, deals in assets, money, identity, land, diamonds, things of value that are critical to the economy. That's why there's a more immediate public interest in blockchain regulation. Still how the Internet's governed as a global resource remains the best model for blockchain governance. Blockchain needs to be self-governed primarily using a multi-stakeholder approach. We call this approach the use of global solution networks. Now this is a concept we developed years ago while thinking about the networks for global problem-solving. This is in a previous large multi-million dollar research program that we lead. Since then we've hosted roundtables and key players in the blockchain ecosystem. We dubbed the subsequent paper on blockchain stewardship, the Muskoka Group Manifesto since we held this meeting on Lake Muskoka in Ontario Canada. We also wrote a white paper on blockchain governance for the World Economic Forum. Blockchain Research Institute faculty explored the subject as well and produced some actionable material and a number of reports. We came to some important conclusions about just where the Internet and blockchain diverged in their governance needs. The Internet is a network of similar networks, but there's not yet a "blockchain of block chains." It's split up at the basic platform or protocol level. The Internet of value requires stewardship and not just the one but three distinct levels. These are the platform level, the application level, and the ecosystem level. The platform level calls for self-governance. Platforms should develop standards, use cases, and robust roll-out. We have seen vital movement on this level in recent years, the bitcoin community fort and applies different solutions for scalability. The Lightning Network sees rapid expansion and development. Ethereum has already tested its crisis management by consensus and plans a proof-of-stake roll-out, and Hyperledger calls for urgency around standards with a measured approach. That's the platform level. At the application level, various blockchain consortium have come together. Brands like FedEx or Pepsi have joined with industry partners and even their competitors to develop standards and common applications. The enterprise Ethereum Alliance works to build application level standards for platforms using Ethereum and the overall ecosystem level as networks like the Blockchain Research Institute creating and circulating knowledge. This level is also home to advocacy groups like the Global Blockchain Business Council or the Chamber of Digital Commerce. So, we can apply our global solutions framework to each of these levels, and here are our actions stake holders can take. First, use standard networks to codify your common ground. Second, use network institutions' complex organizations that do many things to welcome stakeholders with radically diverse views on what needs to be done. Third, use advocacy networks to respect each other's interests and constraints, and to advocate for the right thing to do. Fourth, watchdog networks can be used to make sure no one does any harm. Fifth, use policy networks to join policy debates and coordinate regulation. Six, use knowledge networks, networks that create and extend knowledge to get up to speed. Last, use what we call delivery networks to keep incentives for mass collaboration in mind. This is all critical work. No stake holders immune to technical challenges are bad legislation. Blockchains stewardship will influence all levels and affect everyone in the ecosystem whether they're a provider or a user. If you've got questions or thoughts about this session, please check out the discussion forum. For more on blockchain stewardship, see the final chapter of blockchain revolution or the section on governance and leadership for the new era in the preface to the paperback edition of the book. On behalf of my coauthor, Alex Tapscott and our academic partner INSEAD, congrats on finishing this module, and thanks muchly for joining us.
