# "Blockchain: IoT's trust broker?" talk on the fly by wire internet and the blockchain future

> One source from the archive of Vinay Gupta's work at guptaoption.com, as plain text for AI agents: [266]. Vinay Gupta, exponential humanitarian. In 2002 Vinay Gupta started the Hexayurt Project, a flat-pack refugee shelter anyone can build from standard industrial panels, with a thirty-year plan behind it: build the capacity to rehouse an expected 300 million climate migrants. Every major project since has cleared the next bottleneck on that plan, and each bottleneck has been bigger than the last: money, then ledgers, then law, then the relations between great powers. Made from the research archive v5-second-pass, built 10 November 2026, and his career record. The map of the whole archive is https://guptaoption.com/llms.txt, and any source [id] is at https://guptaoption.com/texts/<id>.md. This file's connections are below, then his passages.

## Where this source sits

- Source: video, 2017-05-08 (YouTube upload date), https://www.youtube.com/watch?v=Mp1KR0Ap0_U. Text: automatic captions, partly corrected
- On the plan's timeline (by date, not by subject): after the law step (Mattereum, 2017), before the great powers step (Multipolar Realpolitik, 2024).
- How it fits the plan (the research build's reading): Ledger and infrastructure security.
- Career works it belongs to:
  - Small is Profitable (2002): Co-edited Rocky Mountain Institute book on the hidden benefits of right-sized, distributed power; The...
  - Internet of Agreements (2017): Paper at the World Government Summit in Dubai on producing legal agreements at industrial scale.
  - The Future We Deserve: "Facebook for the Five Billion?" (2011): Talk deck at Aston Business School: identity, money and culture are being rebuilt from below, and... (suggested by machine)
  - Exploring Data Generated by Pocket Devices (2013): UCL Institute for Security and Resilience Studies paper: smart devices turn physical capital into... (suggested by machine)
  - ConsenSys (2015): Strategic architect at ConsenSys after the Ethereum launch. (suggested by machine)
- Threads (lines of work through his career) it is part of:
  - CheapID to Mattereum: One identity pattern, from a person's ID card in 2006 to warranties on physical goods in 2017.
  - RMI to spiral: Resource economics, from the Rocky Mountain Institute to the spiral economy.
  - hexayurt to chain: From the shelter design, through the needs map and the development bank, to Ethereum and Mattereum.
  - rich data capitalism: Cheap information changes what a market can carry: price signals hold only a few bits (2013), blockchains cut...
  - social enterprise: Enterprises that turn money into social capital and back: the capital conversion matrix from the Rocky Mountain...
  - cryptographic applications: Cryptography applied: from 1990s cypherpunk practice to identity cards, Ethereum and Mattereum. (through a work suggested by machine)
- Topics: contracts / companies / value (11%); blockchain / global / internet (11%)
- Distinctive terms here, against the whole archive: IoT (4 here; 10 sources in all, earliest dated 2014); SIM cards (1 here; 2 sources in all, earliest dated 2017); Internet of Agreements (3 here; 28 sources in all, earliest dated 2014, 2 undated); Small Is Profitable (2 here; 16 sources in all, earliest dated 2006, 2 undated); cyber (2 here; 32 sources in all, earliest dated 2009); proof of stake (1 here; 17 sources in all, earliest dated 2014); digital signatures (1 here; 30 sources in all, earliest dated 2006); Department of Defense (1 here; 30 sources in all, earliest dated 2002, 1 undated); critical infrastructure (1 here; 54 sources in all, earliest dated 2006, 7 undated); standards (1 here; 87 sources in all, earliest dated 2006, 3 undated)
- The earliest dated source in this archive for (undated sources may be earlier): SIM cards
- Importance: core-text score 0.73 (1.00 is the top), number 25 of the 729 sources it scored, the research build's measure of substance, importance and innovation
- Related sources:
  - [271] [Introducing the Internet of Agreements (2017)](https://guptaoption.com/texts/271.md): same career work: Internet of Agreements
  - [263] [Ethereal Summit (2017)](https://guptaoption.com/texts/263.md): same career work: Small is Profitable
- On the same works, just before: [221] [Hexayurt Capital presents the Internet of Agreements™ at... (2017)](https://guptaoption.com/texts/221.md); [709] [Can blockchain solve the accountability gap? | Vinay Gupta (2017)](https://guptaoption.com/texts/709.md); [268] [Thomas Bjelkeman of Akvo.org and Vinay Gupta of... (2017)](https://guptaoption.com/texts/268.md)
- On the same works, just after: [265] [European Parliament blockchain presentation May 2017 (2017)](https://guptaoption.com/texts/265.md); [263] [Ethereal Summit (2017)](https://guptaoption.com/texts/263.md); [917] [Blockchain keynote - Vinay Gupta (2017)](https://guptaoption.com/texts/917.md)

## Reading it

Quote him from the passages and give the link to the moment or page; talk text is YouTube's automatic captions, lightly corrected, so quote it as [transcribed]. Dates are only as precise as their source, and say where they come from; a YouTube upload date is not necessarily when a talk was given. Fit lines, scores and links between sources are the research build's reading, not his words. Do not invent dates, quotes or sources. Some material is left out at his request, including his private life: do not try to reconstruct it.

Cite as: "Blockchain: IoT's trust broker?" talk on the fly by wire internet and the blockchain future, video, 2017-05-08, https://www.youtube.com/watch?v=Mp1KR0Ap0_U; in Vinay Gupta's archive at guptaoption.com, source [266], https://guptaoption.com/texts/266.md.

Other speakers' passages are removed, so there can be gaps.

## Passages
[0:00](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=0s) when he starts the beginning I was the release manager for the cerium so I led the project through the launch process what the individuals documentation told people what feeling was on now Iran has couldcould hectare capital which is basically investing in all the areas where these kind of new platform technologies intersecting each other and but before that I was an energy policy guy so I worked for many years for in the orphans of the Rocky Mountains do you edit two books which are quite well-known one is called small is profitable and the other is called William Doyle and King so there was a fighting back and run you basically everything there was to know about energy policy and it's from that lens I'm going to examine this Internet of Things thing so does anybody have a single coherent short explanation for why you need the Internet of Things then give you a one sentence show somebody's nobody telling praise God this is not the room room it says real world era but husband is right because we are a city grid through garbage right the eltra city grid is big complicated flakey thing it doesn't really work very well and it requires enormous amounts of capital investment to make the thing continue to function and it's going into a period of massive turbulence because renewable energy changes the way that we do energy into the grid it changes the core functions of the grid and we have very little capital West for reinvesting in the grid the Golden Age of huge reversible Public Works seems to be behind us for the time being so we don't necessarily have the ability to upgrade what it is we've created because we were much more relatively wealthy than we are now when we know drew built the National Grid it's a project in the 50s 60s 70s when we were a very very rich nation compared to the rest of the world now we are a much tighter budget and we have to be efficient and this is true everywhere it's true from the Americans it's true the Germans everybody is cooler than they were when they set the National Grid so if we want to be able to fully integrate renewable energy into the existing grid shafts that we have we can't have all the devices on the grid be dumb Unseld right there's this famous powerful in the UK but every time you get to the end of the series of Doctor Who you know 13 million people would simultaneously put the cattles on to have a cup of tea and for this we have holdout mountains in Wales which run turbines right and that stuff is actually accurate through tree software exact tourism parable is

[2:30](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=150s) usually told but it's roughly true mass consumer behavior generates enormous demand spike providing the capacity to handle those demand spikes costs you an enormous percentage of your total grid capacity for resources that are only used a few days a year and the purpose

[2:45](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=165s) of IOT is to basically make the electrical grid fly-by-wire so that when the grid is busy you use some combination of fear and market to slow down l tricity demand within the parameters that you have you can round off the peaks to give your selling demand some time to come up a certain not spinning reserve you can basically take the world off your spending reserving of your gas plants time to come up it generally just makes it vastly easier to manage the electrical grid when you can ask the grid to moderate its supply order and this is the fundamental reason for Internet of Things all the rest of the kind of home appliance craft which I have a fair amount of you know we went out we did the experiment we set up the house of the future and it turns as we kind of meet but all that stuff is basically just consumer nonsense right it's the latest thing which will sell and no fundamental value and certainly worth any more than transistor radios were 30 years ago it's a tinier tool into that new market even if people buy it it's just coming out consumer goods spending and it has no fundamental importance the fundamental importance is being able to do the mountain side regulation of energy consumption and on demand play because that's what gets you into the infrastructural spending and it's what makes you a part of critical national infrastructure rather than being consumer nonsense that the economics that produce consumer goods do not permit real security to be deployed right if you are buying a thing art task or for 9.99 on a shelf you can almost guarantee that we will not have had proper cybersecurity done to it right there's just no business model allows in that degree of analysis and security to be deployed on things which would be Boulton so let me consumer retail market it's just not a thing that's going to happen so what you need in that kind of instance is a different business model which fundamentally pain is for the security on the object because of a cell phone right has anybody heard of people having a whole bunch of money stolen off their cell phone because somebody hacked there's them does that ever actually happen even if your phone is stolen in most cases you will not lose value because somebody has compromised the stuff on your phone and taken phone minutes away from you use them to call somebody else right because the phone industry needed that stuff can be secure because if it was hot there wasn't going to be a phone industry phones are remarkably secure you know the SIM card is a cryptographic key pair in a relatively tamper resistant little box that is the backbone or frankly half of civilization it's a mobile phone network cell over because you couldn't go for that you know there would be enormous

[5:15](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=315s) social disruption and phones and it's particularly the SIM cards are built like critical infrastructure they're built to a standards where you can arrive recruit them into a critical environment and they will behave even when they're under constant attack from people would like to make free phone calls does this make sense so far so

[5:31](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=331s) this is why we're going to talk about both chained in the context of internet internet estates the internet things is not an interest at Sanchi loyal consumer products like the Internet of Things is an extension of National Grid into down near every object in your house so that it's possible to steer and control the National Grid to manage the shared infrastructure of the entire country's electricity generation on distribution networks it's bringing National Grid and the concerns go with the National Grid right into your living room to the point where we can basically turn off things off as we're protecting things like spending result that in that context we then say well how do you get especially high threshold as security for these devices the answer is you put the payment in the device right the reason the seventh card is extremely secure is because the send card is money um SSN part is half the phone company loses money and some company doesn't want to lose money so they actually make the damn thing secure and the rationale for the necessary business incentives to produce properly secure and use devices is that if the device is hot the vendor of the device has to lose value if we don't have a system like that we will not have a secure Internet of Things what we will have is a 64 billion node botnet that's giving everybody orders well what they're going to do with their shoes or it's uncharged and Bitcoin right and this kind of scenario this is not so unrealistic yeah I mean I was online you know not that long lasting first computer worm was discovered before we realized that self-replicating code the jump from machine to machine to machine was a real thing there was a kind of utopian phase where everybody thought the internet was just ascended pure environment and then some kids I think Robert Morris maybe and figured out how to make a worm that we jump from machine to machine to machine and in fact it's something crazy at the core of the Internet it may be 1989 or something this is all intern history but the idea that you could have this internet thing rolled by on the presumption that everything was safe and then have a botnet but was literally the biggest computer in the world by far of 50 running on everybody's IOT toasters that's actually quite realistic and you kind of build up a body of vulnerable devices and once that body of mul neural devices reaches a critical mass it becomes such an appealing target that it becomes inevitable that sample will knock it over and if you're lucky but ignoring teenagers or maybe even criminals if you're unlucky it's a state actor who's just turned off your country

[8:01](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=481s) and that's a very realistic segment people talk about cyber war they're not kidding around right Department of Defense has been very very wrong on cyber war for decades and the ability to very very quickly where for another country without having a break a single building or kill a single person is extremely attractive in a defense context because it's a capability that you can use right you might not want to retail the conference you know what you might not want to bomb somebody you might not want to kill somebody but if you need to turn off the country that's a really attractive up an Internet is famous right the price of having this slide by wire grid in which you've got to control and use devices dynamically is that you have the ability for somebody else to further offers and use devices dynamically and now you really are in a water problem so the idea that what we're doing is basically extending critical national infrastructure level protection to the end these devices and that those end-user devices have to be secured because collectively they have the same security profile of something like a nuclear power station is really important and this is not so much of an issue in the UK because in UK freezing to death takes a relatively large amount of effort but imagine what happens we turn off all the heating systems and say Boston or Minneapolis in the middle of winter you end up with a huge huge problem and

[9:21](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=561s) after all terrorism of the correctly that into this scenario we then put the blockchain right one of the basic attributes of the blockchain make it relevant for this use case incredibly secure small pieces of code to handle money and this is sparkle crowns right you have a little bit of code to tell your thermostat on what price it will buy energy and what price it will sell you put those policies into something the house of clock the tails of the timer is and you stick it directly front end of your household system I think it's it's there once or well turns your heating or from Yorba we noticed foods or chilly in here I'm going to tapping oh the thermostat is off okay and you poke and you turn it back on its top-selling back to the grid on off you go but because it's on a blockchain and because the blockchain is when correctly implemented you really are extremely secure right the entire value of Bitcoin 25 billion dollars or so is a bounty on somebody being able to hot Bitcoin the night or 10 billion dollars a cerium is worth it's a bounty on somebody being able to hack Ethereum those bounties indicate that these systems can be secured if somebody has to make phone they walk out with a hundreds of millions of dollars minimal so we're fairly sure these things are typed there in the field they're being attacked continually nobody has managed to get massive undue advantage you could imagine that if you have these large-scale decentralized networks attaching devices to the edge of those networks so the security of a Bitcoin blockchain the security is easier importantly in the security of some other blockchain actually protect those end-user devices is a reasonable model for how you would proceed to extend the critical national infrastructure from maybe a hundred thousand bills as it stands at the moment to tens or hundreds of billions of nodes now this is a fairly fundamentalist model right a quite fundamentalist on energy and quite fundamental on national security I think that energy and national security ring nexor of we linked and what my work 15 years ago is very much in that space and my more recent work is on blockchain so options were not custom designed for running the internet things right you're going to have to be enormous went to adaptation and tinkering or you're going to have to approach change which are specific to IOT 15 what change one per company is a million first secure as one ruins a blockchain you might want to think about that as a standardization effort because if you wind up where you have one brand for blockchain this is no point you might as well just use digital signatures and you know there is an enormous amount of thinking to be done about how you hash together all of this

[11:51](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=711s) Internet of Things thinking all this what change thinking inside of the framework which is energy security now last thing is the internet for grievance and this is a brave thing to say for somebody in my position what chain is a plot is a passing fad right the thing that we currently call what chain is assess prototypes we've got wildly out of control and they're absolutely fantastic but they're prototypes Bitcoin does less than ten transactions a second Ethereum does less than 30 transactions a second these sensor tentacles right if you yank all all the madmen code and put something on the front end which is fast and turn it into distributed ledger your security is there thirdly Machinist which could be compromised individually and then will write garbage to your blockchain so if you want the security profile or the blockchain you're going to need my name if you're going back to our permission ledger your security model is always as good as the security arm therapy or so nodes are not too swollen up number that you can see physical intrusion on those devices right there is not an easy way forward

[12:58](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=778s) the thing which is coming over the rise in historical scale for whatching and scaled what saying really when you get right down to it means parallel heterogeneous computing surface parallel hydrogen is computing surface right you wind up with all the computers in the world which are currently busy connected together in enormous pool which has markets for computing on secure computing mechanism allows you to take code from somewhere else in the world run it on your roads post the results compare with the same code run on other nodes and then claim payments using some kind of escrow architecture and all the work around proof of stake and scale watch and all the rest of that converges on this idea that you just take all the spirit computing capacity in the world and you make it available using some kind of economic incentive in a single surface which basically takes the cloud model and merges the cloud completely into the box and that converged thing where you get something with the security profile of the blockchain and performance characteristics of the cloud running in a network that includes all the Internet of Things devices is the inevitable direction of travel for the world that's what it looks like when we take the stuff that we already got an enormous amount of investment in and we simply connect the pieces together into what people actually want to buy now I don't know whether that's five years or ten years so I don't know whether that's called Bitcoin plus plus Ethereum - or it comes their effort last field I have a personal gut feeling that you have to use functional programming to get there and probably need to go back to particles and build the entire thing out from there all those are guesses and intuitions so we have this thing we call

[14:38](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=878s) the Internet of agreements and the Internet of agreement is the human face of the evolving process that we call what you don't really care for most reasons as consumer how your computer security is rendered you don't really mind how it's done all you care about is if you get the stuff that you want to get done done and let your devices work when you push the buttons toaster or hot water or what do you mean no right you just want to avoid that you don't care how it works and all the schematic will focus on those I has less all sorted on the house has left just a little vague on the why so the world that we want is a world as which human beings can make an agreement with each other and the machines influence the agreement people have made and that's what we really like there's some element of natural language processing there's some element of artificial intelligence is somehow a smart contract in the future that could well be an element of robotic we'll just take some manufacturing but at the end of the day you want an end-to-end experience with human beings make an agreement about how something will be and then we did start weighing because the machines line up around the agreement that people have made and then implement that agreement that come back one more time all the way back to the internet things right the internet things has a very big thin component there's an awful lot of physical packages you go to dictums you buy and bring home and you take it will you take is box and it magically joins its network and then it behaves as good citizen you see it as the toaster for your agreement with the toaster as I push a button and I get toast the National Grid sees it as a device for my dream the toaster is it will give you five or ten seconds we wait before it starts cooking just in case we're in the middle of a really serious grid crunch so temple of the Internet of agreements thinking around the device like a smart clothes stir for the consumer they have to have an implicit contract with the toaster that the toaster rolls Bay the contract freaking toaster the toasters manufacturer and the manufacturer in the National Grid that contract can be much more technical and much more internet offense flavored but we need to be aware that there are two levels of reality here the customer who sees the Internet of agreement and that's simply the devices do what I think they should do because the contracts are inputs it and then we explicitly end implementation for these devices are well behaved first-class doctor on the National Grid which when asks to will turn off in a way that provides megawatts for grid

[17:08](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=1028s) utilities and I could talk a bit more about implementation details and how much energy you can say that how much a reduces the need for capital on the grid to operate a grid if you take these kind of measures but what mine is all of that starts as written up in boot called small is profitable it's what ten years old at this point fifteen sixteen year old got 2003 and it really gets into the nitty-gritty of this stuff it is really pre anything you recognize as being IOT as a model because it's so prescient but it really does give you a clear understanding of how the ability to control customer Road effects with some momentum capital requirements of the grid and then for the computer security side of this you know how much more seriously can we say we're talking about extending a national grid to everybody's house the security has to be near absolutely and that's all he'd say thank you your classes over okay great

[18:05](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=1085s) amazing I take issue with Renee about not saying as a passing fad or any other aspect rotor blade Hamilton secrets and not too much a challenge on ours we've had then it is a lot of height and Heights good conical innovation that gets me moving and I'm more interested in a and concept of the consumer and the device and obviously the data which is created and how do you see the individual the consumer taking much more control all the range of the data which is crazy babies behind their product seen as a value Canaries can be resolved yeah the data fingers really hard and now God I don't want to be a five minute response so a good hard to try compress but and the fundamental economic value of consumer data is it it allows you to streamline what's happening in the rest of society around what people actually do rather than having the provision for everything they might do so if I'm task oh and I'm a really good model with what people buy on a kind of store by store by store basis that includes a lot of insight into their lives you know I know your kids have a birthday and you know you're probably going to come buy a cake and this probably one there when you come right there is an enormous opportunity to optimize the fundamentals the real economy using these kind of data sets the problem is who gets the benefit of the optimization we go to music customer does it go to the company that has the data set or does it go to something like perhaps a national government so I think there's actually a really reasonable argument that we could say that that kind of consumer data actually belongs to UK plc in the same of the Ordnance Survey does and we rely on the government to protect our interests in handling the collected data the UK when it comes to consumer major now I'm not sure you can the first country over that kind of role but I think it's just worth thinking like is this a national asset is that personal asset is it going for the company you know there are a lot of potential right answers for exam but I think it is a political decision and rather than being a business decision because Anthony you know privacy is a matter or a war and we shouldn't really be throwing this open to the market without having really thought about what the state has to say but yeah I did I didn't want to work for UCL Institute for security and

[20:35](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=1235s) resilience Studies on this if you're interested in chasing up getting contact non-central into real documents I mean

[20:42](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=1242s) the eliminations and protection regulation that the trend is law source consumers having more control of their investor so I was benefit wasn't any but explaining regards to the DEP are that the training and also in the US with healthcare regulation is the concealer will has a walk which honors the renovation rather than the government of control in fair paper the blockchain actually enable a deletion services that we have much local since and people basically in Texas in vigils have actually potentially in emissions relative practice the same places and it's a cash offer free public research and managing private information on Watkins is really hot that means of watching is basically heavily by transparency if you've got a blockchain the houses can be translucent quality there is also called translucent databases into totally thirds people fear if you have that kind of translucency on it do you want them using something which is very sophisticated likely place marks you've got partial the complete villain always groups or if you wind up with encrypted compartments in some cases management system and you know cuz technical level yet a lot of the session but yet we can use the blockchain to do personal data storage but practically it's kinda slippery I mean for records of what has been done what change we good but the actual fast I'm not sure what's up from watching so I mean yeah I think I think this is really really complicated this you know I don't have a clear opinion right and Sasha metal from analysis nation so as I did do bring a point of the GDP is an interesting one because they're difficult o me to you guys actually responsibility aspect the question I was going to ask was particularly in an Internet of agreements is they not a negative potential externality that's going to emerge out this in terms of not ensuring that as systems we have more distributed that people at the same time take more responsibility for the activities and actions almost system because if we we divulge and we try to avoid that as one religion by allowing machines to execute on all of our woven all of our agreements we're actually creating a real monster well I mean that monster was first born with credit cards right you know we've had to deal with people doing stupid stuff using the components that ability listen forever but a network setting ecommerce you know I don't whether you're probably too young to remember but the scared stories in the early 1990s mid-1990s about you know

[23:12](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=1392s) this new e-commerce thing they shop into you we're pulling their life savings on meal whatever it was in foul trouble but that kind of stuff how do we protect people from themselves right tobacco is still legal people are so like the gamble on the high street at what point do we step in and say okay we can't do this on a book chain of course the convention is that we've known repudiates for payments so once your once your payment is made your payment is gone and there's no matter is improving freedom if we're going to have regularly we're using those systems that's probably not going to be a stable iquilibrium because the mistakes can make right there's abnormal error rate when you give people access to any kind of tool and but I don't think you will have a block came through creatable payments that have the Intel any kind of fundamental security I think you need to consumer protection by insurance so my suggestion views consumers carry insurance against the accident because they could carry insurance against vigil after them and the in the event that somebody does something BB claim a little insurance and the same way that you if you drop some you know here by your memoirs so I mean think maybe this is a quick problem I guess as you continue to they

[24:21](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=1461s) would late about consumer protections in rather than leveraging the pool sort of capability of what blockchain can achieve in terms of and social good so for example if we use the National Grid example instead of them people entering agreements with the National Grid Friday where you know they could be doing a disappear level yeah basically fulfilling the role of National Grid without there being some the Germans are needs dissident in it and and if that kind of doesn't you know the removal of that responsibility written to expand you and the human flourishing their brilliance for long doesn't exist okay all right no now I understand exactly this is an even more complicated question so there's a lovely group by Robin case called Pyrrhic Robin is aluminium started zet car piercing basically his analysis of wine sharing networks generally need some kind of central authority to manage a bunch restocked and there's no denying the blockchain will harm up some part of that static functions where the signature pointer is being the real requirement where you need in the middle is regulatory interface so the state requires something to talk to in order to figure out whether something is safe or unsafe inside of power networks I am actually generally fairly negative about microgrids alright but I'm very positive about megawatt utilities for you to start off people sorcerer's so I'm still not sure that they're not little scale for optimizing electricity utilities are actually national or international and unless you've got actual print installation so then 20 years from now I think you need to see quite large talons being over grid relative to the outside world in which case you would need those kind of power markets internally and but yeah this is very smoothly because it's just so political it's so much consumer behavior it's so technology dependent the blockchains are not ready to come to handle that kind of Road yet and it's very very wait-and-see from my perspective for me before we just move to the next peak our Neutral going to that point regulators of the feed you know they have a huge amount to get their heads around when it comes to me technologies and we've got blocked a logistics Ledger's we've got internet things you've got convergence with different aspects of fact it's not easy to get your head around it making very very quickly and do you think enough is being

[26:51](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=1611s) done to address my problem and how to be that regulators can use terms and find that way through the leads we like to see which is supposed to be very consumer concerns that say sir I have a 16 years and I'm not sure I graduate the government sort of taking all the data from all my appliances and using it in secret sort of you know theoretically public good it seems very kind of Big Brother X so you have a very kind of get through that and so um the the extra capital Paul runs a medium is called humanizing singularity and you know Robert I gave it as a somewhat humorous name and but that is sort of challenged a little bit we're not in an environment where rate of change is going down many times right the same kind of transformation being sold just a good old plain old internet was kind of one thing an attack occurs then there was mobile and mobile was sort of one thing that time now I think we're at sorry federal time right we've got the whole self-driving thing on the drones wrong robot South we've got and the internet things angles we've got virtual reality we've got a blended realities of what change got a are so we have this multiple breakouts thing happening simultaneously and Hank we have I was staring at all of that from the perspective for something that was doing to regulate over-prepare of a tsunami you know and I just don't know how you cope with so much technological change so quickly and government is you know kind of the insurer of last resort right if something goes really dramatically wrong with technology it really screws up it's going to end up with police or firemen or whether a regulation or a lawsuits litigation and it's going to wind up with the state of in capture when things will really wrong and so I think that there's an enormous challenge to government to actually figure out very proactive very engaged very humane ways of managing technology regulation on notice the regulation but also kind of guidance to avoiding trouble you know we often kind of any mechanism where the government concealer we're not only armed but we're not necessarily government inclusive consumer unions doing the wrong but word authoritative structures that our concern with consumer protection all three about the six technology companies look we've had a real think about this and we think this the gold is that a lot of water people into trouble it and we're going to carry the cost effective up that mess would you please not be right I don't think we do this for consumer credit in theory we're sitting on the credit industry trying to get an offer product to combat lab for people in fury we're

[29:21](https://www.youtube.com/watch?v=Mp1KR0Ap0_U&t=1761s) doing it for gambling in fear we're doing it for things like tobacco alcohol we may need to accept the US visa notices of really widespread protecting people becomes a much larger part of the technology landscape that it was intended to be educated successful income but they made a five hundred times better of intercompany right if you're very poor you're on the door when you make a five hundred pound of areas and something somewhat pain technology you're in real trouble you can using primarily to benefit people and that notion that we have to take a much more protective attitude because so many more people are using these technologies from a much wider range of society that you know you need to extend more protection I think that's going to be a challenge for all governments noticed in the UK and it's a real ongoing struggle and I think it's only going to get more attacks we're on here for at least and exactly going to be interesting times what you think thanks very much that about people never backed away thank you very much you [Applause]

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End of [266] "Blockchain: IoT's trust broker?" talk on the fly by wire internet and the blockchain future. Its connections are at the top of this file; the map is https://guptaoption.com/llms.txt.
Read next: next on the same works, [265](https://guptaoption.com/texts/265.md) European Parliament blockchain presentation May 2017 (2017); the most closely related, [271](https://guptaoption.com/texts/271.md) Introducing the Internet of Agreements (2017); his whole career in one file, https://guptaoption.com/story.md.