tZero is raising $250 million, finishing up some acquisitions, and building an ecosystem to challenge Wall Street. tZero is the application of blockchain to capital markets or Wall Street and eliminate a lot of opportunities for fraud and manipulation. The platform integrates cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and auditability.
A year ago, they issued the world's first public blockchain security - common stock. A prominent Wall Street entity has said that 100% of the stocks and bonds being issued on Wall Street could be 100% tokenized in five years. That means the current architecture and systems of Wall Street will become obsolete over five years.
There have been a lot of suspect types of elements involved in bitcoin. But there are some criminals who used US dollars, too. But that shouldn't get people to overlook the fact that the underlying technology -blockchain - is going to remake civilization as we know it.
What people get wrong is the stories about silk road and people selling drugs on the internet and stuff, speculation, and market manipulation etc. But, the main event is the technology underlying it, this new type of technology called blockchain, which you can think of as like a ledger. That is a magic ledger. People can have copies of the ledger and when you change one place, it changes everywhere. And it's cryptographically protected and immutable. So we can finally have a version of the truth that is the truth. And we don't have to rely on third parties manipulating the reality to color our viewpoint. We know that the laws of mathematics have cryptographically protected it.
So we can totally protect credit cards, capital markets, land titling, birth and death records. There's all kinds of aspects of government that can be made foolproof and in a way so there's no corruption. So governments have started joining blockchain. Blockchain also gives society complete surveillance of government.
Blockchain is in its infancy and there are sure to be some learning curves, there always is with any technology, but there is no doubt it will have a profound effect on society, governing and business.
Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value. Eric Schmidt, Former CEO of Google