{"text":[[{"start":6.14,"text":"The writer is the co-founder of Ethereum and chief executive and founder of Consensys, a blockchain software company"}],[{"start":14.239999999999998,"text":"The modern financial system is undergoing a foundational stress test. Decades of globalisation combined with increasingly fragile institutions have given way to a period of volatility marked by inflation shocks, debt overhangs and declining confidence in centralised authorities. Cross-border payments remain inefficient, sovereign currencies face growing scrutiny, and trust — long held together by central banks and legal regimes — grows ever more fragile in a fragmented world."}],[{"start":47.28,"text":"This is not a transient crisis, but a signal of architectural fatigue."}],[{"start":52.27,"text":"A restructuring is required. In the 1990s, global information systems underwent their own architectural reset. New protocols like HTTP acted as rules that determined how computers communicated across networks. They created a common foundation that enabled co-ordination. The result was the internet: an open network that no one owns and everyone can use."}],[{"start":81.11,"text":"Financial systems have not yet experienced this sort of revolution. But blockchain-based systems, a new category of financial infrastructure, could facilitate one."}],[{"start":92.6,"text":"At their core, blockchain networks like ethereum and bitcoin enable the movement of value in the same way the internet enables the movement of information. You can store, transmit and manipulate real world value in a global digital context, sending it through blockchain transactions as easily as sending an email."}],[{"start":115.8,"text":"The newer class of blockchain-based networks, including smart contract application platforms, allow for the movement and management of digital assets like cryptocurrency, as well as proof of identity and contract agreements, without relying on traditional intermediaries."}],[{"start":134.53,"text":"Unlike payment networks, they are not run by individual corporations or governments, but by decentralised networks that use cryptography to come to a consensus on the veracity of the entries, and which then ensure that the transaction history recorded is tamper proof."}],[{"start":153.97,"text":"Institutions as varied as BlackRock, Apollo Global Management, Franklin Templeton and JPMorgan are already offering tokenised assets and settlement processes on blockchain. The technology is no longer speculative. It is operational."}],[{"start":170.17,"text":"Of course, early adopters engaging with blockchain infrastructure know that it requires ongoing technical evolution to scale and support global throughput and usability. The upgrades are complex. Still, ethereum has undergone over a dozen major upgrades since inception nearly 10 years ago without downtime or compromise of on-chain assets. The result is a platform that, while still evolving, has proven technically resilient and thus increasingly credible to institutions."}],[{"start":206.06,"text":"But beyond the technical design, the broader philosophical shift is noteworthy too. Decentralised systems reframe trust as something that can be embedded in infrastructure, not granted by institutions."}],[{"start":220.4,"text":"Trust can therefore be understood as a new kind of commodity, and decentralised trust is the highest octane, gold standard of that commodity. In a world where global co-ordination is increasingly difficult and political consensus is brittle, systems that minimise counterparty risk by design become more compelling."}],[{"start":244.04000000000002,"text":"This is not about replacing national currencies or eliminating banks. Rather, it’s about creating interoperable layers of financial infrastructure that can coexist with existing systems and offer a path to lower friction, broader access and stronger resilience for financial systems."}],[{"start":264.62,"text":"The use cases extend beyond capital markets. Digital identity, intellectual property rights, payment rails for emerging economies, even machine-to-machine transactions by autonomous AI agents will all require infrastructure that can operate beyond the constraints of national borders. Much of the world would not function without the internet; much of the future economy will not function without these blockchain-based networks."}],[{"start":294.22,"text":"Some perceptions of the cryptocurrency industry have been marred by speculative excess, price volatility and high-profile failures. But separating speculative assets from the infrastructure behind them is critical. The underlying protocols are defined by the quality of their design and their capacity to enable co-ordination."}],[{"start":316.27000000000004,"text":"We are entering a multi-polar world with contested governance and overlapping regulatory regimes. In that environment, neutral, programmable infrastructure is no longer a luxury. It is a necessity."}],[{"start":336.64,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1748475124_7975.mp3"}