full transcript

From the Ted Talk by Don Tapscott: How the blockchain is changing money and business

Unscramble the Blue Letters

So to understand what a radical change this is going to bring, let's look at one industry, financial services. Recognize this? Rube Goldberg mhciane. It's a rcsiduilluoy complicated machine that does something really simple, like crack an egg or shut a door. Well, it kind of reminds me of the financial scvereis isurdnty, hnsotley. I mean, you tap your card in the corner store, and a bitstream goes through a dozen cnemapois, each with their own computer system, some of them being 1970s mainframes older than many of the people in this room, and three days later, a settlement occurs. Well, with a blockchain financial industry, there would be no settlement, because the payment and the settlement is the same activity, it's just a change in the ledger. So Wall Street and all around the world, the financial industry is in a big upheaval about this, wrindneog, can we be rpleaecd, or how do we embrace this tnhgcooely for success?

Open Cloze

So to understand what a radical change this is going to bring, let's look at one industry, financial services. Recognize this? Rube Goldberg _______. It's a ____________ complicated machine that does something really simple, like crack an egg or shut a door. Well, it kind of reminds me of the financial ________ ________, ________. I mean, you tap your card in the corner store, and a bitstream goes through a dozen _________, each with their own computer system, some of them being 1970s mainframes older than many of the people in this room, and three days later, a settlement occurs. Well, with a blockchain financial industry, there would be no settlement, because the payment and the settlement is the same activity, it's just a change in the ledger. So Wall Street and all around the world, the financial industry is in a big upheaval about this, _________, can we be ________, or how do we embrace this __________ for success?

Solution

  1. ridiculously
  2. honestly
  3. machine
  4. companies
  5. wondering
  6. services
  7. replaced
  8. technology
  9. industry

Original Text

So to understand what a radical change this is going to bring, let's look at one industry, financial services. Recognize this? Rube Goldberg machine. It's a ridiculously complicated machine that does something really simple, like crack an egg or shut a door. Well, it kind of reminds me of the financial services industry, honestly. I mean, you tap your card in the corner store, and a bitstream goes through a dozen companies, each with their own computer system, some of them being 1970s mainframes older than many of the people in this room, and three days later, a settlement occurs. Well, with a blockchain financial industry, there would be no settlement, because the payment and the settlement is the same activity, it's just a change in the ledger. So Wall Street and all around the world, the financial industry is in a big upheaval about this, wondering, can we be replaced, or how do we embrace this technology for success?

Frequently Occurring Word Combinations

ngrams of length 2

collocation frequency
social media 2
underlying technology 2
establish trust 2
digital age 2
social inequality 2
financial industry 2
previous block 2
financial services 2
prosperity number 2
analie domingo 2
mobile device 2
intellectual property 2

Important Words

  1. activity
  2. big
  3. bitstream
  4. blockchain
  5. bring
  6. card
  7. change
  8. companies
  9. complicated
  10. computer
  11. corner
  12. crack
  13. days
  14. door
  15. dozen
  16. egg
  17. embrace
  18. financial
  19. goldberg
  20. honestly
  21. industry
  22. kind
  23. ledger
  24. machine
  25. mainframes
  26. occurs
  27. older
  28. payment
  29. people
  30. radical
  31. recognize
  32. reminds
  33. replaced
  34. ridiculously
  35. room
  36. rube
  37. services
  38. settlement
  39. shut
  40. simple
  41. store
  42. street
  43. success
  44. system
  45. tap
  46. technology
  47. understand
  48. upheaval
  49. wall
  50. wondering
  51. world