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What is Blockchain?

Everyone is talking about blockchain, but does anyone really know what it is? In this episode, we sit down with blockchain guru Don Tapscott, the co-author of Blockchain Revolution and co-founder of the Blockchain Research Institute to help us answer that key question and why Canada is at the heart of this emerging industry. Also, Don gives us a surprise update about his critically acclaimed bestseller.

A portion of our conversation with Don Tapscott is transcribed below. Subscribe here to have the Navigator’s latest insights delivered right to your inbox.

Clare: Let’s kick things off with a question on all of our listeners minds what is block chain?

Don: A block chain is just a technology to allow individuals and organizations to share information in a way that everybody can rely on the way the information is shared to be accurate. Mostly it’s a network in which get a lot of different people to agree on something when they might not necessarily trust each other.

Most people would say it’s a distributed ledger technology and we think of it quite differently, as the second era of the internet. For four decades we’ve had an Internet of information. But when I send you some information a PowerPoint or e-mail, I’m actually sending you a copy, even with a website I keep the original. When it comes to assets things of value like money, or stocks, or loyalty points, or carbon credits, or music, or art, or identity’s, or intellectual property, or you know votes which are now capital, value that belongs to somebody, sending a copy is a terrible idea. This has been called the double spend problem by cryptographers for a long time. And the problem got solved by an anonymous person or persons named Satoshi Nakamoto they came up with the bitcoin protocol. Bitcoin is an asset, a crypto currency, but what really makes it important to all of us is none of that. It’s the underlying blockchain technology.

For the first time ever now people can handle assets to transactions, communicate and manage them peer to peer and trust between people is not achieved by a big intermediary like a bank, government, credit card company, social media company, whatever. It has achieved by cryptography, by collaboration, and by clever code.

Clare: There are a few challenges still for blockchain adoption such as scalability and sustainability and there are many disagreements within development communities about these two topics. I read that bitcoin can process somewhere around 7 transactions per minute and Visa and Mastercard can obviously do thousands and thousands of transactions a second, so are we going to see a solution soon to that scalability challenge?

Don: Ironically speed is going to be one of the biggest benefits of blockchain not just in terms of number of transactions but speed from the financial industry. Think about it. You tap your card at Starbucks and a bunch of messages go through half a dozen companies each with ancient technology and then three days later clearing the settlement occurs where someone actually gets paid. Well ifall of that we’re based around a distributed ledger. There would be no three day settlement period because the payment in the settlement would be the same activity, just a change in the ledger.  So over time I think it’s inexorable that not just technology will get better but the payment system will move to blockchain. 

Navigator joins Blockchain Research Institute, launches Banking on Blockchain podcast

Today, I’m pleased to share with you the news that Navigator becomes the first public affairs firm to join the Blockchain Research Institute (BRI), an organization conducting ground-breaking research on the impact of blockchain technology on business, government and society.

At Navigator, we never stop investing in our team and in our craft. We take pride in being on the cutting edge of technology, and developing proprietary solutions our clients simply won’t find elsewhere. We study and learn from other markets and evaluate emerging capabilities in our industry to offer clients a full suite of tools to help them win.

We are proud of our work to date with clients in emerging sectors, including the sharing economy, artificial intelligence, and cannabis legalization. For us, supporting the BRI in their work fits with our ongoing drive as a firm to push boundaries and help our clients succeed. We cannot risk seeing our clients fall behind the coming wave of disruption, nor remain in the dark regarding all of the benefits such a technology affords.

The BRI’s co-founder Don Tapscott is a visionary in this regard. Canada is poised to become a global leader in this space, but many challenges lie ahead. By joining his initiative, we will have a front-row seat to understanding all of the coming industry transformations, ranging from financial services to energy, from health care to retail services.

To celebrate this landmark occasion, Navigator is launching today a new podcast production, Banking on Blockchain. Each week, we will be sitting down with top experts in the field who will guide all of us to a deeper understanding of the technology and how it’s changing the way we do business in Canada.

As we speak with industry players, regulators, and researchers throughout the series, you’ll find out why so much of the innovation in this space is occurring right here in Canada under our very noses. We bring those stories right to your door and hope you will join us on this journey.

I encourage you to follow the link bankingonblockchain.fm to listen to our first episode, subscribe to the series, and leave a review on iTunes or SoundCloud.


For all questions pertaining to our blockchain work and podcast, please don’t hesitate to reach out.

I’m excited about the promise of this new technology, and look forward to hearing your feedback on our latest production.

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In Ontario, Get Ready For A Grudge Match

Kathleen Wynne and Doug Ford believe in their bones that their view for Ontario’s future is the right one. Neither can understand the perspective of the other.

And so it starts. Even before the “official” beginning of the provincial election campaign, the deluge of polls has begun.

And the news isn’t good for the governing Liberals. The CBC‘s Eric Grenier, who compiles an aggregation of publicly available polls and has historically been quite accurate in his predictions, says that if an election were held today, it is more likely than not that the PCs would form a majority government.

But the election is not going to be held today. It is, of course going to be held on June 7, after what I predict will be one of the most ruthless and cutthroat campaigns Ontario has ever seen.

Over the last three weeks in this space, I have outlined the strategic options available to each of the three major parties. It is now time to see how they lift those choices off the pages of their plans and into the glare of a campaign.

Here’s what to watch for: how does the desire for change play out?

We know that, when asked, about 8 in 10 Ontarians say it is time for a change. What we don’t know yet is exactly what they mean by that and therein lies the rub.

If they mean that after 15 years they have just had enough of the Liberals, then that’s a challenge for the premier. It’s a challenge because it means that the voters are done and, in the process of deciding they want change, they have stopped listening to what the government has on offer. In fact, they no longer care, they simply want something else. Think Mike Harris after Bob Rae. Justin Trudeau after Stephen Harper. Rob Ford after David Miller.

At these times, voters think things have gotten turned upside down; that the tail is wagging the dog, and that massive, even if disruptive, change is needed.

These are very difficult campaigns for incumbent governments because not only are voters not listening to the new ideas and policies the government is campaigning on, they dismiss messaging that suggests that the opposition leader is not ready to lead, too risky and too inexperienced as fear-mongering and the tactics of the desperate.

On the other hand, if voters want a change in the way government sets its priorities and delivers services to them, then change can mean a change in policies and programs and not a change in parties. In this case, think Alison Redford after Ed Stelmach. Redford skilfully moved her party to the left, embraced a new and changed Alberta and came back from a 22-point deficit to form a majority government.

And so the stage has been set. With Andrea Horwath inexplicably still on the sidelines, the Liberals and PCs are set for an epic grudge match.

Kathleen Wynne and Doug Ford believe in their bones that their view for Ontario’s future is the right one.

Neither can understand the perspective of the other.

That, and both the stakes and the campaign teams, means that we will see a sharpness of messaging unlike what we have seen before. The simple truth is each side will need to be willing to skate into the corners and play elbows up hockey in order to have a chance to win.

How it all plays out will be anybody’s guess but that’s what will make this campaign so fascinating.

In the end, I’m betting it will come down to whether people are feeling precarious or left behind. If they are feeling left behind, that government is not working for them, that special interests have got the upper hand and that the elites are winning at their expense, then that’s advantage Ford.

If, on the other hand, they are feeling precarious, that daily life is getting harder, that enhanced entitlement programs make a difference for them, then that is advantage Wynne.

One last observation as you watch the polls. I’d bet that the Liberals support will be reported as under-represented. I have a hunch more people like some of the new programs announced in last week’s budget than will admit to pollsters.

But, again, that’s just a hunch.

Jaime Watt is the executive chairman of Navigator Ltd. and a Conservative strategist.

Navigator Explores the Blockchain Revolution

On this special episode of Political Traction, David sits down with Navigator’s Clare Schulte-Albert to talk about the launch of our new podcast Banking on Blockchain. Banking on Blockchain examines the blockchain revolution and how blockchain and cryptocurrency are disrupting sectors throughout the economy. The season premiers Monday, April 9, 2018.

You can access the podcast on all our channels including iTunes, Soundcloud, and GooglePlay or by visiting www.navltd.com