Explaining blockchain or cryptocurrencies — whether to lawmakers or just to the average person on the street — is really difficult. There is a lot of jargon; there are a whole bunch of words that people do not understand or just do not use in everyday speech — I mean, how often do you use the word crypto-anything? What happened with the internet was that people just kept working on it until it got to the point where you actually did not need to know what it was in order to use it. And it should get to the point where you do not have to use the word blockchain, and you do not have to use the word crypto-anything. You do not need to know what a miner is. You do not have to have a node, or know what a node is. You can just pull up your computer, fire up whatever it is you want to do and off you go. I have teamed up with CIGI to work on blockchain technologies because there are so many interesting and profoundly important questions about governance. I am an expert in international law — in particular, international economic law — and blockchain brings together law, economics, public policy and technology in a really new, interesting and challenging way. And this is the perfect test case for that, because not only do governments need to innovate in order to understand the technology and figure out what their policy toward it should be — for financial market regulation, for taxation, for consumer protection, for data privacy and so on — but also the technology community that is pushing the envelope on this also needs to understand what kind of governance they need in order to continually, successfully innovate and bring the technology forward. The purpose of a blockchain as a ledger is really to track ownership. That’s what’s unique about it, that’s what’s interesting about it. Does Trevor or Julie own this little slice of this asset? – whatever that may be. It could be money, it could be title to land, it could be your car, it could be a bicycle that I sell you. So it’s essentially doing for assets – for things that people can own and exchange – what the internet did for the sharing of information. And blockchain allows us to transfer to one another ownership over things without having to go through a central party. The people who are on the bleeding edge of innovation have realized that you can only go so far if you are not willing to engage with the lawmakers and the regulators. At a certain point, you will come up against barriers that make it impossible for you to realize your vision if you are not willing to sit down, and talk to people and say: Hey, this is the technology. This is how it works; this is what we want to do with it. Here is our vision; this is why it does not fit within your existing regulatory system. We want to do something good, but because of the way that our technology works, we cannot fit within your existing regulatory regime. Can you help us out here? Can you help us figure out a way to realize the policy goals that are behind the regulatory regime, without having to do it in the way that it has been done in the past? And there are a lot of sectors of our lives where we have decided that governments do not need to regulate everything. We can allow individuals to organize their lives as they see fit. As long as they do not overstep these boundary lines, we are going to create a box within which people can act freely. Where are those boxes? That is the question we are trying to answer now because it is a new type of box that we find ourselves in. And the set of options of what individuals can do through private ordering has greatly expanded, thanks to blockchain technology. We have to redraw the boundaries, and we have to figure out how the private ordering system that exists within this blockchain space relates to the public ordering system that we have in our governments. It is inherently transnational. It crosses borders; it is jurisdictionless. It does not make sense to try to tie it to a jurisdiction — so how do we deal with that?