Bitcoin and the Blockchain Will Stomp Out Wall Street Fraud

Caitlin Long of Symbiont sits down with Reason's Nick Gillespie to discuss how blockchain technology can make the financial system more transparent.

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Bitcoin, the world's first and largest cryptocurrency, and the blockchain, which is its underlying technology, have the potential to change everything from record keeping to the global financial system.

The blockchain is a decentralized database that allows individuals to trade directly without the need for a third-party intermediary. Bitcoin is free-market money that runs on the internet, and it isn't controlled by a political entity or central bank.

It's easy to see bitcoin and the blockchain as logical extensions of the internet, with the potential to shift power from governments to individuals. It's also not clear how a fully decentralized money and public-ledger system are going to be implemented and brought to bear on everyday life.

Reason's Nick Gillespie sat down with Caitlin Long, one of Inc. magazine's "10 business leaders changing the world through tech," a former managing director at Morgan Stanley, and the current president of Symbiont, which is bringing blockchain technology to Wall Street.

Interview edited by Mark McDaniel. Introduction edited by Jim Epstein. Cameras by Jim Epstein and Sarah Siskind.