because it [the blockchain] has legal implications, you have to look at it from a legal perspective as well, because its a transaction validation mechan

because it [the blockchain] has legal implications, you have to look at it from a legal perspective as well, because its a transaction validation mechanism without anybody in the middle. So when these transactions are actually validated, they hold, they are true, and they are respected - and that is the legal aspect of it. That man is a "special advisor" to the Ethereum Foundation. (BTW, this was filmed on July 6 2016. Maybe he should have mentioned the DAO.) He then goes on to say that banks, not wanting the legal and business model innovations blockchains propose to affect the status quo, only see/use it as a technological innovation - implying this is bad. The blockchain is only one ledger. Once you write a line on the ledger, its just like any accounting ledger: you cannot erase the line above it. You just write a new line, and then you have a chain of history, and everything is recorded, and nothing can be erased. Absolutely clueless in his vision. Just another rich guy evangelizing the blockchain. His explanations are absolutely trivial, he should be going into the details, he's on the Google campus.