emily: i'm emily chang and this is "best of bloomberg technology." we bring you all of top interviews from this week in tech. coming up, amazon held its annual shareholderer meeting. we're on the ground in seattle. the price of bitcoin remains well off its december highs and regulatory concerns have slowed down i.c.o.'s. that is the crypto phase out of steam. why google may have the upper hand and critics are not happy.

but first to our top story. amazon holds its annual shareholders meeting in seattle. while the event is low key, interest this year was high. various groups protested over taxes, working conditions, diversity diversity and more. inside the meeting, c.e.o. jeff beesos said they will take increased government scrutiny in stride. beesos said all institutions should invite scrutiny and that the company has grown from 30,000 employees in 2010 to nearly 600,000 today. we spoke with -- on the ground n seattle. what is your take on all of

this? beesos' response was -- speaking on growth, 30,000 employees to nearly 600,000 today. he added that any institution of this size should expect scrutiny. he said the only thing we can do is we shouldn't take it personally. that was his message to shareholders on concerns about anti-trust issues. >> some people protested his amount of control at the company saying the c.e.o. and chairman roles need to be separated. walk us through the cast of haracters. reporter: there was a group of people saying that bezos needs a boss, and they want to see the chairman and ceo role broken into two, to give bezos more oversight and break up the power and concentration he has over the company.

the board was against that. that was one group who had signs and things. there were some environmentalists there. they had a big globe, saying "big size equals big responsibility," basically saying amazon should be a better steward. there was an lgbt group, they are concerned about the search for the second headquarters locations, that several of the states that are semi finalists have laws that are discriminatory against the lgbt population. they were here protesting. they had a big box truck rolling around. there were pilots that fly for prime air, trying to put pressure on amazon to put pressure on their employers to give them a better contract for heir employment. emily: thank you. for more on amazon's agenda going forward this year, i want to bring in our bloomberg global

senior executive editor brad stone who wrote all about amazon in his book. let's start with the anti-trust issues. what do you make, brad of what ezos has had to say? we welcome the scrutiny. he need to pass it with flying olors. the emotional argument, around office postal rates, amazon has a 28% market share in the u.s., the strongest market, it's by no means a monopoly. you have to redefine anti-trust you have to put amazon in the healthy box.

i think he speaks from a position of confidence. emily: we will talk about the highlights from that report a little later. i want to talk about the business. amazon continues to maintain small margins. a east to be a big concern, but recently shareholders have not been saying anything about it at all. i wonder, are concerns about profits at amazon a thing of the past? >> sort of. revenue growth was always the key and will continue to be the key. the market share is significantly higher. what is interesting is after whole foods, investors expected them to take a margin hit, but they did not. they actually surprised on the upside. what they ended up doing, instead of changing the model, they started taking the low hanging fruit, no pun intended. basically just taking that and they are maintaining margins while maintaining double-digit growth at a very high revenue rate. very few companies in the world can do that consistently. that's the focus. emily: i spoke with stephanie landry, the head of amazon prime ow and amazon fresh.

i asked her about two home run hour delivery and how they can continue offering such a thing at such a low cost. take a listen to what she said. >> two-hour delivery is expensive. in order to think about cost, we are focused on efficiency. we get efficiency in a lot of ways. first, knowing where the customers are and where the demand patterns are helps a lot. next, we leverage a lot of the algorithms and logistics expertise that amazon has developed over the last 24 years. we are great at bringing stuff to customers, so we think we have a lot of advantages to be able to do well in this space and drive efficiency over time, and scale, getting customers to actually use the product. those are the things we're focusing on to drive costs down. emily: do you buy the argument that at a certain scale, they can drive the cost down? >> that is the history of amazon supply chain. they introduce something like prime back in 2007, they take a assive loss because they are

guaranteeing two-day delivery nd at the time it was $79. but there are enough people using it that they are filling the trucks, and it becomes profitable over time. emily: i want to ask about these privacy concerns. we've covered the alexa issue where it recorded a couple's private conversation and send it to a contact, there's also facial recognition software that amazon has been basically giving to law enforcement, which the aclu is saying is also a privacy violation. how serious are these? >> these are not great. the echo is in the foot race. google home out sold echo in the first part of this year. it reminded me of the iphone saga, where apple admitted they were degrading the battery performance. the conspiracies about the echo turned out to be true, but i think the brand is so strong that, they came out and explained the accident and they will survive it. amazon wants to be in the

business of government. they are competing with microsoft for a $10 billion contract. i think these privacy concerns are a speed bump for amazon. >> i actually think it's a good hing is happening now. it is just starting to take off. we shifted from a mouse and keyboard to touch screens, and smart phones. that is how big the deal will become later on. more issues coming up now, it's better to solve it before the industry explodes. you can expect to billions of devices in the future being voice activated. voice controlled. privacy being at the forefront now is a good thing. emily: that was bloomberg's brad stone. alibaba is leading the purchase a.t.o. express for $1.3 billion. their logistics arm will cooperate on everything from management.

consumers demand faster and more reliable shipping. still ahead, as the u.s. midterm elections near, cyberthreats are at an all-time high. how are countries battling it out? we ask the c.e.o. of cloudflare. this is bloomberg.

emily: the u.s. department of homeland security has installed a new software center and computer networks in dozens of states. the goal is to detect any possible threats or breaches during an upcoming election. critics say it is not enough. several countries are fighting a new war online. the number of attacks increasing every year. we look at which nations are turning the web into a battlefield and how they are doing it.

>> cyberwarfare is the cyberattack that has the backing of one nation with the intent of hurting another. >> disable it with a flood of messages. or with good old-fashioned malware like a virus. >> shutting off the power is a big one. shutting out of services in a hospital of course. transportation networks. >> a number of countries including the u.s. are known to have active cyberwar programs. but -- >> russia has made it nope they have these capabilities and are ready to use them. >> like causing two large scale ower outages in the ukraine.

>> we have to worry about these like the ones in the 2016 election. >> is a grown by the thousands since 2006. those are just the attacks we know about. >> there's a lot that happened in the wartime that the general public is not aware of. we just have no idea. mily: for more on the top cyber security threats in the u.s. and around the globe, we're joined by matthew, who works to improve performance and security for data platforms and jordan robertson you just heard in that piece. for ers cyber security bloomberg news in washington. i want to start with election meddling, matthew. talk to me about what the risks are. what the biggest risks are right now as we approach the midterm election. matthew: one of the things we are seeing and we worked with state, county and local governments around the world is that often times, the aims of attackers are not necessarily to influence the direction in one way or another

but to discredit elections in general. we are seeing attacks on sites that people with use to register their vote or they can figure out where their polling place or both online. making sure there is integrity in our entire election process is really critical for a democracy like the united states. emily: for example, the department of homeland security says outward senses are detected in 29 states. they detect traffic coming in and out. is that enough? matthew: elections are inherently local, they are run by someone who is on their own, a county administrator and that goes up to the federal level. these people feel very vulnerable to the widespread attacks that are there. i think what the department of homeland security has done is a great first step is understanding and getting a landscape on what is oing on. there are needs to be additional -- there needs to be additional

effort to harden and support those administrators that are helping to support this democracy. emily: 29 states is not 50 states, jonathan, you have been doing a ton of research, give us a little more on the status when it comes to where states are and what they are working on to prepare. >> as you mentioned, we had reporting last year where 39 tates were targeted by the russians in the 2016 election. since then, the department of homeland security has suggested all the states will likely be probed or scanned. there are some fingerprints of these attackers on some of these election systems. some of the national security folks we talked to said it is a big deal because those guys are no joke adversaries. they are serious adversaries. if you find a fingerprint of them in one place, there are things you haven't caught in many more. as matthew points out, part of the problem is this, like to think of hackers like we see in the movies. they break into these systems, tinkering with individual votes, to tilt it one way or the other.

that is not what they are after. they are after disrupting things like registration or vote counting. one of the big concerns that the national security has is that the tally -- most counties have upload sites where individuals who are responsible for the tallies, individual stations will go and upload results to the county level. those are all data links that can be disrupted by hackers. that is really what a lot of folks of the national security community worry about. and the county gets disrupted. emily: is russia the only country we need to worry about, or are there other countries? >> if you think about who thed a versares of the united states are and who would benefit on undermining the confidence in u.s. democracy, all of those countries are trying to think about how they can potentially influence

elections. we spend less time thinking about who the particular countries are and many more time picking about how can we support those individual states, county, city officials administering these elections. we have a project where we give away the core service to state, county, and local government in order to make sure, regardless of the russians, chinese, or some kid in iowa in his basement, if they are trying to disrupt the election, we want to say we have your back and we can protect you and help you stand up for whatever it is that comes apart. what is pernicious about this, it doesn't matter, as jordan said, if these attacks push the election one way or another, the attackers are just trying to undermine our faith in democracy. that's what the attackers are trying to do. emily: the election attacks are very top of mine, but as jordan talked about, we are also concerned about attacks on the

power grid and these can have much more far-reaching implications. what should we be worried about right now? beyond the midterms. matthew: the internet was never designed to do all of the things that it does. we have come to rely on it as this critical piece of infrastructure, but it does not have the performance security, reliability traits that we would design the network to have from the beginning. at cloudflare we are proud to be one of the organizations looking to build a stronger internet like the athenian project or working with companies to make sure their infrastructure is hardened or individual small businesses that might be targeted by hackers. what we need to have is a faith in the underlying foundation of the internet, regardless of what the services are being provided on top of. emily: jordan, something you have raised recently is not just the tax on software, but hardware which can be even more

difficult to detect, more ifficult to prevent. what is the scale of the threat here? jordan: part of the problem with attacks on computer hardware as we have seen this year with vulnerabilities spectre and meltdown, they leave no trace. a lot of the things we have been talking about the last 20 years is software-based attacks. once you fingerprinted them, you can remove them from the computer in most cases. the problem with hardware attacks is one, they tend to leave no trace. no record of the attack happening. two, if you discover a piece of malware is embedded in your hardware, you cannot remove it. you literally cannot remove it. you have to throw away the hardware. this is where spy agencies have dwelled for a very long time. this has been an open season for years and years and years. for u.s., the chinese and russians and for all the really advanced attackers that want to get embedded inside the

organization's computer systems. the cyber security is starting now to take a hard look at how do we secure these computer systems that are not part of government networks or banking networks or networks already very heavily predicted. how do we secure hardware for the average person walking around with the supercomputer in their pocket? with their phone form. these are threats the national security committee, banking sector, the highly defended sectors have looked at for quite some time. when it comes to consumer space, the idea of a hardware attack is one of security industry is now starting to grapple with. there isn't an easy fix. emily: thanks to matthew prince, c.e.o. of cloudflare and bloomberg's jordan robinson. coming up, the ad industry's fierce about google domination may be true. how the tech giant captured the largest share of europe's

digital land market. this is bloomberg.

emily: scored a coveted recommendation from consumer reports. the magazine initially declined to recommend tesla's mainstream model after tests showed it took f-150 to stop than a ford pickup. this was enough to raise the overall score for the car to be recommended by the magazine but testers still have concerns about wind noise, a stiff ride and an uncomfortable rear seat. r months google's rivals fretted that they were going to benefit at their expense.

google captured an even bigger loor of marketing on may 25. dpr's first day of imp implementation. e spoke with bloomberg's caroline hyde from london. >> we saw a couple of thingsham happen on friday when it went into effect. a lot of marketers and publishers stopped spending. -- on automated advertising. they were a little nervous these new rules where every single company, dozens of company along this for supply thing, you digital ads online and require consent. a lot of them pulled back and said we know google is compliant and they have enough money and lawyers, we will spend with google because we are more comfortable. there are companies claiming they are going to shift more dollars in that direction. it demonstrates year the concern that these companies

have that google is very powerful in this market. emily: you said one of them that says anybody that says gdpr is a good thing is it a monopoly or a liar. >> that goes to anyone who is prepared in a sense there was this concern that there would be mayhem that struck on may 25. a lot of companies didn't know what the future holds. emily: caroline, what are you seeing on your side. some u.s. publications are avoiding running ads at all ight now and some of them, are still unavailable in europe. caroline: in some ways, it is incredibly frustrating. i was a loyal reader of the "l.a. times," i still cannot access those websites because they just decided to step back from the huge market of the eu. they're worried they're not compliant with gdpr. but rather relieving the as well. it is a nice expense when i go to the new york times because they are not targeting as it me at all. instead they are only running at verts for their own offerings.

--ed a verts for their own offerings. it is similar for the new york times and usa today has not got a single advertisement up there whatsoever. as a user, you either get nothing or a more pleasant experience when going on to these particular websites. it is really showing who is ahead of the game and who is rather nervous. emily: you have a quote, mark, from publishing groups saying google is putting a gun against publishers' heads. this is a flagrant abuse of their dominant edition. is this an opinion that will be mitigated in the coming ays? >> you see the exact point where some publishers are saying we will not serve any personalize ads, and google did not give them adequate time not to prepare in advance. it speaks to the fact that google and facebook dominate the dvertising market.

there is some dispute as to how google is identifying and being the controller of the data, and these publishing groups say google is saying we need to access the data to do things like detect ad fraud, to improve our ad products. publishers say this is a land grab. google has been working behind the scenes, especially around the antitrust issues to mend their relationship with ublishers. that has gone a pretty far way. i think axel springer, a large german publisher, has been vocal in the past and we have seen them come out and say that google are crooks. this is not coming directly from the publishers. this is coming from trade organizations whose job it is to punch it up. emily: coming up, amazon held its shareholder meeting on wednesday and questions are being raised about the power held by its board. we will discuss next. all episodes bloomberg technology are dream ising live.

this is bloomberg.

emily: welcome back to "best of bloomberg technology." i'm emily chang. as we have been discussing, amazon held its annual shareholders meeting in seattle on wednesday. shareholders rejected a proposal that would have required amazon to separate jeff bezo's roles. they recently adopted a policy that required women and minorities be considered for board seats. we spoke with the c.e.o. to have board list that connects women to serve on public and private oards. >> i applaud any company that takes steps in the right

direction. moving toward having a more diverse board will be positive for the company. i think it sends a great signal to other companies. the hope is that others follow, but let's be honest, there is still a long way to go. this is step one. emily: amazon has three out of 10 directors are women, though they are all white, though actually it's above average when it comes to gender representation in similar industries. similar size. is it fair to pick on amazon? >> i think there's always more work to do. right? yes, certainly, fortune 500 companies, 20% of boards held by women. private companies, only 7% of board seats are held by women. amazon is at 30%, but not at parity. there will always be more. emily: one of the issues that has been highlighted, the wall street journal just had a big story about founder control and the amount of control tech ceos have, especially if they get special stock, dispensations, special voting rights, influence over the company.

we have seen how that can work in the wrong direction like at uber. is that part of the problem when it comes to the lack of board diversity? >> absolutely. we can think about that in a lot of different ways. ethnic, cultural, dispersion of power. i think at the core of it is it is about having a diverse set of voices at the table. i think it gets dangerous, as you pointed out. we have seen the results of that at companies like uber. i think it's very important the power remains distributed so the board can play its role in corporate governance and have oversight power. emily: a bank study found that while more startups are focused on diversity and inclusion programs, when you do the math, the majority have all-male boards and don't have any female executives. more than half of them don't have any female executives. how powerful is a diverse board in terms of that trickle-down

effect and encouraging diversity elsewhere across the company? >> it is absolutely critical. these things come from the top. if you have a different point of view, expressed at the table, you are very likely to better meet company challenges and that are likely to have better financial outcomes and the data shows that. from a standpoint of -- it is critical. it is also critical for culture. t is easier to embed that diversity in the employee base. emily: we recently read a story about how amazon hq two has a great opportunity. starting from scratch, creating 50,000 new jobs, so they can say, why shouldn't those jobs be half and half men and women, represent people of color in line with the local population? do you think that is realistic? >> absolutely. as you pointed out, when amazon

puts its mind to something, they can make it happen. there's no reason why this isn't possible. there is a phenomenal pipeline of talented women at all levels, the board certainly and all the way up through the pipeline. there's no reason why amazon can't tap into that talent to bring more diversity to the table. emily: i want to talk about that. so many people say, we interviewed this amazing woman, executive at this company, but she is so in demand, she chose another board to join. >> yep. emily: what is the actual supply like? we can't find the women. >> the supply is strong. this is not a supply issue, it is a demand issue. emily: why isn't the demand finding the supply? i know that's what theboardlist was founded to do. improve that disconnect. >> there are a couple things. the first is a topic of independent board members. at private companies in particular, when only investors are on the board of a company, which tends to be a

male-dominated industry, i think it's harder to bring in some of he gender diversity. seeking out operator point of view via an independent board member is a great way to get diverse points of view. the other issue is homogenous networks. when people are doing a board search, they reach out to their own network. one of the things theboardlist does is search for emerging talent or talent that the homogenous network might not have access to. mark: is a board focus -- emily: is a board focused on technology only? >> no. we started with tech, but there are great women across all verticals and theboardlist represents the community. emily: where are you seeing progress, and where other challenges? other industries in particular that are better than silicon valley? >> we see progress like some of the changes amazon has made, albeit a little difficult. as we see these things move, i

think it is a positive sign. there is a ton of more work to do and we need to remain focused on it. emily: it's not just about adding women, it's about adding people of color, different kinds of diversity, which might be a little more difficult to quantify. is the rooney rule something you would like to see every board do? what are some strategies for ompanies finding themselves in this predicament, to find hidden talent? >> i think theboardlist is a great place to start, because it is a tool, a platform that provides visibility beyond your first-order network. we know great people know great people. our platform is built on endorsement levels. you can be sure that those people on that platform board ready. -- are board ready.

no concern about qualifications. that is one thing companies can do. i think also it's about embedding diversity into the conversation. there are so many companies taking steps to embed this in recruiting processes, from the language used in job descriptions to the process they use to get referrals, from the employee base. there are a lot of changes that can be made at a fundamental level to make a difference. emily: shannon gordon, ceo of theboardlist, thank you. it is another sign of trade tensions between the u.s. and china. the trump administration will set limits on china visa applications starting next month. in some cases, it will reduce the amount of time a chinese citizen can stay in the u.s. the white house says it is to protect american intellectual property from being stolen. coming up, bitcoin hits below its 12 month trailing average. we'll talk to the c.e.o. of coin list about some of the regulatory hurdles cryptos are up against, next. this is bloomberg. ♪ next. this isoomberg. ♪

f.p.: facebook is facing a lawsuit for discriminating against older job seekers. companies like amazon, cox media and t mobile were among those who used these filtering tools. facebook used the age filtering to find its own employees. bitcoin enjoyed a boom, but are we now looking at the beginning of a bust? beginning of a bust? the cryptocurrency hit below its 12 month trailing average for the first time since october 2015. it is not just a bitcoin. we'd seen the rise and fall of a number of cryptocurrencies. a lot of the volatility is due to regulatory uncertainty. however, initial coin offerings have raised more money in 2018

than last year, and we are not even halfway through the year. we are joined by the coinlist ceo andy bromberg. prior to this, andy was c.e.o. of sidewire. also, joe weisenthal is joining us. >> we're seeing two things happen here. last year investors were not yet sophisticated. they were figuring out the market. ow anyone can raise. emily: a similar question to you. is this the start of the boom or beginning of a bust? >> i don't know the answer. i wish i did know the answer to

hat but i do find it to be pretty striking the way in which we see this relentless decline. obviously, you mentioned bitcoin, but pretty much all of them all at the same time, despite the fact that we get a pretty steady drip of news coming out about infrastructure being built out, institutional interests being developed, partnerships between startups in the area and legacy companies doing trading. so much of the hype in the second half of 2017 with about this wall of institutional money that was supposed to come into the space. we see a lot of the building blocks for that continuing to happen, but it's obvious that has not translated into price increases the last i think a lot of people would have guessed. emily: and at the same time, the doj has opened a criminal probe into whether there is manipulation. how serious is this?

reporter: i think it is serious. we don't really know the details or what specific things are going to be going after, but there are obviously a lot of pretty shady activities in the space. there are pump and dump rooms where people get together and try and manipulate a coin. there are credible accusations of false trading designed to spook people into thinking the price is doing one thing and not the other. i think part of this is the theoretical institutionalization of the space, you get a lot of players who are happy to see bad actors rooted out. emily: how much of a concern are the shady activities in the business you are in, and the concern about impending regulations? >> they are real concerns. especially with shady accusations. we look at this developing quickly. traditionally, it developed over decades or even centuries. we are seeing the same thing happen in crypto markets in months or years. instead of having time to figure it out, it is happening so

quickly. there are a lot of bad actors and they need to be rooted out. we are happy with the doj investigation and manipulation needs to be stopped. at the same time, i think regulation often is a good thing and figuring out how regulations apply to the crypto space is a -- really important. we expect to see it continuing. we see it as a good thing for the space as it gets professionalized. to joe's point, the institutionalizeation is happening. emily: you are working on building on a platform where accredited investors can invest in i.p.o.s, but isn't that the -- i.c.o.'s, but isn't that the thing i.c.o.'s were created to destroy? >> we think it was made to fund protocols. we want to work under u.s. securities law and offer those securities to american investors. we also partner with companies like republic, and equity platform allowing nonaccredited investors. at its core, we think access being granted by the token industry by ico's isn't necessarily that it has to be granted everyone in the world, but just that it opens up

fundraising. traditionally, venture capitalism is done by relationships and very few people get access to deals. emily: the amount raised is down from a market spike. -- a march sort of spike. what is your read on that? reporter: the levels are still extraordinary. this sort of speaks to what i was talking about before, the two different crosswinds. yes, you see the prices declining and signs of the air being let out of a bubble, but still, the interest is enormous. to andy's point about ico's all over the world, it is still remarkable how even with the price decline, it just doesn't feel like there has been any letup whatsoever in the interest in the space, and emily, i'm sure your inbox and email

address is flooded with blockchain and ico pictures. mine hasn't slowed down at all, even with the out price decline. emily: absolutely. add the word blockchain and people think you will get enthusiastic response, but it's actually the opposite right now. andy, who are your investors? is it mostly high net worth individuals, family offices, hedge funds? >> when we talk about the investors, it's a huge swath of people, and it's challenging to characterize. everything from small retail investors that write $100 or $1000, all the way up to endowment's, cryptocurrency hedge funds. the majority of the money gets from hedge funds, but we see it way more from smaller retail investors that are excited to invest in token sales. they have access to deals they might not otherwise have.

emily: coming up, one hedge fund manager has a novel way to turn a profit from investing in 10 this cent whether shares go up or down. details on that plus why goldman sachs is betting big on lockchain. we will hear from the c.e.o. next. this is bloomberg.

emily: facebook is planning to offer what'sapp paying services to all of india. they will join once they have the system in place. the rollout shows just how urgent the race is to win market share from local rivals. google and alibaba.

they have more than 200 million users in india. while tencent remains one of the biggest tech funds in the world, they have the stock has seen enormous swings over the years. the partner and founder and c.e.o. detay tailed the strategy to bloomberg's steven engel. take a listen. >> the stock has been bullish for so many years that people are not assigning a high probability to a selloff. just to be clear, we are not necessarily calling for a big selloff in the stock but if one were to occur, they would have a significant amount of value. >> what is the distribution of your call? you're also saying go long with some shares. >> that's right. we would do what we call a theoretical delta. when you buy the put, we're recommending to buy the march 201925% out of the money put

that means we have a 10 delta. that means you buy about 10% of he stock when you buy the put. that means you buy 10% of the stock when you buy the put. where the stocks to rally a lot, you will lose money and the premiums, but make quite a bit of money on the stock you are long. this bet really allows you to make money in extreme moves either way. if it's down a lot or up a lot, you will actually make quite a lot of money. reporter: would you consider your call a bit of a contrarian view? a lot of the put option premiums are so low, because look at the consensus ratings on the stock. more than $500 is the consensus rating. we have morningstar calling for 641 over the next 12 years. it's at 399 right now. the bets from the institutional banks, it is rising. >> that's my point. the dominant view is that it can only go up. if it were to go down, it will catch people by surprise. one of the things i talk about

is from a market cap point of view, the company already has a half a trillion dollar market cap. it's amazing. but market investors know that an analyst know that. if the stock hits the target people have, up 30%, it will be bigger than google. the world's fifth largest stock. 85%, it would be bigger than apple. the world's first trillion dollar stock. can that happen? yes, but it's not probable in the next six to 12 months. emily: that was benjamin fuchs speaking with stephen engle. supply chain payment company trade shift is raising $250 million in funding led by goldman sachs. the new round of financing brings total funding to $400 million and values the company at $1.1 billion after they launched a new service nabling

block chain finance. they are now offering blockchain-based payment solutions. >> a single product. should be multiple tiers. wwe run a platform to run everything that hab happens in your supply chain. they have to collaborate with third parties. blockchain is a really good fit. they can collaborate and share data. if you have a certificate proving this has been produced in a sustainable way, whatever you want to do, you can send those things on the blockchain and all of those partners can ..ve access to it

it allows people to collaborate much more efficiently. emily: the accounts receiveable market is like a $9 trillion market. how much of that could you potentially address? >> it is massive. it is around nine. roughly the same as amazon. out of that $9 trillion market, in the u.s., it is $2 trillion. if we can make that more efficient and move faster, people trade under efficiently, that is a massive opportunity. emily: goldman sachs, one of your investors. i was speaking with the president of goldman sachs about blockchain and bitcoin. take a listen to what he had to say. >> blockchain, very, very interesting technology. whether or not crypto is -- it is something we're going to watch carefully. emily: you don't actually accept

crypto currency as a payment form. isn't that an oxymoron? >> no. you have a business, you want very stable currencies. this is a problem. it is much more relevant. having transparency for financing, being able to -- you can share them with your bank or your creditor is much more important than moving currencies first when it comes to companies. we need to see currencies that are far more stable before that is relevant. emily: i sat down with the c.e.o. of strike recently and they stopped accepting bitcoin as a form of payment. take a listen to what their c.e.o. told me. >> it was trending toward the individual, the store value. i think that is a valuable thing

to have exist in the world. generally wish them the best. we're looking at the data it was declining rapidly. if it starts increasing again, then sure. we'll go back and add it. emily: that is on an upcoming edition of studio 1.0. i asked him if they could be on .he right do you think it will work as a store value and be that be bitcoin? >> i think it is hard to imagine without government backing to create some stability. you're dealing with the fortune 500. they want to make sure the currency they are trading are ensured. right now i don't see -- i think bitcoin is just not forget enough. that is not a big problem.

again, i think there are many other cases. if i'm a fortune 500 company, i need to handle a lot of different things. is ent, trading and payment a very small piece of that pie. track and trace. know where my good are. making sure the consumer good are put in front of consumers in china and are coming from the right sources and have been tracksd all the way. those are really, really big problems. emily: that was christian lanng. that does it for this edition of "best of bloomberg technology." we will bring you all the latest in tech throughout the week. next week, we are at apple's wwdc. tune in at 5:00 p.m. eastern. 2:00 p.m. in san francisco. all episodes are now live streaming on twitter. you can check that at technology weekdays. that's all for now.

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nejra: rules of rollback. congress approves sweeping overhauls of the dodd frank act. we get the latest from washington about what this means for banks, big and small. the u.s. opens a criminal probe into whether's traders are manipulating the price of cryptocurrency. markets:o "bloomberg rules and returns." this is the show where we delve into the r