>> i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour as the midterm elections near, cyber threats are at an all-time high. how are countries battling it out in cyberspace? plus new revelations in the early stages of gdpr's rollout and why google might have the competitive advantage. big tanks betting on block chain.

we will hear from a block chain startup led by goldman sachs. first, to the top story, the u.s. department of homeland security has installed a new software sensor in computer network and dozens of states. the goal is to detect any possible threats or breaches in upcoming elections. some critics say it is not enough. several countries are plotting a new war online and the number of attacks continue to increase by the year. we take a look at what nations are turning the web into a battlefield and how they are doing it. >> cyber warfare has the back of one nation with the intent of hurting another. >> it is using hacking to accomplish something you would normally need a bomb or gun to do. >> this takes on a lot of different forms. the settling a computer with the flooding of messages, or with malware like a virus.

>> shutting off the power, that is a big one. shutting off a service to a hospital, that is a big one. if you shut down rail service, port services. >> a number of countries including the u.s. are known to have active cyber war programs -- cyber warfare programs. >> russia has been gone on the offense to make it noisy and make it known they have these capabilities. >> by causing to power outages in ukraine, manipulating social media for elections. >> we have to worry about these information operations in the 2016 elections -- 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. >> for more on the top cybersecurity press 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. 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 the taxpayers are nuts -- not to necessarily to influence the direction in one way or another but to discredit elections in general. we are seeing attacks on sites that people can use to find 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. >> the department of homeland security says outward senses are detected in 29 states.

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. but the department of homeland security has done is a great first step is understanding and getting a landscape on what is going on. but 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 states were targeted by the russians and the 2016 election. the department of homeland

security has suggested all the states will likely be probed or scanned. 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 chances that you haven't caught other places. 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 put the 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 sector worry about. emily: his rush of the only as that is russia the only country we need to worry about, matthew? or are there other countries -- is russia deal the country we need to worry about or are there other countries? matthew: if we look at 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, individual officials representing these projects. 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 what ever it is that comes apart. what is pernicious about this, it doesn't matter, as jordan said, if the election pushes -- if these attacks push the election one way or another, the attackers are just trying to undermine the democracy. 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 applications. 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 plowed to be one of the -- proud to be one of the organizations looking to build a stronger internet like the athenian project or working with countries -- companies to make sure their infrastructure is solid. what we need to have is a solid faith and 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 difficult to prevent. what is the scale of the frontier? jordan: part of the problem with attacks on computer hardware as we have seen this year with vulnerabilities expect her and meltdown - -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. hardware attacks, for 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 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 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 security 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. it is not an easy fix. emily: matthew, cloud view -- cloudflare said they will not help with u.s. offensive cyber attack. some would say isn't that your duty to your country to help the united states fight some of these battles around the world? matthew: we do and we help them protect themselves. we are selling the armor, not the bullets in this cyber war. we work with large portions of the u.s. government in order to help protect the infrastructure and we do the same with other countries around the world. for a functioning democracy to work, you have to have faith in the institution and that the institutions have integrity.

there has been a lot of criticism on these companies that they helped undermine a lot of that integrity of elections. at cloudflare we are trying to do it different. how can we apart -- how can we be a part of the solution to make sure whatever the problem is, the election systems, the power grid, wherever it is in the world, that those things have integrity and you can trust that they are something you can believe in. emily: ceo of cloudflare, matthew, thank you for being here. and jordan, thank you as well. a story we are watching, alibaba is leading 10% for $1.3 million. they will collaborate on everything from delivery and warehouse management to technology. chinese express delivery has ballooned as consumers demand faster and more reliable shipping. coming up, after the first full

day of gdpr, the ad industry fears about google's domination is coming through. how they captured the largest share of digital advertising in 24 hours, next. if you like bloomberg news, listen on the bloomberg app and on sirius xm in the u.s.. this is bloomberg. ?

emily: before european data privacy laws came into effect, google said that the search giant would benefit in their expense. one day operating under those concerns were warranted. on may 25, -- i bring in caroline hyde who

joins us from london and mark bergen who covers all things off -- all things off of it. -- all things alphabet. they captured 95%. >> this came from private firm that competes with google. i should specify this is programmatic advertising automation. we saw couple of things when gdpr went into effect. a lot of european marketers stop 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 concerned 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. >> a lot of companies did not know what the future holds. emily: caroline, what are you seeing an your side. some u.s. publications are avoiding running ads at all right now and some of them, are still unavailable. >> in some ways, it is frustrating. i was a loyal reader of the l.a. times, i still cannot access those websites because they'd 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. they are overly running advertisements 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, a 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 had. this is a flagrant abuse of their dominant edition. is this an opinion that will be mitigated in the coming days? >> 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

advertising market. there's some dispute is 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 detecting at 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 publishers. that has got a pretty far way. i think axel springer, a large german publisher, has been vocal in the past and they have seen -- we have seen them come out and say that google are crooks. this is coming from trade organizations whose job it is to punch it up. emily: caroline, an activist filed a $.8 billion against google -- filed a lawsuit of a .8 billion dollars against google. and regulators are saying we are not going to be too stringent in

enforcing us at the beginning. >> it's fascinating. he's an austrian privacy advocate and he is saying you cannot have a catchall in terms of policy coming from google and facebook. he has not one but four lawsuits. google as well saying you can't have one box to tick and if you don't agree to the privacy, you can't have the offerings at all. there's an issue there and potentially rather strict legal vacations -- legal ramifications for the giant. there was a lot of fear going into the gdpr date that many would not be compliant. the regulators and the u.k. really have been trying to say don't worry, we are not after you.

we will not ram finds down your throat. they think more businesses which do not make extensive use of data will not come under close scrutiny. they are aiming at the bigger companies, google, facebook, who have had the strength to put a lot of lawyers into this. they are with the fines are going to be in debt. -- to be aimed at. if they deliberately or negligently refute this data. emily: caroline hyde, in london, mark bergen in san francisco, thank you both. coming up, last year for the first time ever new york city's our past san francisco on a key metric for funding. total number of dollars invested. we hear from eric capela on why new york is catching up with the east coast -- eric hippeau with white new york is catching up with the east coast. this is bloomberg. ♪

emily: since 2006, venture capital investments have increased.

scarlet fu spoke with eric hippeau and talked about competition heating up between new york and silicon valley. >> it is a collaborative community. we all work with each other where there is no term sheet wars, no evaluation things going on. people tend to want to team up. it is not a big community, certainly compared to the west coast, so everybody seems to have found their space and what they really like to do and what they are good at. the second thing, the companies we invest in in new york tend to be more on the service be more on the service applications building whatever you can build on top of platforms -- existing platforms so we are not thinking cornell will change that, but we are not reinventing the infrastructure

of these events. we are not doing the next generation of storage devices. as a result, we tend to invest in pretty much anything they are good at, including different domains. every industry, every sector of the economy, you can think of is represented here in new york. we are more diversified. >> when it comes to criteria, there are three questions you ask before considering an investment. is it the right team, the right idea, and is the timing right? how much of this is got driven versus informed by your experience? >> it is part art and science. we have two funds so we can follow the full funding cycle to the end. we make investments in the

beginning and early stages. when you are doing an early stage investment, you ask for business plan, operating plan, all of these numbers. none of that really makes a ton of sense except how the founders think the business is going. the numbers by themselves are not important. you have to rely on whether it is a big idea, an idea that is going to take over the world, not just going to be applicable in your neighborhood or new york. timing, is not something you can study. timing comes with experience, comes with being in the markets. if you go too early, it might be the best idea in the world, just might not work and you run out of money. you're looking for the perfect timing. hopefully you are successful more than you miss.

lastly, the bulk of the time you spend is on the team. who are they, why do they think they can do this? is this something they feel this really -- vicerally. they need to believe it will change their life before changes everyone else's life. emily: that was eric hippeau with scarlet fu. coming up, taxes on blockchain, getting its late ground funding that it is exploiting. what they see is a $9 trillion business opportunity. we will hear from the ceo, next. and, the trump administration lays out investment limits and tariffs as part of a broad crackdown and limiting growth in china's tech sector. we go to washington to examine the next steps. this is bloomberg. ♪

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emily: this is "bloomberg technology." i'm emily chang. supply chain payment company tradeshift has announced it is raising $250 million in funding led by goldman sachs. the new round brings funding to $400 million, valuing the company at $1.1 billion. it launched a new service enabling blockchain finance. it is a platform for the supply chain. it is now offering a more transparent payment solution. joining me now is the ceo, christian lanng. what you do, as i understand, is utilized watching to record all

transactions in a public ledger, which ensures more transparency in the supply chain process. can you give me specific examples on why this could be so transformative? christian: if you think about supply chain, they are very complicated. they have very different partners working on different products. what we do is provide our customers with a platform to run everything that happens in their supply chain. for a lot of scenarios, they need to collaborate with third parties or multi-stakeholder ecosystems. for all of those scenarios, we allow them to collaborate, share data. this has been produced in a sustainable way or whatever you want to do, you can send those things to the blockchain and all of the other partners can see that, they can have access to it.

it allows people to collaborate much more efficiently. emily: i read the accounts receivable market is a $9 trillion market. how much of that could you potentially address? christian: it is massive. consumer trajectory is $9 billion -- it is roughly the same as amazon. out of the $9 trillion market, just in the u.s., it is $1.2 trillion in outstanding payments between companies. if you can make that more efficient, move capital faster, letting people trade more efficiently, that is a massive opportunity. emily: goldman sachs, one of your investors -- i was talking to david sullivan a few months ago about blockchain and bitcoin in particular. take a listen. david: blockchain is very

interesting technology, but whether or not cryptocurrency is becoming a value, that is something we will watch very carefully. emily: what i find interesting is you don't actually accept cryptocurrency as a payment form. isn't that kind of an oxymoron? christian: in blockchain, especially as you look in business, crypto payments are not very stable means of payment. this is a problem. i think the ability to coordinate large complexes of people is more relevant. having finances, payables to share them with your bank and creditor is much more important than moving currencies when it comes to companies. we need to see it far more stable until it is really relevant. emily: i sat down with the ceo of stripe and they stopped accepting bitcoin as a form of payment. take a listen to what patrick collison told me.

patrick: it was trending towards a digital value. i think it is a valuable thing in the world. i wish them the very best. this was not so much like a decision where we wanted -- it was declining rapidly. if it starts increasing again as a payment method, great, we will go back at it. emily: that is on an upcoming edition of "bloomberg studio 1.0." i asked him if they could be on the wrong side of history with this decision. do you think at some point there will be a cryptocurrency that works as a store value? will that be bitcoin? christian: i think it is hard to imagine without goldman's backing to create some stability. dealing with fortune 500, they want to make sure that the currencies they trade in our insured and backed. right now, i don't see bitcoin being it. i don't think bitcoin is

efficient enough. again, i think there are many other use cases. if i am a fortune 500 company, i need to handle a lot of different things in my supply chain, logistics, sustainability, payments, trading. the actual payment piece is a very small piece of that pie. like track and trace. making sure the consumer goods are put in front of consumers in china, are coming from the right sources and have been tracked all the way. those are really big problems for business so i think blockchain will help. emily: there was a concern that you attach the term blockchain to any company and valuation goes up. some suggest your valuation would not be sustained. christian: we are fast-growing company. our valuation is backed by our revenues.

goldman sachs is very savvy. they don't invest unless they know where things are where they need to be. i feel pretty good about where we are. i think it is not like we attached blockchain and became a blockchain company. we were working with global payment in the past eight years. we are a long track record of doing this. it is not like we just attached that. our trade volumes is bigger than bitcoin combined. i think we are not like very quickly arriving on this. this is something we have been doing for a while. emily: what kind of competition do you have? christian: there is not a massive amount of competition. we started early. connected the dots of supply chain. that has given us a big advantage. there are a lot of niche players that do bids and pieces of this, just like before in the sales side. salesforce became a platform. you have the smaller players doing automation on other pieces

and we connected the dots. emily: what else do you think blockchain will revolutionize? payment is one thing we talk about a lot. christian: track and trace -- that sounds trivial but it is a massive problem for companies. logistics -- every single logistics company in the world is looking at this. these are the areas that most benefit. payment is actually a relatively trivial problem in business. it is a huge problem for consumers, but not business. emily: christian lanng, ceo and founder of tradeshift, thank you for stopping by. facebook is planning to offer its whatsapp payment services to all of india starting next week, even without a partner. state bank of india will join once it has it in place. the rollout shows how urgent the race is to win market share from local rivals, google and paytm. whatsapp has more than 200

million users in india. coming up, va firm structure capital is betting big on the sharing economy. we will speak with an early uber investor on why he sees only more growth ahead. that is next. this is bloomberg. ♪

emily: over the last decade, shared economy services like airbnb and uber have transformed how many of us live. according to the brookings institute, the sharing economy is estimated to grow from $14 billion in 2014 to $335 billion by 2035 and only getting bigger. mike walsh was an only investor in uber. his venture capital firm continues to bet big on companies that are pioneering the shared marketplace. mike walsh joins me now. obviously, there are a lot of funds betting on the sharing economy so what is your competitive as for your competitive strategy?

mike: we focus on underutilized assets. a little bit beyond the sharing economy. in the sharing economy, two areas of focus -- products and goods, which we think can be used more efficiently. then, skills marketplaces. we are in about 140 of those companies as early investors. we have learned a lot about how to run the efficiently and grow that in different cities, etc. additionally, we are founder first focused because we have all run companies and have had bad experiences with investors so we take a lot of that experience with us. to focus first on the founders and their mission and everything else falls into place. emily: that the not necessarily work out so well with uber. mike: i invested in uber when i was running my company, leverage software.

the company is doing amazing things, but that is one that we didn't -- that was not a fund investment initially. i took a piece of the uber stock, my personal stock, and was able to use that as a marketing tool to grow the fund. we had very little influence and impact in uber. and, early on, because it was not part of the fund. him him him emily: obviously, uber has new leadership, a $70 billion valuation, and at the same time, they have pulled out in markets around the world or struck deals in russia, china, southeast asia. the scale might be what people envisioned it could be in the beginning. they have also halted their self-driving test in arizona. how big do you think uber can really be at this point? mike: it is still at $62 billion value in the last trades that were done and continues to grow rapidly. emily: is it a $500 billion company or $100 billion company?

mike: i don't know, we will see. i was one of the first investors. we invest for a couple of rounds. there aren't many $100 billion companies. we still own a lot of stock. many of the analysts and insiders are thinking about it as a $300 billion company. emily: what other sharing economy opportunities do you see out there? mike: we are in a bunch of real estate companies that are leveraging these assets more efficiently, whether it is commercial or residential assets. for example, we are in peer space which allows you to rent a space by the hour, by the day. they are growing very rapidly. for off-site meetings, film shoots, cooking shows -- there is a huge market opportunity there. we are early investors in wag. emily: hotel for dogs. and walks for dogs.

mike: walks and overnights. growing very rapidly. emily: also, uber for kids. mike: we are in tango, which is uber for kids. they have a more rigorous process for verifying drivers and fingerprinting. for parents, it is a more comfortable experience and they can actually have young kids in the car. emily: if you think about this $300 billion potential explosion in the sharing economy, what is the majority of that going to come from? mike: i think it is the two areas -- the freelance economy is growing very rapidly. skills marketplaces are going to continue to grow. the two primary targets for that are millennials who want for flexibility in their working environment. that could be professionally or even consumer side like dog walking. also, baby boomers who need to supplement their income.

on the other side, i think on the real estate side for example, the owners and landlords are beginning to realize they can drive significant income and millennials like to travel. emily: mike walsh, managing partner at structure capital, thank you for joining us. facebook is facing an expanded class-action lawsuit for discriminating against older jobseekers. the communication workers of america argues facebook's algorithms shows more ads to younger candidates. companies like t-mobile were among those that used the filtering tool. the union alleges that even facebook used the age filtering to find its own employees. kkr has bought bmc software. terms of the deal were not disclosed. bmc is owned by a group including golden gate capital.

they took the company private five years ago for $5.9 billion. coming up, president trump said he is moving ahead with plans to impose tariffs on $50 billion worth of chinese imports and curb investment in sensitive technology. what does it mean for global innovation? that is next. this is bloomberg. ♪

emily: abc is pulling the plug on the "roseanne" reboot. the president of abc entertainment made that announcement today after the show's star roseanne barr made a racial slur about a member of the obama administration. she later apologized over what she called a bad joke about

former obama advisor valerie jarrett. bob iger tweeted there was only one thing to do and that was the right thing. a timeline for imposing tariffs on $50 billion on chinese imports. tariffs of 25% will be given to goods of imported technology, including the beijing made in china development program. i want to get to sarah mcgregor in washington. tell us exactly what this means. sarah: today's announcement by trump was actually a big surprise. the last we heard from secretary mnuchin after the visited china was these tariffs were on hold. a chinese delegation also came here and it seemed to smooth things over. they were going to try to use negotiations before their talks. another good sign was the u.s. commerce secretary is scheduled from june 2 to j4 to go to beijing to hammer out the finer details. i think u.s. business and even congress calmed down and felt there would be a levelheaded approach and not many people wanted tariffs.

they felt it would be too disruptive and might hurt the economy. today, i think when the trump administration came out with this statement early this morning, it took a lot of people by surprise. people were not briefed on this -- congress or businesses -- and it put the tariffs back on the table. there can be speculation on whether there is a negotiation tactic ahead of going to beijing, but it sounds like the trump administration is firm and set up some time frame. by june 15, a final list of chinese goods that would be hit by tariffs will be published. emily: give us more specifics on what kind of goods and what kind of technology in particular. sarah: when the original list of proposed goods that would be hit by tariffs came out, it seemed to be pretty random, but the trump administration explained that they apparently had an algorithm on how they can inflict maximum pain on china and minimum pain on u.s. consumers. there really targeting china's 2025 plan.

their desire, china's investment in high-tech industries to become dominant, the world leader in things like electric cars, artificial intelligence by 2025. it sort of had some odd items on it, like certain dental products or flamethrowers. it also had other items that were apparently going to hit china pretty hard. we don't expect that much to change in the final form too much. again, i think they believe there was a formula to it. this is just the $50 billion in proposed tariffs we are talking about. since then, the trump administration has said there may be another $100 billion they may impose. that is a whole other beef we will have to look ahead to as well. emily: talk a little bit about the role the chinese telecom provider is playing in all of this. this is a company the administration sanctions and president trump said he was going to compromise.

members of congress were not too happy about this. what is the role that zte plays in these evolving negotiations? sarah: it is important that you brought it up because i think the timing of today's's announcement, a reminder to china that tariffs are on the table, does come after last week, the trump administration said it would ease sanctions on zte. the administration has had to tried to divorce zte from its trade talks but it is linked. china requested that trump ease those sanctions. it crippled the company and has 70,000 employees -- it is a big company. in doing that, trump got a lot of flak from congress, you are bending to china. this is a national security threat. this company broke sanctions laws, so how could we do business with them? today, taking this hardline

approach with china, it begs the question if the trump administration is flexing their muscle and saying we are going to be tough after all of this criticism from the zte deal. the second part about timing is the list that will be published on june 15, it will come after this north korea summit that appears to be going ahead with the north korean leader and trump himself june 12 in singapore. you can see that in a way strategically timed after the summit. the u.s. would need china's help if there is an agreement with north korea. they would want to have china in their corner if that looks successful. emily: this after we all thought the summit was off. from your perspective, how unique is the dynamic of these conversations? sarah: yes, i mean, i think this sort of mixture of foreign policy and trade policy right now cannot be underestimated.

we often talk about that in isolation, but clearly as i said before, the trump administration is going to need china's help if it was to deal with north korea. china is north korea's biggest political ally, economic lifeline. they will be crucial to try to get a deal. i think really there is a fine line for the trump administration to walk here. there is a lot of pressure coming from congress and business communities, but ultimately i think a win on north korea could eclipse what could even happen on trade if there is movement there. i'm sure the trump administration is absolutely aware and trying to juggle all of their balls here. emily: sarah mcgregor, bloomberg's head of u.s. economic policy. thank you for sharing those updates with us. that does it for this edition of "bloomberg technology" from san francisco. i'm emily chang. this is bloomberg. ♪

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