The decentralized economy is inevitable. Cities now need to prepare for impact

By Sarah Wray – Bettina Warburg explained that throughout history, we have created “middlemen” to deal with uncertainty about trade – who are we dealing with, how do we know we are getting what we were promised, and what if we don’t receive the goods? These middlemen include banks, corporations and government entities, as well as online platform marketplaces like Amazon, eBay and Alibaba.

Now for the first time, she said, we can lower this uncertainty using technology alone – blockchain, meaning no middlemen are required.

Blockchain unlocks the idea of a “network state … which you can think of as shared reality. Blockchain is in some ways giving us an autonomous network state — the ability to manage all that information and make choices on it by transacting it without middlemen,” she said.

“It’s a matter of urgency that public services, and the leadership of those public services, is able to anticipate technology and the disrupted business models it creates; and that it can respond to that by setting out the key demands. We cannot find ourselves in situations again where we have to regulate after the event. That is government not doing its job properly,” commented Andrew Collinge. more>

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