By E J Spode – We need to talk about trust and its place in the fabric of our lives. Trust seems to be in short supply these days, although we have no choice but to rely on it.
We trust schools and babysitters to look after our children. We trust banks to hold our money and to transfer it safely for us. We trust insurance companies to pay us should we meet with some disaster. When we make a large purchase – such as a house – we trust our solicitors or an escrow company to hold the funds until the transaction is complete. We trust regulators and governments to make sure these institutions are doing what they are supposed to be doing.
A good way to wrap our minds around ‘blockchain’ concept is to think of its most famous application: Bitcoin. And the best way to think about Bitcoin is not in terms of coins at all but rather as a giant ledger.
Bitcoin is just one version of the blockchain. The fundamental technology has the potential to replace a much wider range of human institutions in which we use trust to reach a consensus about a state of affairs. It could provide a definitive record for property transfers, from diamonds to Porsches to original Picassos. It could be used to record contracts, to certify the authenticity of valuable goods, or to securely store your health records (and keep track of anyone who’s ever accessed them).
But there’s a catch: what about the faithful ‘execution’ of a contract? Doesn’t that require trust as well?
What good is an agr’ement, after all, if the text is there but people don’t respect it, and don’t follow through on their obligations? more> https://goo.gl/rW7huO
Posted in Banking, Broadband, Economic development, Economy, Education, Net, Technology
Tagged Banking reform, Blockchain, Broadband, Business improvement, Capital, Government, Internet, Technology
By Dambisa Moyo – Much of the criticism leveled against globalization today is related to the idea that it enriches the few, while leaving many people behind.
Policymakers exhibit a blind spot for the true costs and consequences of the policy decisions that they make today. Beholden to a national electorate and a desire to win and stay in office, policymakers show tendencies towards a zero-sum mentality—the idea that in key policy decisions and practical implementation, nations are defined as either winners or losers.
Trade policies are myopic in that policy-makers appear oblivious to the fact that the trade policies they implement today have enormous costs and consequences to their own economies in the future.
To reach a form of globalization that can succeed requires a level of change that will be hard to put in place. In today’s form of globalization, no one is responsible for the “global” economic interest. Instead, it is led by “world” leaders who are incentivized and court national electorates. more> https://goo.gl/WCMJHS
Posted in Banking, Broadband, Business, Economic development, Economy, Leadership, Media, Net
Tagged Broadband, Capital, Congress Watch, Globalization, Government, Industrial economy, Internet, Jobs, Leadership