How the blockchain will radically transform the economy

in #economic4 years ago

Watch this video and know that blockchain technology can become a new kind of institution.

Visionary-investor comments:

Institutions are a tool to lower uncertainty so that we can connect and exchange all kinds of value in society. Nowadays we use political, economic and corporate institutions. Times are changing. Blockchain can be the first step in building digital, decentralized and autonomous institutions without central authority. Digital technology will lower authority of banks, international corporations and governments. Trust and certainty are created by blockchain. So economic agents can interact with each other. I am not sure about one digital truth that is created by blockchain. For me ideas of Holochain are more closer. Every digital agent has its own truth but all society knows that truth of this agent is really verified. I think that such digital architecture is more scalable and useful in economic interaction. Bettina Warburg talked about her ideas in June 2016 and she mentioned that technology is still in infancy. 2 years are passed, the process is going but technology is still in infancy. We need time to implement digital autonomous institutions in our economic and social activities.

Can digital technology create new class of institutions?

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