Dominic Cummings and Instant Auditing/Accounting
We have a problem in blockchain/distributed ledgers (call it what want you want, but basically it’s a whole lot of transactions that have been digitally signed), and that we have really failed to articulate the new economic models that can be created, and all that many can see are the faults of Bitcoin or with the nature of public blockchains. It can be just a few public keys placed on a ledger and which provides the root of trust for an organisation or could be the complete ledger record of the whole of the UK banking industry.
And so, I was sent this:
And — I didn’t think I’d ever say this, but — I completely agree with Dominic Cummings on this matter. While governments of the world are probably just grasping the power of the Internet, they are nowhere in terms of understanding the benefits of a tokenized economy. This will be an economy that supports instant auditing/accounting of every transaction, at any date and any time. In essence it can a pure ledger, in the way that ledgers used to be created, or it can be a single root of trust. They can be public or permission, or a hybrid. Ledgers can be checked against each other, and thus make sure that things are in…
