The Next Big Thing
Programmable legal entities will change the ways we do business as much as mobile maps have changed the way we navigate the roads.
Authorities have started to recognise specific software-based constructs as legal entities.
New business primitives don’t emerge often; it probably only happens once per millenia.
Technically, a PLE uses blockchain-based tokens and smart contracts to enforce its rules and business logic.
Passing tokens does not involve a third party, whereas any operation over the Internet does.
A programmable legal entity is a singular operational, ownership structuring, and marketing tool.
Software is universally less expensive than human labour. More people can do more business.
Technologies amplify in the process of evolution. Evolution is a blind, directionless propagation of new features and capabilities, with no benchmarks to measure efficiency increase, with most of branches being dead ends, and with only one definite vector that leads towards more complexity.
The futurology masterpiece Summa Technologiae by Stanisław Lem contains bright evidence of the technology’s close resemblance with the biological evolution, supported by a variety of predictions that have already been realized in the time since the publication of the book 55 years ago. Sometimes, an entire industry would take a long-term track sideways and return to the old hearth at a new level. Let me present to you one modern example of such a spiral in business technology development.