
(This article is a repost from A Smarter Planet Blog)
Over the past two decades, the Internet, cloud computing and related technologies have revolutionized many aspects of business and society. These advances have made individuals and organizations more productive, and they have enriched many people’s lives.
Yet the basic mechanics of how people and organizations forge agreements with one another and execute them have not been updated for the 21st century. In fact, with each passing generation we’ve added more middlemen, more processes, more bureaucratic checks and balances, and more layers of complexity to our formal interactions–especially financial transactions. We’re pushing old procedures through new pipes.
This apparatus–the red tape of modern society–extracts a “tax” of many billions of dollars per year on the global economy and businesses.
What can be done? One potential solution is an intriguing technology called blockchain, which is little understood outside a small fraternity of computer scientists.
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