Day 38-More currencies than countries

Photo by Hitesh Choudhary on Unsplash

The tokenization of everything

The beauty of the blockchain is that it enables all manner of lateral extensions. One possible development would combine digital currencies with smart contracts, digital record management, and decentralized autonomous organizations where decisions are made outside of the usual hierarchical structures all supported by the blockchain. “The idea is that blockchains could track all the rights and obligations of a given contract and automatically trigger payments as the contract progresses, without anyone having to chase up payments offline,” writes Mike Orcutt in the MIT Technology Review. Tax collection might also be made less complex by automatically deducting the government’s share from every transaction recorded on the blockchain. I general, the management of supply chains would be simplified and accelerated through a combination of the mechanisms involving contract execution, record-keeping, tracking, payment collection, and restocking. Blockchain technologies may also be used to trace the origin of certain goods, and consumers are increasingly demanding such transparency in an era flush with stories of corporate exploitation of people and resources.

A match made in crypto heaven

Writing in Information Age, Nick Ismail argues that the blockchain can help optimize the entire innovation cycle, from brainstorming to establishing ownership and licensing, This is especially the case with complex products such as cars and computers, and also with intangible content such as software, music, and video. “Managing IP in a globalized economy is extremely challenging,” he argues. “Companies need to decide where to seek protection for ideas and then individually apply for protection in relevant geographies.” The key advantage is that a digitized registry “offers the opportunity to place an initial idea on a blockchain and then update it.” This new technology could become an integral part of the creative process. “Ultimately, blockchain could be more impactful on the IP industry than it has been even to the financial services industries,” he notes. “The challenge will be in creating the right adoption path for the technology.”

2030 by Mauro.F.Guillen: 212–215

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