Steam locomotion – one of the greatest inventions ever, led to the creation of a new type of ownership and governance structure – the limited liability company structure. Technology came first, then governance.
Where are we with the prevailing financial system? Arguably, it’s full of great people trying to do the right thing, but you could say the system needs an upgrade.
Technology has taken us to a new place where our current structures cannot keep us in.
Enter blockchain – it’s not the magic pill, but it’s one of the tools that could be used to build the financial system of tomorrow. You may need to listen to today’s episode more than once – actually, you need to. Yes, we go into a bit of detail, but hopefully, you can hang in there.
In this episode we discuss and ponder the following:
- Why do companies exist now? And do they need to exist tomorrow?
- When the tech is already there, and it works – what’s the problem? Why aren’t things moving forward?
- In the ‘new world,’ what’s the role of central banks and states?
- Programmable money. Speed is a measurement of distance/time. Velocity introduces another element – direction. What if we could bestow on our currency other characteristics?
- Macroprudential regulation vs micro-prudential regulation
Dave Corbett heads up Centrality Fintech. His job is to help the financial services industry ‘be better’ by using blockchain technology. Current, legacy systems, makes innovation and collaboration difficult, so is there a way to efficiently and effectively manage the handshakes with the incumbent players?
As everyday investors, the biggest mistake we can make is to assume the future will be full of ‘more of the same.’ *The future will be fundamentally different/transformed *– the faster you can get your head around where we’re going, the better equipped you’ll be to grow wealth in the new world.
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