The ledger. I think people are so caught up with it being a currency or investment asset that they miss the real revolutionary ideas. Triple entry bookkeeping. When double entry accounting emerged in the renaissance it revolutionized commercial activity. I think there are use cases where being able to publicly verify transactions and history would be immensely beneficial.
I worked as a lawyer in NYC unwinding many of the 2008 financial crises bankruptcies and can tell you that billions of dollars of mortgages, home deeds, commercial loans, etc are traded with bankers sending each other excel files. Which means that the property ownership is literally a spreadsheet (often with a date in the file name). It was shocking but how it was done.
There are massive third party organizations that are tasked with tracking those transactions MERS. The commodities exchanges etc but they weren’t much better organized. Lots of excel files.
So if there could be a common accounting ledger that could be verified it would be a big improvement. The question is though would that be 10x better? Or rather enough to get the various stakeholders to adopt the ledger. So far. No.
I worked as a lawyer in NYC unwinding many of the 2008 financial crises bankruptcies and can tell you that billions of dollars of mortgages, home deeds, commercial loans, etc are traded with bankers sending each other excel files. Which means that the property ownership is literally a spreadsheet (often with a date in the file name). It was shocking but how it was done.
There are massive third party organizations that are tasked with tracking those transactions MERS. The commodities exchanges etc but they weren’t much better organized. Lots of excel files.
So if there could be a common accounting ledger that could be verified it would be a big improvement. The question is though would that be 10x better? Or rather enough to get the various stakeholders to adopt the ledger. So far. No.