Dominic Cummings and Instant Auditing/Accounting

Dominic Cummings and Instant Auditing/Accounting

We have a problem in blockchain/distributed ledgers (call it what want you want, but basically it’s a whole lot of transactions that have been digitally signed), and that we have really failed to articulate the new economic models that can be created, and all that many can see are the faults of Bitcoin or with the nature of public blockchains. It can be just a few public keys placed on a ledger and which provides the root of trust for an organisation or could be the complete ledger record of the whole of the UK banking industry.

And so, I was sent this:

And — I didn’t think I’d ever say this, but — I completely agree with Dominic Cummings on this matter. While governments of the world are probably just grasping the power of the Internet, they are nowhere in terms of understanding the benefits of a tokenized economy. This will be an economy that supports instant auditing/accounting of every transaction, at any date and any time. In essence it can a pure ledger, in the way that ledgers used to be created, or it can be a single root of trust. They can be public or permission, or a hybrid. Ledgers can be checked against each other, and thus make sure that things are in balance. A company will — in an instance — know their profits at any given time, or their financial commitments. Their scope can be local or global. They can be private, restricted or public, and we can have micro or macro control. But at their core, they are just the next step in integrating digital trust — a simple digital signature to replace our form-based wet signature world.

If you have time, please read the thread [here]:

And, so, here is my article on creating auditing within health care:

and in instance auditing of banks:

https://medium.com/asecuritysite-when-bob-met-alice/instant-auditing-meet-the-merkle-patricia-tree-9318ba23af94?sk=a82a6b6f982fd531c0bb5cd0d1998d33

Conclusions

The countries of the world which grasp the opportunities of the tokenized economy — one build on trust, identity and rights — will emerge the strong, and those that cling to the past will fade, just as mighty companies have faded to be replaced by those who innovate. History has shown that many industries have a chequered history around auditing and account, and our existing mechanisms do not match our current digital world.

Even the hype words of ‘blockchain’ or ‘distributed ledgers’ are now nonsense and do not really mean much past the concept of the Merkle Tree. To me, it is building a new digital foundation for the Internet, and in defining mathematical ‘near’ certainty — using cryptography to engineer the foundation, and build a trusted software layer on top of this.

The debate is thus not binary, it is full of privacy, identity, rights, sharing, not-sharing, certainty, legal rights enacted in software… and building a new digital world which mirrors our societies, but makes things better, and rids ourselves of the problems of the past. The Internet we have created is flawed, and needs fixed.

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