Like what? Like property titles. Like marriage announcements. Like contracts between multiple parties that require strict adherence to terms. Once you begin to let your imagination run wild, you begin to see the potential of an entire legal system that could gradually emerge in the digital cloud, one that could displace traditional functions of the nation-state itself.
Of course that seems a bit like science fiction, which, if possible, is surely decades or longer away. Or maybe not. According to many experts in Blockchain technologies, the advantages are so palpable as to make immediate applications advantageous to many institutions right now.
A pioneer currently working on such applications is Caitlin Long, who will be speaking at FEEcon later this year. In this brief presentation, she discusses the promise and prospect of distributed ledgers to change the way we think of contracts and property titles.
Foundation for Economic Education. He is also Chief Liberty Officer and founder of Liberty.me, Distinguished Honorary Member of Mises Brazil, research fellow at the Acton Institute, policy adviser of the Heartland Institute, founder of the CryptoCurrency Conference, member of the editorial board of the Molinari Review, an advisor to the blockchain application builder Factom, and author of five books. He has written 150 introductions to books and many thousands of articles appearing in the scholarly and popular press.
This article was originally published on FEE.org. Read the original article.