I’ve discussed Trust as a measure of efficiency, Social Commerce may soon lead to Social Risk Pools, and then Social Currencies that are based upon trust. The last needed element to see these trends realized is better financial information.
Honest, trustworthy people need good financial information; in the same way a responsible person takes notes and keeps a list of commitments, good financial information helps honest, trustworthy people maintain trust.
Today’s financial information is segmented, incomplete, requires reconciliation, and is costly. Shared data, the concept of a distributed ledger, which eliminates reconciliations and errors, at lower total cost are all the right objectives. Today’s episode discusses these issues, the 108th, of Conversations with Kip, the best financial system vlog there is.