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Malta Business Review BLOCKCHAIN Continued from page 8 to climate change as anything else. So we have a real gain to be had in that way. I'm also really excited about energy. I'm working on a project with the Digital Currency Initiative in Puerto Rico where we're looking to use the blockchain as kind of an accounting back-end for a distributed microgrid of people who own their solar panels and are able to trade directly with each other, rather than having an intermediary. That matters because without that intermediary — the public utility that sets the price — they have the capacity to bring the market forces of clear price signals into a community that can make better decisions about it. We're calling it an energy democracy. Where is blockchain technology headed over the long term? The notion of a token economy — we can now basically create different systems of value exchange that are another form of money. Whereas a dollar/Euro is agnostic about what it's being used for, a token can only be used for certain things. We could effectively move to what might be a digital barter world, where assets and relationships and community values can become tokenized. Those community values are important because you can imagine designing different economic pools around each token. You could attack the Tragedy of the Commons (a problem where people try to use more than their fair share of a common resource) in certain settings because now we have rule sets baked into the token. Just simply by using it, because those rules are embedded into it, we're all participating in a way that is in the community's interest. “We realised that there was a deeper conversation to be had just around why decentralised recordkeeping, which is what the blockchain is That's a pretty powerful idea — that your medium of exchange can become a governance model for the community that's using it. It removes the need for a regulator, and has to be built around your community. These are all visions of the future. But it's the core issue that everyone's fighting for: How do I create a token that can make these disparate, misaligned interests of people come together around a common interest, and how might that change the world? <strong>MBR</strong> Creditline: MIT – Management Sloan School 10
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