Markets are decentralised and the software that runs them should be too.
July 10, 2018
Markets are decentralised and the software that runs them should be too.
Introducing Corda Enterprise
R3 has just launched Corda Enterprise — a commercial distribution of the open source Corda platform. The world now has the ability to deploy decentralised applications to optimise today’s markets, and to do so at scale and with integrity.
Here’s the thinking…
There’s a funny little contradiction at the heart of the economy: most businesses are centralised but the markets that most businesses operate in are decentralised.
Here’s what I mean: pretty much any company you can think of has a chief executive and a head office and a board of directors and a finance department and a head of sales and a marketing team and countless other departments.
It’s a bit weird when you first think about it: the beating heart of the capitalist system consists of institutions that are inherently centralised, top-down, and run along command-and-control principles.
But if you look at the markets in which these firms operate, it is very rarely the case that there is anybody in charge. Who is the “chief executive” of the reinsurance market? Where is the “head office” of the syndicated lending market? Who sits on the board of directors for the financing of world trade? Outside trade bodies, regulators and some specific organisations in the financial markets, the answer is invariably “nobody”.
Any competitive industry you can think of is typified by a large number of producers — companies — striving to earn income by providing things that consumers — individuals or other companies — are willing to pay for. And there’s nobody in the middle who is “in charge”.
So when the IT revolution began many decades ago, it was natural that it was companies and other centralised organisations that were the natural adopters of the technology: there was a competitive advantage to be gained by optimising one’s operations, and a command-and-control mechanism to get the technology adopted and working practices changed was the way to make it happen.
So it’s no surprise that if we now look back on the achievements of the IT industry over recent decades we see that IT has mostly been deployed within firms and has mostly been used to optimise those firms — and these firms look utterly different and more efficient as a result.
But when you raise your attention to the level of industries and markets, you see something different. It’s really quite remarkable, when you think about it, how little has changed in how many markets. The way international trade looks today would be easily understandable by a merchant from three hundred years ago. The mechanics of how a complex reinsurance contract is negotiated would look little different from a century ago. And so on.
In fact, it’s only when markets have introduced centralisation, such as with the creation of highly regulated centralised infrastructure firms in the financial markets, that we’ve seen transformational change at the level of an entire industry. The results have often been spectacular. But they have come at the cost of new intermediaries, greater risk concentration and a resulting regulatory need to ensure these new institutions do not become rent-seekers or stifle innovation once established.
Why is this? Why have we been unable to transform the economics of whole industries without introducing new points of centralisation and control?
An important part of the answer is that, until now, we simply haven’t had the technology that would allow us to do it. The deepest assumptions of most of the software that exists today is that it will be deployed within a firm, that it will be controlled by that firm, and that, because it is run by or for that firm, its outputs can be trusted by people in that firm.
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These cookies are set via embedded youtube-videos. They register anonymous statistical data on for example how many times the video is displayed and what settings are used for playback.No sensitive data is collected unless you log in to your google account, in that case your choices are linked with your account, for example if you click “like” on a video.
CONSENT
16 years 5 months 12 days 10 hours
These cookies are set via embedded youtube-videos. They register anonymous statistical data on for example how many times the video is displayed and what settings are used for playback.No sensitive data is collected unless you log in to your google account, in that case your choices are linked with your account, for example if you click “like” on a video.
CONSENT
16 years 5 months 12 days 10 hours
These cookies are set via embedded youtube-videos. They register anonymous statistical data on for example how many times the video is displayed and what settings are used for playback.No sensitive data is collected unless you log in to your google account, in that case your choices are linked with your account, for example if you click “like” on a video.
CONSENT
16 years 5 months 12 days 10 hours
These cookies are set via embedded youtube-videos. They register anonymous statistical data on for example how many times the video is displayed and what settings are used for playback.No sensitive data is collected unless you log in to your google account, in that case your choices are linked with your account, for example if you click “like” on a video.
pardot
past
The cookie is set when the visitor is logged in as a Pardot user.
pardot
past
The cookie is set when the visitor is logged in as a Pardot user.
pardot
past
The cookie is set when the visitor is logged in as a Pardot user.
sid
1 year
The sid cookie contains digitally signed and encrypted records of a user’s Google account ID and most recent sign-in time.
uid
1 year
This is a Google UserID cookie that tracks users across various website segments.
vuid
2 years
This domain of this cookie is owned by Vimeo. This cookie is used by vimeo to collect tracking information. It sets a unique ID to embed videos to the website.
vuid
2 years
This domain of this cookie is owned by Vimeo. This cookie is used by vimeo to collect tracking information. It sets a unique ID to embed videos to the website.
vuid
2 years
This domain of this cookie is owned by Vimeo. This cookie is used by vimeo to collect tracking information. It sets a unique ID to embed videos to the website.
yabs-sid
session
These are cookies used by Yandex Matrica script belonging to the company Yandex. This cookies are used to measure and analyse the traffic of the website by giving information about how the users use the website.
yabs-sid
session
These are cookies used by Yandex Matrica script belonging to the company Yandex. This cookies are used to measure and analyse the traffic of the website by giving information about how the users use the website.
yabs-sid
session
These are cookies used by Yandex Matrica script belonging to the company Yandex. This cookies are used to measure and analyse the traffic of the website by giving information about how the users use the website.
yabs-sid
session
These are cookies used by Yandex Matrica script belonging to the company Yandex. This cookies are used to measure and analyse the traffic of the website by giving information about how the users use the website.
yabs-sid
session
These are cookies used by Yandex Matrica script belonging to the company Yandex. This cookies are used to measure and analyse the traffic of the website by giving information about how the users use the website.
yandexuid
1 year
This cookie is used to identify the users. This cookie collects information about how visitors use the website. This information is used for internal analysis and site optimization.
yandexuid
1 year
This cookie is used to identify the users. This cookie collects information about how visitors use the website. This information is used for internal analysis and site optimization.
yandexuid
1 year
This cookie is used to identify the users. This cookie collects information about how visitors use the website. This information is used for internal analysis and site optimization.
yandexuid
1 year
This cookie is used to identify the users. This cookie collects information about how visitors use the website. This information is used for internal analysis and site optimization.
yandexuid
1 year
This cookie is used to identify the users. This cookie collects information about how visitors use the website. This information is used for internal analysis and site optimization.
ymex
1 year
This cookie is set by yandex. This cookie is used to collect information about the user behaviour on the website. This information is used for website analysis and for website optimisation.
ymex
1 year
This cookie is set by yandex. This cookie is used to collect information about the user behaviour on the website. This information is used for website analysis and for website optimisation.
ymex
1 year
This cookie is set by yandex. This cookie is used to collect information about the user behaviour on the website. This information is used for website analysis and for website optimisation.
ymex
1 year
This cookie is set by yandex. This cookie is used to collect information about the user behaviour on the website. This information is used for website analysis and for website optimisation.
ymex
1 year
This cookie is set by yandex. This cookie is used to collect information about the user behaviour on the website. This information is used for website analysis and for website optimisation.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Cookie
Duration
Description
_fbp
3 months
This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
_fbp
3 months
This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
_fbp
3 months
This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
_fbp
3 months
This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
_fbp
3 months
This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
anj
3 months
No description available.
anj
3 months
No description available.
anj
3 months
No description available.
ANONCHK
10 minutes
The ANONCHK cookie, set by Bing, is used to store a user's session ID and also verify the clicks from ads on the Bing search engine. The cookie helps in reporting and personalization as well.
bscookie
2 years
This cookie is a browser ID cookie set by Linked share Buttons and ad tags.
bscookie
2 years
This cookie is a browser ID cookie set by Linked share Buttons and ad tags.
bscookie
2 years
This cookie is a browser ID cookie set by Linked share Buttons and ad tags.
fr
3 months
The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
fr
3 months
The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
fr
3 months
The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
fr
3 months
The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
fr
3 months
The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
i
10 years
The purpose of the cookie is not known yet.
i
10 years
The purpose of the cookie is not known yet.
i
10 years
The purpose of the cookie is not known yet.
i
10 years
The purpose of the cookie is not known yet.
i
10 years
The purpose of the cookie is not known yet.
IDE
1 year 24 days
Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
IDE
1 year 24 days
Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
IDE
1 year 24 days
Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
IDE
1 year 24 days
Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
IDE
1 year 24 days
Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
MUID
1 year 24 days
Used by Microsoft as a unique identifier. The cookie is set by embedded Microsoft scripts. The purpose of this cookie is to synchronize the ID across many different Microsoft domains to enable user tracking.
MUID
1 year 24 days
Used by Microsoft as a unique identifier. The cookie is set by embedded Microsoft scripts. The purpose of this cookie is to synchronize the ID across many different Microsoft domains to enable user tracking.
MUID
1 year 24 days
Used by Microsoft as a unique identifier. The cookie is set by embedded Microsoft scripts. The purpose of this cookie is to synchronize the ID across many different Microsoft domains to enable user tracking.
MUID
1 year 24 days
Used by Microsoft as a unique identifier. The cookie is set by embedded Microsoft scripts. The purpose of this cookie is to synchronize the ID across many different Microsoft domains to enable user tracking.
MUID
1 year 24 days
Used by Microsoft as a unique identifier. The cookie is set by embedded Microsoft scripts. The purpose of this cookie is to synchronize the ID across many different Microsoft domains to enable user tracking.
NID
6 months
This cookie is used to a profile based on user's interest and display personalized ads to the users.
NID
6 months
This cookie is used to a profile based on user's interest and display personalized ads to the users.
NID
6 months
This cookie is used to a profile based on user's interest and display personalized ads to the users.
personalization_id
2 years
This cookie is set by twitter.com. It is used integrate the sharing features of this social media. It also stores information about how the user uses the website for tracking and targeting.
personalization_id
2 years
This cookie is set by twitter.com. It is used integrate the sharing features of this social media. It also stores information about how the user uses the website for tracking and targeting.
personalization_id
2 years
This cookie is set by twitter.com. It is used integrate the sharing features of this social media. It also stores information about how the user uses the website for tracking and targeting.
test_cookie
15 minutes
This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
test_cookie
15 minutes
This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
test_cookie
15 minutes
This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
test_cookie
15 minutes
This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
test_cookie
15 minutes
This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
uuid2
3 months
This cookies is set by AppNexus. The cookies stores information that helps in distinguishing between devices and browsers. This information us used to select advertisements served by the platform and assess the performance of the advertisement and attribute payment for those advertisements.
uuid2
3 months
This cookies is set by AppNexus. The cookies stores information that helps in distinguishing between devices and browsers. This information us used to select advertisements served by the platform and assess the performance of the advertisement and attribute payment for those advertisements.
uuid2
3 months
This cookies is set by AppNexus. The cookies stores information that helps in distinguishing between devices and browsers. This information us used to select advertisements served by the platform and assess the performance of the advertisement and attribute payment for those advertisements.
VISITOR_INFO1_LIVE
5 months 27 days
This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
VISITOR_INFO1_LIVE
5 months 27 days
This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
VISITOR_INFO1_LIVE
5 months 27 days
This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
VISITOR_INFO1_LIVE
5 months 27 days
This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
VISITOR_INFO1_LIVE
5 months 27 days
This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
YSC
session
This cookies is set by Youtube and is used to track the views of embedded videos.
YSC
session
This cookies is set by Youtube and is used to track the views of embedded videos.
YSC
session
This cookies is set by Youtube and is used to track the views of embedded videos.
YSC
session
This cookies is set by Youtube and is used to track the views of embedded videos.
YSC
session
This cookies is set by Youtube and is used to track the views of embedded videos.
yt-remote-connected-devices
never
These cookies are set via embedded youtube-videos.
yt-remote-connected-devices
never
These cookies are set via embedded youtube-videos.
yt-remote-device-id
never
These cookies are set via embedded youtube-videos.
yt-remote-device-id
never
These cookies are set via embedded youtube-videos.
yt.innertube::nextId
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requests
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.