Chapter 3 (The code-ification of money, markets and trust) notes:

  • Code-ification of money, markets, payments, trust is the next big inflection point in the history of financial services.
  • By 2017 over 1 billion people will use mobile banking
  • Alibaba payments performs 2.85 million transactions per minute (more than PayPal or Square). I'm not sure but I think it is not banned in places like West Bank, Pakistan, Lebanon and Afghanistan (PayPal is), making it more global.
  • Congo is one of the world's poorest states. 75% live on less than 1 dollar. A third is illiterate. Life expectancy is 46 years.
  • Mobile phones in Congo are not just used to place calls. They help people reunite after displacement and to store money.
  • People/Entrepreneurs start getting interested in Africa from a purely business perspective (instead of doing charitable work or peacekeeping)
  • Kenya's M-Pesa stands for mobile money. It lets you create and load up an account at most gas stations, markets and stores and lets you transfer money via text messages. The money is stored on a commercial bank in Nairobi.
  • Estimated Sharing economy growth is 20 times the current value of $ 26billion by 2025.
  • Sharing in the sharing economy isn't free. Airbnb doesn't rent out accommodations for zero dollars. They charge for it. Similar is Uber. Uber doesn't share it's cars.
  • Uber might be expand it's service by letting you order a driver that picks up and delivers your package.
  • Bitcoin is based on digital trust. All transactions get logged in a blockchain which is distributed across all bitcoin users. The blockchain contains the whole history of every transaction ever made. Which makes it pretty hard to hack.
  • The blockchain will be to banking, law and accountancy as the internet was to media, commerce and advertising.
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