The Banks of the Federal Reserve issued a challange to payment system architects.
|
Build a Faster Payment System |
Build A secure payment system |
The fastest possible payment system is value created with entangled particles. That system is a bit further in the future, but for now we should be able to define finality as transfer time + validation time. Payment data moving at the speed of light and an electronic wallet validating an asynchronous electronic signature needs only milliseconds. Milliseconds then, is the measurement of fast; anything else is slower.
|
Muggers, swindlers, and thieves - Oh my! Build a system that makes that penny worthless if it was obtained by a ne'er-do-well, then it can be recovered and replaced. It can be insured. It can be insured cheaply because actual losses will be very low.
|
Let's Play Ball!
|