Alternatives unblocking the finance chain
At the same time, as money is changing in order for wider trade to flourish, there is a growing need for new forms of social interaction and ability to communicate across cultures. This may well emerge first around new, high growth trading routes. Many are looking for new mediums of exchange: As such some believe that, rather than the dependence on the USD, we may see growth in alternative currencies and money networks, and the first state issued fiat digital currency’s. Momentum behind the former is already clear with 9 major global banks already signed up to the Open Ledger Partnership (Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS), a partnership to draw up industry standards and protocols for using the block-chain in banking, initiated by R3 and overseen by the not-for-profit Linux Foundation. Few expect much clarity on which will be the dominant currency any time soon as companies, like individuals, will increasingly choose to use a basket of different options for trading dependent on their needs. While government backed official currencies will certainly still have a place, the rise of digital systems based on Block-chain platforms are seen to have an alternative set of benefits. As de-dollarisation takes place, we will likely see the emergence of a host of new trading currencies but there will inevitably be concern about viable alternatives. The digital, open source, IP sharing economy plays by different rules and agreements. As such, new trading options can quickly be designed, trialed, improved and scaled without the need for regulation.