Circle CEO Jeremy Allaire spoke this morning at MoneyConf in Dublin, saying that global society is “at the beginning of a tokenization of everything.”
Jeremy Allaire, Co-Founder & CEO of payments company Circle spoke this morning of an unprecedented “crypto-revolution,” saying that global society is “at the beginning of a tokenization of everything.”
Just as the early internet transformed data and communications, blockchain is now poised to revolutionize “every aspect of finance” and “reinvent public and civil services in [its] image”:
“Once you have an open global immutable record-keeping system, [a] transaction-processing system and [a] secure computing environment, you can re-conceptualize on a global basis every aspect of finance… corporate and commercial law, the intermediation of contracts, [and] crucially all of the systems we use in [both corporate and civic] decision making.”
The CEO outlined a vision of a tokenized global economy and society, in which “every form of value storage and public record becomes a crypto-token” that has free-floating market value and can be traded on global digital exchanges.
With crypto-assets, he said, you can “tokenize your house, car or art,” and establish open global financial relationships around any physical property.
The “tokenization of private or public votes in all forms of social governance” would offer an immutable system that is more transparent and accountable than current models.
Allaire outlined five categories of crypto-assets, beginning with privacy-focused cryptocurrencies that remove financial activities from the centralized control of governments and serve as “a public good” on the internet.
So-called ‘crypto-securities’ can function to represent rule-based financial contracts and have a potential that goes “far beyond” a paper contract mediated by a law firm in court. He emphasized that lot of initial coin offerings (ICOs) come under this category.