Elaine Ou, Columnist

If You Can't Trust People, Try a Smart Contract

The technology might not subvert the world order, but it could save banks billions.

December 6, 2016 at 1:41 PM UTC

Elaine Ou is a Bloomberg Opinion columnist. She is a blockchain engineer at Global Financial Access in San Francisco. Previously she was a lecturer in the electrical and information engineering department at the University of Sydney.

Obsolete?
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Trust is extremely valuable for markets and the economy. In its absence, though, technology might prove to be the next best thing.

Doing business would be really easy if people could all trust each other. In rural parts of Japan, for example, it’s common to see unattended produce stands where farmers leave fruits and vegetables for sale. Customers pay by leaving cash in a deposit box, and everything operates on the honor system.