Lecture 2: Federated Bookkeeping
While we often still coordinate trade by settling against a third party currency that is globally trusted, other techniques of coordinating trade are slowly on the rise. Community currencies like the Swiss WIR make use of interpersonal trust relationships to coordinate trade. The EU is investing heavily into the Peppol e-Invoicing network. Invoices that health care providers send to health insurers could benefit from a similar interconnection of bookkeeping systems, with real-time data sharing. In fact, any place where one party sends an invoice to another party, can probably be made more efficient by linking both bookkeeping systems involved. This can be done with anything from simple webhooks to advanced CRDT collaboration protocols. And unlike cryptocurrencies, which are still controlled by rent extractors, Federated Bookkeeping promises to let both trade and credit happen along the same in-network trust lines, and this is a powerful insight. Can Federated Bookkeeping be the real post-capitalist fintech revolution that we initially thought cryptocurrencies would be?
Bio Michiel de Jong:
Michiel de Jong is an expert in Personal Data Stores and Federated Bookkeeping. In the past he worked at Mozilla (makers of Firefox), Ripple (the popular cryptocurrency), and Inrupt (one of the companies offering Solid pod hosting). He co-founded various grassroots open source projects, including Unhosted, “Terms of Service; Didn’t Read”, LedgerLoops, “PDS Interop”, and most recently, Ponder Source: an earn-to-give company that provides open source building blocks for bookkeeping systems.
Weekly brainstorm meeting every Thursday morning 10AM Amsterdam time in https://meet.jit.si/federated-bookkeeping