From Location to Microlocation

I loved the 2014 book “You Are Here” by Hiawatha Bray of The Boston Globe. It tells the history of location and navigation technologies and explains just what a huge change in human affairs it was when suddenly you could always know where you were and how to get where you want to be. We take it for granted today, but GPS and Google Maps are pretty astonishing. My children have absolutely no idea what it would mean to be lost. There’s no such concept in a smartphone world where cars will soon be able to drive themselves home and your Bluetooth can tell you which office you are in and how to get to the coffee room.

Well, another big change in location is coming. Consumers will soon see a whole new range of services that are impossible to deliver using existing location technologies such s GPS or Bluetooth and these will in turn create incredible new opportunities for financial services. It hasn’t got as much attention as 5G but since the iPhone 11, Apple’s phones (and the series 6 Apple Watch and the new HomePod) have come with a technology called Ultra Wideband, or UWB. As does the new Samsung Galaxy Note 20. UWB heralds a new battle between the internet giants: the battle over micro-location (or µlocation, if you will).

Knowing where you are has changed the world. Knowing where everything is will change it again. Not only will you never get lost again, you’ll never lose any of your stuff again.

First of all, it’s important to understand that UWB is not really a new technology. The IEEE (Institute of Electrical and Electronic Engineers) standard on UWB (802.15.4) came out more than a decade ago. It was one of a family of wireless protocols (along with Bluetooth, ZigBee and WiFi) that were intended for short-range wireless communications with low power consumption. At the time it was assumed that, broadly speaking, Bluetooth was for a cordless keyboards and hands-free headsets, ZigBee was for monitoring and control networks, while Wi-Fi was for computer-to-computer connections to substitute for wired networks and UWB was for high-bandwidth multimedia links. It never really caught on though. WiFi worked well enough and it got faster pretty quickly.

So there was a pivot.

Engineers found another use for UWB, because the radio pulses that it uses have a very interesting characteristic which is that they allow you to determine location very accurately indeed. Much more accurately than you get from signal strength estimation (as with Bluetooth proximity applications). This means that with UWB it is possible to measure distance to a couple of inches and since apps can get this information a few times every second they can also tell whether another device is stationary, approaching or receding. For example, a UWB-enabled system can sense if you’re moving toward a locked door and it can know if you’re on the inside or outside of the doorway, to determine if the lock should remain closed or open when you reach a certain point.

Finding things is only the beginning, although it is by itself a huge market. Take tags. If you have a UWB phone and a UWB tag of some kind, the phone can work out exactly where the tag is. I’m a big fan of this kind of application because I’m old and forget everything and adore my Tile app! If you haven’t used Tile, it’s an app on your phone that can locate Bluetooth tags. You buy these tags and then attach them to things (I’ve got one on my keys, one in my wallet, one on my TV remote and one in my notebook) so that you can find them easily. I can’t tell you how many times I’ve misplaced my keys and saved hours of searching around the house by using the app.

Socks

with kind permission of TheOfficeMuse (CC-BY-ND 4.0)

A recent Apple patent application sets out how a system of “Airbags” might work. Suppose you have one of these tags in your notebook and you leave your notebook somewhere. When the notebook loses touch with your iPhone because you have walked away, the tag goes into a “lost mode” and transmits its encrypted details through any other device it happens to come into contact with. So a stranger with an iPhone walks past, the tag sends its position and that stranger’s iPhone passes the message on via Apple to your iPhone. So when you realise you can’t find your notebook, your iPhone can tell you exactly where it is. The idea that you can lose something will fade from memory. Just as the 4G generation cannot imagine being lost because their phone can always tell them where they are, so the UWB generation will not be able to imagine losing anything, because their phone will always be able to tell them where if they left their wallet in a store, if the TV remove control is still in the family room and if their stash has been moved from their secret place in the tree near the park.

A more mainstream use case (where Apple already has patents) is for keyless car unlocking. Apple is a charter member of the Car Connectivity Consortium, which created the Digital Key Release 1.0 specification in 2018, and I’m sure that this sort of thing is only the beginning. Who knows what applications inventive developers will come up with when they have the ability to determine location to this kind of accuracy. Look at the issues that have arisen with using Bluetooth approximations in the Apple/Google contact tracing services.

New Competition

UWB chips are already used for some amazing applications such as tracking players (and the ball) on a sport field or for finding equipment in hospitals, but now that they are arriving in consumer devices there is going to be an explosion of creativity from those COVID contact tracing services (much better with µlocation than with Bluetooth) to contact-free commuting (where the train knows where you got on and got off). Knowing where you are, and where your stuff is, to an inch instead of 30 feet opens up new possibilities which is a variety why industry analysts estimate that this market will grown around 20% per annum, hitting at least $50 billion in the five year.

So why am I thinking about this stuff now? Well, it’s because it has started to make inroads into the world of payments. In Japan, NTT Docomo has teamed up with Sony and NXP Semiconductors (their UWB chipset was announced last September) to trial technology that lets shoppers make NFC payments without having to take their phones out of their pockets. They are using UWB to follow user movement and positioning with location accuracy of a few centimetres. This takes the new location technologies into the transaction space, alongside the existing Wifi, RFID/NFC and Bluetoon technologies. Obviously this of particular interest to me because of the applications around payments, insurance and risk management but I’m sure there are kids in basements rights now working on applications that I’ve never thought.

It seems to me that location is going to be central to some pretty important battles in the consumer technology space. Wired magazine summed up one of these battles very well last year, noting that Amazon (whose Sidewalk meshes low-cost, low-bandwidth sensors and smart devices) and Apple have embarked on missions to extend their control of their customers’ devices so that “Apple can get out of the home and Amazon can get into it”.

Knowing where you are and where your stuff is begins to erode fuzzy boundaries between mundane and virtual and creates a new border zone where competition will spur a generation of innovation. Oh, wait… where did I leave my AirPods…

[This is an edited version of an article that first appeared on Forbes, 12th November 2020.]

International Identity Day

Old MacDonald Had A Retinal Scanner

Well, here we are again. It’s 16th September and International Identity Day (IID) once more*, so I’m here to rejoice with you all. To celebrate this auspicious date, I used my strongly-authenticated virtual identity with the verifiable credential IS_OVER_18 (which is linked to the digital identity stored in my bank wallet) to log in to a French vineyard to pre-order a crate of Beaujolais nouveau. I gave them my Amazon address credential when they wanted a delivery address and my payment name to send their request-to-pay for Amex to digitally sign to confirm payment. My real name and my financial details were never part of this very efficient online purchase.

Not only do we not have digital identities for people, we don’t have digital identities for anything else either. Click To Tweet

I’m joking, of course. It’s actually even worse than you think. Not only do we not have digital identities for people, we don’t have digital identities for anything else either. And that might be more important than you think. After all, we spend a lot of time talking about digital identity for people and speculating about whether Apple ID or federated Bank ID or centralised Government ID is the best implementation but in the new online world, there are a great many entities other than people that will need to have digital identities in order to participate in a functioning post-industrial economy. Things, for example. And artificial intelligences: Bots will need identities, too. In fact I’m writing a book about this at the moment. It’s going to be called “Will Robots Need Passports?” and it will be out next year sometime.

(And the answer, as I am sure you already know, is “yes”. Spoiler alert: robots will need passports because they will need to be authorised to access resources and they will need to be recognised in order to develop reputations that will be transaction enablers.)

What we don’t spend anything like enough time talking about, though, is the digital identity of animals. I read with great interest a report in the Times of India about a new smartphone app that farmers can use to check information about cattle. This was developed in response to an appeal from Prime Minister Modi for a means to reduce cattle theft. As you probably know, India already has a national identity number for people — Aadhar — and it has worked pretty well, providing a low-cost mechanism to establish the unique identities of citizens and thereby contribute to the goal financial of financial inclusion which (as everyone knows) is an identity problem. Therefore, it would seem logical to give animals a number too.

But how do you tell Napoleon from Snowball?

Well, in this case, specific information “unique to each animal” like the footprint, height, weight, colour and tail hair is recorded in the software and a unique ID is generated. As one of the designers of the software notes, this ID “is very useful when insuring cattle”, which is a good point. I am slightly surprised that, all other things being equal, they didn’t put the IDs on a quantum-resistant blockchain in the cloud, but that’s probably version 3.

Nevertheless, the animal Aadhar — the biometric identification of animals and the association of a digital identity — clearly has economic value. I don’t know how unique animal footprints are, so I cannot comment on adjusting the false accept and false reject rates for optimal barnyard efficiency, but I do know that (as the Wall Street Journal recently reported) face recognition for animals is actually pretty difficult. As they put it, “It’s not like you can tell a donkey to stand still“. Quite. Nevertheless it can be done.

IFGS Panel on AI Ethics 2019 (courtesy of Emma Wu).

I know this because I was privileged to have Dr. Jion Guong Shen from JD Digits, a subsidiary of JD (China’s largest e-commerce business) on my panel about AI ethics and governance at the Innovate Finance Global Summit (IFGS) last year. This was a great panel, by the way, largely because the well-informed panellists took the discussion in such interesting and unexpected directions. JD Digits, amongst other things, runs face recognition services for farmyard animals including cows and pigs. It turns out that pig face recognition, in particular, is a big business, There are 700m pigs in China, and the productivity gains that farmers can obtain from ensuring that each pig is fed optimally, that sick pigs are kept away from the herd (and so on) are very significant. Apparently the face recognition system also goes some way to reigning in wannabe Napoleons, as Dr. Shen explained that there are some “bully pigs” that try to obtain a disproportionate share of barnyard resources. The system can spot them chowing down when they shouldn’t be and flag for intervention. This is a pretty straightforward use case for biometric identification that might useful introduced into British fast food outlets in my opinion.

Let’s celebrate International Identity Day by remembering that not only are digital identities are not simply for people and that the future economy desperately needs digital identity infrastructure for everything but that we have a long, long way to go.

* In case you are wondering why IID is 16th September, the choice of the date is in recognition of the United Nations Sustainable Development Goal (SDG) 16.9 which calls for legal identity for all including birth registration by 2030.

On the internet, no-one knows you’re toaster

The pop singer Gwen Stefani had a husband who was intimate with the family’s nanny. He reportedly recorded some amorous adventures on his iPhone, no doubt to act as a comfort in his later years. Unfortunately, he’d either forgotten about iCloud or couldn’t work out how to configure it correctly (as I can’t) with the dramatic consequence that the screen saver on Gwen’s iPad was transformed from a selection of treasured family snapshots into a flick book version of Pornhub.

Connecting everything on the Internet has unexpected consequences and they are getting worse. With the Economic Times estimating that there are already some 50 connected devices per household, we have a problem that is spiralling out of control.A recent real-world test of more than a million IoT devices found that almost all of the traffic they sent was unencrypted, exposing huge quantities of personal and confidential data to potential attackers, and that networks were mixing IoT devices other technology assets (laptops, desktops, mobiles etc) to create vulnerabilities on both sides.

Never mind no-one knowing whether you’re a dog, no-one knows whether you’re a toaster pretending to be a dog. Click To Tweet

A generation on from the famous “on the Internet nobody knows you’re a dog” cartoon that became a staple of management consultants’ presentations ever after, the situation is now far worse. Never mind no-one knowing whether you’re a dog, no-one knows whether you’re a toaster. Or a toaster pretending to be a dog. Or agents of a foreign power pretending to be a toaster presenting to be a dog that is intent on bringing down our online economy.  If the Internet of Things (IoT) is going to be a platform for embedded financial services, then it will needs a serious security makeover.

Specialized elements of hardware and software, connected by wires, radio waves and infrared, will be so ubiquitous that no one will notice their presence

From The Computer for the 21st Century – Scientific American

That was Mark Weiser’s prediction of the Internet of Things from 1991. It seems pretty accurate, and a pretty good description of where we are headed. This is world in which computers and (and financial services) vanish from view and are instead part of  the warp and weft of everyday life. What I’m not sure Mark could have predicted is what a total mess it all is.


Toaster and dogwith kind permission of TheOfficeMuse (CC-BY-ND 4.0)

Whether it’s wireless kettles or children’s toys, it’s all being hacked. Adding mass market, inexpensive and insecure devices to a global network is taking us into uncharted territory when it comes to risk. I recall that, following the last massive Internet outage caused by a “botnet”, a number of commentators remarked how odd it is that a network designed to withstand nuclear war could be disrupted so badly by toasters, nanny cams and video recorders. And that seems a fair, and rather damming, point to make about the nature of our infrastructure.

If you’re wondering, by the way, a botnet is a collection of devices (computers, toasters, cameras and anything else that can reached through the interweb tubes) that have fallen under the control of some third party and can then be used in a massed and concerted fashion either for good (e.g., searching for radio signals that might indicate extraterrestrial life) or evil (e.g., overloading bank web sites so that customers can’t get through). Just to indicate the scale, a botnet “denial of service” attack against a European bank last month managed to marshall enough devices to hit the bank’s web site with 800 million requests per second, overwhelming its defences and making it impossible for the bank’s customers to access their accounts.

This does not look good for the future. Sooner or later a cyberspace Covid 3.0 will come along and then we are really in trouble. There’s no possibility of social distancing online because we’ve gone beserk connecting things up but we’ve overlooked how to disconnect them. Or, in bumper sticker form for the modern electorate, I might be tempted to paraphrase that doors are easy, locks are hard.

Anyone can connect their kettle, car or children to the Internet. And it’s tempting to do it just because it can be done. But keeping them secure? That’s another and altogether more difficult problem. If we are going to make an the IoT a platform for financial services, if we have a vision of luggage that can sort out least-cost routing and lightbulbs that can trade energy derivatives and cars that can buy their own insurance then we’re going to have to pause for breath and rethink the platform, because that toaster botnet is only the beginning.

(The toaster botnet mentioned above is a work of art. It involves the use of malicious software that wanders the highways and byways of the internet looking for devices that have been connected but do not have security defences in place. As it happens, this turns to be almost all of them. Either the password has been set to “password” or some other easily remembered — and therefore easily guessed — word, or there’s no password at all, or there’s a bug in the software than can be exploited.

This latter category is especially vexing. Suppose it turns out that my smart toilet (these do exist by the way – I have photographic evidence) has been shipped from Korea with an old version of software that the hackers can easily exploit. Now my toilet is going to need patching and then upgrading. But supposing the facilities to patch and upgrade my toilet do exist (“do not flush – upgrade in progress – download complete in 22 minutes”), how will the manufacturers persuade me to do this? What if the manufacturers have gone out of business? What if the upgrade is itself a trick designed to subvert my toilet for the amusement or profit of Eastern European hackers?

Leaving it up to consumers will not work. We cannot trust the populace to configure their smart device firewalls any more than we can we trust pop stars to configure their iCloud, so selling toasters that can be hacked (even if it is by the CIA) ought become as unthinkable as selling cars without seatbelts. The noted security expert Bruce Schneier (one of the key thinkers in this space) has rather eloquently likened IoT’s market failure (which is that I don’t care that my toaster is insecure and is bringing down your bank, and neither does the manufacturer – it’s cheap and it works) to a kind of post-industrial pollution.

(I made a podcast with Bruce around a decade ago and can tell you straight that  he has already forgotten more about computer security than I will ever learn — and is also a very nice guy. From what I know of the topic he is of course completely correct: this market failure not only means we have no real security at present, it means that things can only get worse.)

As Bruce pointed out in his excellent book “Click Here to Kill Everybody: Security and Survival in a Hyper-connected World”, we are now in a situation where the lack of any security infrastructure means that anything that can be connected to the internet can be hacked. And since everything is connected to the internet, everything can be hacked.

The externality that Bruce highlights can only be fixed by society as a whole and, as unfashionable as that might be, that means regulation.  It’s time to begin a conversation about what that regulation might be, before it’s too late. California’s SB-327 that requires manufacturers to set different passwords for devices is a good example of what’s needed, but it’s only a start. As the Business Software Alliance’s recently-published principles for “Building a Secure and Trustworthy IoT” say, security policies should “incentivise” security through the IoT life cycle. That means a different mindset and its a mindset that sees the need for an infrastructure.

There is no doubt in my mind that we should prioritise innovation and experiment here because the truth is that just as financial services need identity infrastructures for people (IDs), so next-generation financial services will need identity infrastructures for IoTs (IDIoTs).

[This is an edited version of an article that first appeared on Forbes, 12th July 2020].

We’re doing analog AML to try and catch digital criminals

My good friend Lisa Moyle sums up the unsatisfactory nature of the current situation with Customer Due Diligence (CDD) quite well, writing that the current rules are neither effectively preventing nor capturing crime. Instead, she says, they risk making financial institutions so overly cautious that they only serve to exacerbate the problem of the un- or under-banked and create barriers for honest customers. She is spot on.

Her comments remind me of those of Rob Wainwright, then Director of Europol, when talking about the great success of the continent’s $20 billion per annum anti-money laundering regime. He said that “professional money launderers are running billions of illegal drug and other criminal profits through the banking system with a 99 percent success rate”. Although we are only intercepting 1% of the dirty money, the costs that the CDD regime impose on the finance sector are enormous. The costs of the Money Laundering/Terrorist Financing (ML/TF) regime is, according to the Journal of Financial Crime 25(2), “almost completely ineffective in disrupting illicit finances and serious crime”. 

But as Lisa has pointed out, not only does the regime we have now do little to hamper terrorists, money launderers, drug dealers, corrupt politicians or mafia treasurers, it does massively inconvenience law-abiding citizens going about their daily business. According to another piece in the Journal of Money Laundering Control 17(3), the Financial Action Task Force (FATF) identification principles, guidance and practices have resulted in “largely bureaucratic” processes that do not ensure that identity fraud is effectively prevented. Were strict identification requirements to be imposed everywhere and in all circumstances, though, there would be an even more negative impact on financial inclusion because of the barriers that Lisa referred to.

Surely it’s time for a rethink.

We erect (expensive) KYC barriers and then force institutions to conduct (expensive) AML operations, using computers and laser beams to emulate handwritten index cards and suspicious transaction reports (STRs). But as I have suggested before, suppose the KYC barriers were a lot lower so that more transactions entered the financial system. And suppose the transaction data was fed, perhaps in a pseudonymised form, to a central AML factory, where AI and big data, rather than clerks and STR forms, formed the front line rather than the (duplicated) ranks of footsoldiers in every institution. In this approach, the more data fed in then the more effective the factory would be at learning and spotting the bad boys at work. Network analysis, pattern analysis and other techniques would be very effective because of analysis of transactions occurring over time and involving a set of (not obviously) related real-world entities.

I think we need to plan for a new form of CDD for the digital age. We all know that COVID-19 is accelerating the evolution of digital onboarding, and that’s great. But we need to move to the next level. I call this Digital Due Diligence (DDD) and now that we live in a world where digital identity is becoming a thing (both for people and for organisations) it’s time to plan for a faster, more cost-effective and more transparent approach that is based on the world we are actually living in.

China’s eight centuries of experiment with paper money is coming to a close

The Chinese were first with the great transition from commodity money to paper money. They had the necessary technologies (you can’t have paper money without paper and you can’t do it at scale without printing) and, more importantly, they had the bureaucracy. In 1260, the new Emporer Kublai Khan  determined that it was a burden on commerce and drag on taxation to have all sorts of currencies in use, ranging from copper coins to iron bars, to pearls to salt to gold and silver, so he decided to implement a new currency. The Khan decided to replace metal, commodities, precious jewels and specie with a paper currency. A paper currency! Imagine how crazy that must have sounded! Replacing actual stuff with apparently worthless paper! It’ll never work!

Crazy or not, it worked and just as Marco Polo and other medieval travellers returned along the Silk Road breathless with astonishing tales of paper money, so modern commentators (e.g., me) are tumbling off of flights from Shanghai with equally astonishing tales of a land of mobile payments, where paper money is vanishing and consumers pay for everything with smartphones. China is well on the way to becoming a cashless society, with the end of paper money in sight. Something like one-seventh of China’s population relies on mobile payments to get around, carrying no cash, according to a survey conducted by Renmin University of China. The natural step from there is to create digital currency so that settlement is in central bank money and there are no credit risks.

This thinking has been evolving for some time. Back in 2016, the Governor of the People’s Bank of China (PBOC), Zhou Xiaochuan, set out the Bank’s thinking about digital currency, saying that it is an irresistible trend that paper money will be replaced by new products and new technologies. He went on to say that as a legal tender, digital currency should be controlled by the central bank and after noting that he thought it would take a decade or so for digital currency to completely replace cash in China, he went to state clearly that the bank was working out “how to gradually phase out paper money”. Rather than simply let the cashless society happen, which may not led to the optimum implementation for society, they were developing a plan for a cashless society.

As I have written before, I don’t think a “cashless society” means a society in which notes and coins are outlawed, but a society in which they are irrelevant. Under this definition the PBOC could easily achieve this goal for China. But should they do this? Yao Qian, from the PBOC technology department wrote on the subject in 2017, saying that to “offset the shock” to commercial banks that would come from introducing an independent digital currency system (and to protect the investment made by commercial banks on infrastructure), it would be possible to “incorporate digital currency wallet attributes into the existing commercial bank account system” so that electronic currency and digital currency are managed under the same account.

This rationale is clear and, well, rational. The Chinese central bank wants the efficiencies that come from having a digital currency but also understands the implications of removing the exorbitant privilege of money creation from the commercial banks. If the commercial banks cannot create money by creating credit, then they can only provide loans from their deposits. Imagine if Bitcoin were the only currency in the world: I’d still need to borrow a few of them to buy a new car, but since Barclays can’t create Bitcoins they can only lend me Bitcoins that they have taken in deposit from other people. Fair enough. But here, as in so many other things, China is a window into the future, because Alipay, WeChat Wallet and other Chinese third party payment platforms use financial incentives to encourage users to take money out of their bank accounts and store it on their platforms. If commercial banks cannot fund loans from deposits, we are in a new place, economically speaking.

Thus you can see the potential problem with digital currency created by the central bank, even if it is now technologically feasible for them to do so. If commercial banks lose both deposits and the privilege of creating money, then their functionality and role in the economy is much reduced. Whether you think that is a good idea or not, you can see that it’s a big step to take. Hence the PBOC position, reinforced at the beginning of this year by Fan Yifei, Deputy Governor of the People’s Bank of China writing that the PBOC digital currency should adopt a “double-tier delivery system”.

Following this line of thinking, then, the PBOC is saying that it is not going to issue cryptocurrency and that it is not going to issue digital currency either (at least in the foreseeable future). But what they might do is to allow commercial banks to distribute digital currency under central bank control (this what they mean by “double tier”. You could have the central bank provide commercial banks with some sort of tamper-resistant smart chip or cryptographic permission that would create digital commercial bank money under the control of the central bank. (This, by the way, is exactly what was attempted a generation ago with the Mondex electronic cash system.)

(Note that this is entirely removed from the issue of whether to use shared ledger technology to manage the money in circulation. I’m open minded about this. I can certainly see how a system in which POS terminals were nodes in a shared ledger, thus obviating the need for a central system — that could, and does, go down — might be rather attractive but whether the resilience would be worth the expense of moving away from current solutions remains to be established.)

Not also that there is no implication in any of the PBOC’s comments that they will be issuing digital cash. Would any central bank go for this? Some form of digital cash that can be passed directly from person to person like Bitcoin rather than some form of digital money like M-PESA, using hardware rather than proof-of-work to prevent double spending? Well… yes. In fact the Uruguayan central bank has said it will test precisely this approach, having digital cash in the mobile phones pass person-to-person directly between the devices. This is not, I am sure, what the PBOC has in mind. On the contrary, the want to see every transaction, and consistent position adumbrated by last year’s decision to make mobile payment companies route transactions through a central switch.

Shanghai bw  1

I’m fascinated by China’s long experiment with paper money and its imminent conclusion. Whatever you might think about their position on monitoring transactions, the PBOC has been strategic in its thinking.  Their comments on the topic from 2016, 2017 and now 2018 have been consistent. Digital currency is coming and China will take the lead just as it did with paper currency.

Here’s bibliography from “Before Babylon, Beyond Bitcoin”

In case anyone finds it useful, here’s the full bibliography from Before Babylon, Beyond Bitcoin…

Birch, D. (Ed.) Digital Identity Management–Technological, Business and Social Implications. Gower (Farnham, UK: 2007).

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Bray, H. You Are Here. Perseus (New York: 2014).

Brown, J and P. Duguid. The Social Life of Information. Harvard Business School Press (Boston: 2000).

Chittenden, O. (Ed.) The Future of Money, Virgin (London, UK: 2010).

Christensen, C. The Innovator’s Dilemma—When new technologies cause great firms to fail. Harvard Business School Press (Boston: 1997).

Cohen, B. The Future of Money. Princeton University Press (Princeton, NJ: 2006).

Conway, E. The Summit—The Biggest Battle of the Second World War. Little, Brown (London, UK: 2014).

Coyle, D. Paradoxes of Prosperity—Why the new Capitalism benefits all. Texere (New York, NY: 2001).

Coyle, D. Sex, Drugs and Economics—An Unconventional Introduction to Economics. Texere (London, UK: 2002).

Coyle, D. Sex, Weightless World: Strategies for Managng the Digital Economy. Capstone (Oxford, UK: 1997).

Davies, Prof. G. A History of Money from Ancient Times to the Present Day. University of Wales Press (1994).

Del Mar, A. A History of Money in Ancient Countries from the Earliest Times to the Present. George Bell & Sons (London:1885). Reprint Kessinger Publishing.

Desan, C. Making Money—Coin, Currency and the Coming of Capitalism. Oxford University Press (Oxford, UK: 2014)

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Friedman, F. Money Mischief. Harcourt Brace Jovanovich (Orlando, FL: 1992).

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Hart, K. The Memory Bank. Profile (London, UK: 1999).

Hock, D. One from Many—VISA and the Rise of the Chaordic Organisation. Berrett-Koehler (San Francisco, CA: 2005).

King, B. Bank 3.0. Marshall Cavendish International (Tarrytown NY: 2013).

King, M. The End of Alchemy. Little, Brown (London: 2016).

Lanier. Who Owns The Future. Allen Lane (London, UK: 2013).

Lewis, M. Moneyball. W.W. Norton (New York, NY: 2003).

Mayer, M. The Bankers—The Next Generation. Plume (New York, NY: 1998).

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Omwansa, T. and N. Sullivan. Money, Real Quick: The story of M-PESA. Guardian Books (London: 2012).

Sargent, T. and F. Velde. The Big Problem of Small Change. Economic History of the Western World series. Princeton University Press (Princeton, NJ: 2002).

Schewe, P. The Grid: A Journey Through the Heart of Our Electrified World. Joseph Henry Press (Washington, DC: 2007).

Schneier, B. Secrets and lies—Digital security in a networked world. Wiley Computer Publishing (New York, NY: 2000).

Seabright, P. The company of strangers: a natural history of economic life. Princeton University Press (Woodstock, UK: 2005).

Seidensticker, B. Future Hype–The Myths of Technology Change. Berrett-Koehler (San Francisco, CA: 2006).

Shenton, C. The Day Parliament Burned Down. Oxford University Press (Oxford: 2012).

Slegin, G. Good Money—Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage 1775-1821. University of Michigan Press (Ann Arbor, MI: 2008).

Sofsky, W. Privacy—A Manifesto. Princeton University Press (Princeton, NJ: 2008).

Solomon, E. Virtual Money—Understanding the Power and Risks of Money’s High-Speed Journey into Electronic Space. Oxford University Press (New York, NY: 1997).

Solove, D. The Future of Reputation—Gossip, rumour and privacy on the internet. Yale University Press (New Haven, CT: 2007).

Standage, T, Ed. The Future of Technology. Profile (London, UK: 2005).

Watson, R. Future Files—A Brief History of the Next 50 Years. Nicholas Brearley (London: 2010).

Weatherford, J. The History of Money. Three Rivers (New York, NY: 1997).

My new favourite property is “everywhereness”

I’ve been reading The Four-Dimensional Human by Laurence Scott. It’s subtitled “Ways of Being in the Digital World” and I found it thought-provoking in a very positive way. I particularly like the core conceit of social media as another dimension, outside our normal time and space, a dimension we are able to traverse as starships are able to traverse our universe through wormholes into parallel spaces. Think of it as a kind of Flatland of our time, explaining spheres to squares, so to speak.

Everywhereness” describes how it feels when there is no longer any experience – meeting a friend, looking out of a window, feeling momentarily exasperated or exhilarated – that is particular to that moment, that place, those people. Social media make each moment four-dimensional.

This makes complete sense to me, and makes much more sense than Interstellar did (that was dreary in all four dimensions, and I especially hated that stupid robot TARD). Everywhereness. What a great word.

Of course, since the days of Flatland we’ve had Einstein and the idea of space as the fourth dimension. Perhaps it’s time to readjust the paradigm. Scott makes me that that as I traverse the mundane plane, tracing out a four-dimensional time-space trajectory as envisaged by Einstein, I’m also tracing out a five-dimensional time-space-media trajectory. You may not know my exact location and momentum simultaneously, but you may be able to deduce strong approximations from my Twitter feed.

The official blockchain quatrain

The moving finger writes; and having writ

Moves on; nor all your piety nor wit

shall lure it back to cancel half a line,

Nor all your tears wash out a word of it.

 

#Blockchain

 

OK, I added the hashtag, but the rest is from Edward Marlborough’s 1859 translation of the Rubáiyát of mathematician, astronomer, philosopher and poet Omar Ahayyám (1048-1131).