In a new report Intelligent Assets: Unlocking the circular economy potential, the World Economic Forum and Ellen MacArthur Foundation discuss the possibilities of the internet of things as an enabler of the circular economy. In this extract Nicolas Cary, Co-Founder of Blockchain, explores the financial technology that will bring the vision to life.
Let’s step into the future a little. Imagine a world in which a Berber guide in the Saharan desert can instantly send a payment, to anyone in the world, at near zero cost. Imagine a world where your intelligent refrigerator detects that you are running low on eggs and automatically orders them from Amazon with expedited drone shipping. Your fridge escrows the funds with a geolocational trigger, and when the drone arrives the payment is instantly done. Or better yet, imagine a world where you are running late for a flight and the Heathrow Express is severely delayed. Well, good news, you can order your self-driving, self-repairing, and materially refurbished car and pay it a surcharge fee to negotiate with all the other self-driving cars on the road to get out the way, automatically.