I have the honor of sitting on a board that came from MIT and specifically from Julius O. Akinyemi, the great thinker behind the eRegistry project. The Wealth of Nations Project, and the board charged with making it real, is positioned to alter the very nature of capital structures starting in Africa, but clearly exportable to other lesser developed nations. And Government 2.0 will play an instrumental role.
Julius has agreed to do a guest blog here on FixingPotholes.com, but until then I wanted to post a bit about the basics and the opportunity.
The project is aimed at unlocking the power of dormant trillions of dollars of local assets in parts of the world that lack a system to accurately peg that value and securitize the assets to grow local economies. The theory of the project also embodies the local design movement in emerging markets and does not inaccurately place existing securitization strategies on top of markets that lack some of the developed world characteristics. To quote Julius,
“We will provide through economic modeling, a global standardized index that financial institutions can use to better assess individual’s worth and improve the lending practices. This process will generate needed capital in developing nations. Additionally, this process of asset securitization will provide transparency and accountability for invested and loaned funds to the various nations by the World’s financial organizations e.g. IMF.”
The transparency angle was certainly enough to get me interested in getting involved, but the best part is that the project envisions utilizing the crowd to add to securitization and leverage ICT to create a level of comfort to capital to allow the system to drive secure lending practices based upon accurate identification of risk and value in lesser developed parts of the world. The idea is that we could develop an eRegistry to tap into local crowds to identify asset value and securitize it to an extent that the inefficiency in the current global market is corrected and the value unlocked. The great point is that this is extensible, through open government data initiatives, to a degree that eGovernment systems can be enabled across the globe.
“As with the development of the Internet, which did not come from a single technology but from the timely convergence of multiple streams of technological development, the convergence of new technologies has the potential to enable asset owners, regardless of location or type of asset, to partake in an artificial nervous systems that can begin to sense, capture, record, transmit and even value an asset in nanoseconds via the eRegistry.
By the same token the “eRegistry” could be used as an eGovernment Revenue Generation base, Census and Population Control Issues database, Disease control and Health and wellness resource etc. The “eRegistry,” when enabled with data mining capabilities and localized economic models that consider local economic nuances, can easily predict future pricing of assets, local market behaviors and, when intelligently used with proper governance processes, will build a second understanding and “layer” of that society for both individuals and the community at large by allowing for another, more global perspective of individual and communal wealth to emerge. With this model, a new Digital Global Common Currencywill emerge that can enable global open capital sourcing. The eRegistry will enable us to build an Entrepreneurial Information Exchange Platform that could be analogous to a real-time global commerce commodities trading floor. The Information Exchange will also become an open platform for Virtual Doctors and Health Care Services, Local Commodities Trading, Media for Capital Generation, Quantitative tool for Micro credit lending efficiency, as well as products and services brokerage functions.”
I am unbelievably excited about this project and look forward to working with Julius to help drive the idea and the execution of it. But, as always, the success of the endeavor clearly depends upon the community that reads this blog, discussing and debating and promulgating the idea. We are already starting to work out the details, but we all remain committed to advice from our global government 2.0 community to truly tip the world in a new direction. We will present a demonstration of the concept at the World Economic Forum in Davos coming up, lets make that an incredible experience by getting involved.
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