Excellent job by Bloomberg’s Matt Levine in his column entitled: “The Best Fraud Is in Plain Sight” – an expose on Hertz, Wirecard, eBay….and toilet plumes. Mr. Levine writes: “Saying a stock is worthless will not prevent people from buying it, if they don’t read the disclosure, or if they assume that you wouldn’t be allowed to offer stock if it was actually worthless, or if they just figure they’ll find a greater fool to dump it on. A popular application of Ethereum, for a long while, was building pyramid schemes with names like “Ethereum Pyramid Scheme.” Is it a fraud, if you tell everyone up front that it’s a fraud?” He goes on: “And so if you run a traditional business & use a modern approach, you will find yourself with a spreadsheet calculating the return on your bribes, and it will help you maximize profits & identify opportunities and cut waste, and you will feel very good about yourself until the cops burst in.” At Inveniam, we like such articles because we need a society that seeks justice in every interaction.
Data validation, verification & transparency are central tenets to good business & DLT with RPA technology allows actors on all sides of a transaction to feel good about the decisions they’re making because the trust in the data inputs is rational.
