Thomas: social trust can be seeded by government (e.g. buying car from manufacturer that satisfies gov envronment regulations, eg. EPA). Kathleen: eBay is another example of social trust (between sellers and buyers). Some existing systermssystems/markets may not need to move to bchains as they are working just fine.
JeffS: Social trust is multiple layers. Party who you are transacting with. Enforceability of contract. Enforcer of the contrtact. Trust in the service itself. Some people may not want to play.
Kathleen: car example. JeffS: Volkswagen issue in the US. So broad, it bcame national issue. National institution got involved.
Thomas: should gov get involved in overseeing a global blockchain. Example of NASDAQ. JeffS: what will be the jurisdiction. Kathleen: it should be global. What if a bloc of nations refuses to accept. JeffS: like bitcoin, there needs to be incentives built-in. Brokers today need to be registered (e.g. in the US).
Kathleen: which gov dept is doing registrations. JeffS: not sure. Thomas: mentions Treasury's project on LEI company-numbering scheme (like D&B).
Tuesday, January 24