I was just thinking about something the other day that I can't seem to stop thinking about. Imagine a world with wide spread trezor adoption. And really this vision has nothing to do with crypto currency so to speak. At least it doesn't because it needn't and since everyone here is so cryptocurrency focused it I think it is useful, in making my point, to pretend like no such thing exists.
Imagine that each check out line at the store has a socket that ones trezor can be inserted into. It then proceeds to ask a question. Any question it likes. Example, transfer 50 USD from bank account UVW to account XYZ? Yes or no? Or would you like to transfer 0.01 ounces of gold from vault id ABC to vault id DEF. To which you can reply yes in exchange for the groceries the cacheer has just rung up for you. The cashier can then relay the digitally signed instructions to your bank to be validated. Imagine the same device can be used to securely authenticate on any website. Imagine it is used to sign a contract when you take out a loan or request that a service be provided in the future. Imagine your credit score is tied to that public key. Imagine you can request your craigslist partner to digitally authenticate before wasting your time to dive out to see him for nothing.
One device could securely manage every single identity related aspect of our lives. Which is every aspect of reputation and commerce. Its not just the money that would be saved in fraud prevention, that benefit would be in the TRILLIONS and it would only be the tip of the ice berg. More benefits still would come in the tearing down of archaic fraud prevention infrastructure. Even that is the smaller portion still. The biggest benefits would come in the form of eliminating transaction friction. The scope and scale of this benefit is beyond comprehension. All benefits combined I wouldn't be surprised to see a +10% increase in the net productivity of the human species. It would be like materializing a half dozen new Dubais and a half dozen new Hong Kongs out of the ether for the price of like $10 per human being (maybe less im not sure just how cheap trezors could be if produced at massive scale).
Can you even imagine.
Maybe I'll become wealthy enough to buy this company someday and push forward this vision. If the satoshi labs heroes ever could be compelled to sell
*edit* I'm constantly trying to explain why I'm such a ridiculous nerd for these little devices. Maybe this will go further than any of my other posts towards explaining why.
Imagine that each check out line at the store has a socket that ones trezor can be inserted into. It then proceeds to ask a question. Any question it likes. Example, transfer 50 USD from bank account UVW to account XYZ? Yes or no? Or would you like to transfer 0.01 ounces of gold from vault id ABC to vault id DEF. To which you can reply yes in exchange for the groceries the cacheer has just rung up for you. The cashier can then relay the digitally signed instructions to your bank to be validated. Imagine the same device can be used to securely authenticate on any website. Imagine it is used to sign a contract when you take out a loan or request that a service be provided in the future. Imagine your credit score is tied to that public key. Imagine you can request your craigslist partner to digitally authenticate before wasting your time to dive out to see him for nothing.
One device could securely manage every single identity related aspect of our lives. Which is every aspect of reputation and commerce. Its not just the money that would be saved in fraud prevention, that benefit would be in the TRILLIONS and it would only be the tip of the ice berg. More benefits still would come in the tearing down of archaic fraud prevention infrastructure. Even that is the smaller portion still. The biggest benefits would come in the form of eliminating transaction friction. The scope and scale of this benefit is beyond comprehension. All benefits combined I wouldn't be surprised to see a +10% increase in the net productivity of the human species. It would be like materializing a half dozen new Dubais and a half dozen new Hong Kongs out of the ether for the price of like $10 per human being (maybe less im not sure just how cheap trezors could be if produced at massive scale).
Can you even imagine.
Maybe I'll become wealthy enough to buy this company someday and push forward this vision. If the satoshi labs heroes ever could be compelled to sell
*edit* I'm constantly trying to explain why I'm such a ridiculous nerd for these little devices. Maybe this will go further than any of my other posts towards explaining why.