Wherever information goes, money is sure to follow. By its decentralized, distributed nature, encrypted e-money has the same potential for transforming economic structure as personal computers did for overhauling management and communication structure … Truly digital money – or, more accurately, the economic mechanics needed for truly digital cash – will rewire the nature of our economy, communications, and knowledge.
Predictor: Kelly, Kevin
Prediction, in context:In his 1994 book “Out of Control: The New Biology of Machines, Social Systems and the Economic World,” Kevin Kelly, editor of Wired magazine, writes: ”Ubiquitous digital cash dovetails well with massive electronic networks. It’s a pretty sound bet that the Internet will be the first place that e-money will infiltrate deeply. Money is another type of information, a compact type of control. As the Net expands, money expands. Wherever information goes, money is sure to follow. By its decentralized, distributed nature, encrypted e-money has the same potential for transforming economic structure as personal computers did for overhauling management and communication structure. Most importantly, the privacy/security innovations needed for e-money are instrumental in developing the next level of adaptive complexity in an information-based society. I’d go so far as to say that truly digital money – or, more accurately, the economic mechanics needed for truly digital cash – will rewire the nature of our economy, communications, and knowledge.”
Biography:Kevin Kelly was the author of the book “Out of Control” and the first executive editor of the highly influential Wired magazine. (Author/Editor/Journalist.)
Date of prediction: January 1, 1994
Topic of prediction: Economic structures
Subtopic: E-cash
Name of publication: Out of Control: The New Biology of Machines, Social Systems, and the Economic World
Title, headline, chapter name: E-Money
Quote Type: Direct quote
Page number or URL of document at time of study:
Page 225
This data was logged into the Elon/Pew Predictions Database by: Garrison, Betty