Security is simply the protection of interests … With electronic cash, just as with paper cash today, it will be the responsibility of government to protect against systemic risk.
Predictor: Chaum, David
Prediction, in context:In an appearance at a Congressional hearing July 27, 1995, David Chaum says: ”Security is simply the protection of interests … With electronic cash, just as with paper cash today, it will be the responsibility of government to protect against systemic risk. In order for those in government to make informed decisions, it will be necessary for them to understand the basic ways to secure transactions in different situations. One basic form is tamper-resistant, exemplified by the chip in a chip card. It is designed to be hard to modify or read secrets from. Such tamper-resistance is needed for ‘offline’ payments – those in which a reader device receiving payment from a card validates payments by contacting a central system only at the end of each day.”
Biography:David Chaum was the founder of DigiCash in the early 1990s. He was the inventor of cryptographic protocols that allowed him to create a company whose mission was to change the world through the introduction of anonymous digital money technology. (Technology Developer/Administrator.)
Date of prediction: January 1, 1992
Topic of prediction: Economic structures
Subtopic: E-cash
Name of publication: Congressional Hearing
Title, headline, chapter name: Full text of David Chaum’s Congressional speech
Quote Type: Direct quote
Page number or URL of document at time of study:
http://www.virtualschool.edu/mon/ElectronicProperty/ChaumTestimony
This data was logged into the Elon/Pew Predictions Database by: Canizaro, Lauren