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Bitcoin Inventor Satoshi Nakamoto Nominated For Nobel Prize
HughPickens.com writes: Nobel Prizes are given for making important — preferably fundamental — breakthroughs in the realm of ideas. That's just what Satoshi Nakamoto has done, according to Bhagwan Chowdhry, a professor of finance at UCLA. Chowdhry has nominated Satoshi Nakamoto, the creator of Bitcoin, for a Nobel prize in economics. The Prize Committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, popularly known as the Nobel Prize in Economic Sciences, has invited Chowdhry to nominate someone for the 2016 Prize. He started thinking about whose ideas are likely to have a disruptive influence in the twenty first century: "The invention of bitcoin — a digital currency — is nothing short of revolutionary," says Chowdhry. "It offers many advantages over both physical and paper currencies. It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries." Satoshi Nakamoto's Bitcoin Protocol has also spawned exciting innovations in the FinTech space by showing how financial contracts — not just currencies — can be digitized, securely verified and stored, and transferred instantaneously from one party to another.
There's only one problem. Who is Satoshi Nakamoto? Suppose the Nobel Committee is convinced that Satoshi Nakamoto deserves the Prize. Now the problem it will face is how to contact him to announce that he has won the Prize. According to Chowdhry, Nakamoto can be informed by contacting him online just the same way people have communicated with him in the past. He has anonymously communicated with the computer science and cryptography community. If he accepts the award, he can verifiably communicate his acceptance. Finally, there is the issue of the Prize money. Nakamoto is already in possession of several hundred million U.S. dollars worth of bitcoins so the additional prize money may not mean much to him. "Only if he wants, the committee could also transfer the prize money to my bitcoin address, 165sAHBpLHujHbHx2zSjC898oXEz25Awtj," concludes Chowdhry. "Mr Nakamoto and I will settle later."
There's only one problem. Who is Satoshi Nakamoto? Suppose the Nobel Committee is convinced that Satoshi Nakamoto deserves the Prize. Now the problem it will face is how to contact him to announce that he has won the Prize. According to Chowdhry, Nakamoto can be informed by contacting him online just the same way people have communicated with him in the past. He has anonymously communicated with the computer science and cryptography community. If he accepts the award, he can verifiably communicate his acceptance. Finally, there is the issue of the Prize money. Nakamoto is already in possession of several hundred million U.S. dollars worth of bitcoins so the additional prize money may not mean much to him. "Only if he wants, the committee could also transfer the prize money to my bitcoin address, 165sAHBpLHujHbHx2zSjC898oXEz25Awtj," concludes Chowdhry. "Mr Nakamoto and I will settle later."
You know nothing.
He created a decentralized trust chain, one that could be used in applications we cannot today even imagine. Let's say there's a country with no proper land registry... How do you transfer, demarcate or make original claims for a piece of land?
If there's enough mobile phones, computers, participating in a specific swarm due to self-interest (protecting land) then some random can't come and claim rights to the land with forged documents. It would only be valid if both sides agreed to the transaction and signed it cryptographically.
This also extends to bank-to-bank trust, and various others. Paedo-phobia and drug druggies are just where it found a proving ground.
Inventor of dynamite never intended it to be used to kill people...
How peculiarly relevant that the inventor of dynamite was Alfred Nobel, the founder of the Nobel prize