Paying and getting paid online with… trust
Buying online and paying online has become more common than ever and there seems to be no obstacles for this trend to evolve. What may change though is the way online payments are made in communities and social networks. Needless to say that many online users are waiting for some revolutionary alternative to credit card payments or online systems which are basically credit card facilitated payment systems for more advanced Internet users.
Going back into the history of money and to the fact that money once came into use as a substitute for… trust, it’s possible to imagine a system where trust will be restored as a basis for exchange of goods & services and not only as a social basis for communication.
The very social evolution of money shows that every period of significant advances of our Civilization has been facilitated with a new form of money. The Internet Age or the Age of Communication which we’re living in now will certainly have to establish a new form of value exchange and distribution of resources which will be able to foster the development of new technologies, support social needs of communities and meet global challenges of the humankind.
Within Internet communities, trust has become a very practical measure already with the PageRank from Google and other metrics algorithms which enable rather accurate and objective measuring of value of online resources based on their active audience, references and original pursuit for excellence.
As the financial crisis has been spreading throughout the World during the past months, many world leaders have been discussing the idea of a Global Currency which might replace the American Dollar which is utterly dependent on the American Federal Reserve, a private organization which cannot act on behalf or serve the interests of sustainable global development beyond the narrow private interests of the few.
Considering that world leaders are serious about the idea of the new Glabal Currency, it becomes clear that the new era of online payment systems can foster the evolution of the most conservative financial institutions — the banks. In the Internet Era, banks are no longer seen as ultimate sources of financing for private or business needs and rather act as redundant instruments in transferring “trust value” over the fiber optic lines or mobile GSM waves across continents.
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