Another great talk from the RSA.
Some examples from English history:
Tally sticks (as a way of tracking future tax liabilities) introducing marketable Government debt. Lasted 500 years AFTER the invention of double-entry bookkeeping. Ended when the government decided to burn them all. The resulting fire burned down the Houses of Parliment on 16 October 1834.
Problems with bad coinage -- too many types, too much counterfeit, clipping, etc. This was at the start of the age of Enlightenment, so with great faith in Science to solve the problem, expert advice was requested. Newton's solution got the nod, promoting him to the head of the Royal Mint (1696). Also lead to a gold standard
Wampum belts in the colonies. Contracts were made in pounds, which were nominally on a gold standard. But since neither pounds nor gold existed in quantity in the colonies, at the time of contract fullfillment the bill was settled with other items. Beaver fur, wampum belts; all of which put the indians in an interesting position as bankers, since they would accept almost limitless amounts of wampum.
So what is the future? Mobile phones, which can resolve complex barter chains, and can allow everyone to both send and receive transactions. Or via complicated FX chains (managed via centralized preference lists, to make management simple), allowing payment in Sterling, Gold, BA Miles, Tesco Clubcard points, ...
Return to private currencies. A brand can offer a currency. This should include consumer protection, as consumer protection adds to the value.
Why deposit "euros" in a pension scheme. What you really want is say kilowatt/hours.
Thank you for the kind comments. If you are interested in the topic, you might enjoy the Tomorrow's Transactions blog too.
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Best regards,
Dave Birch.