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These hacks are things like badges, diplomas, dress codes, and, as it happens, creditratings. Sam introduced me to a useful way of thinking about these intermediaries, what he called social “hacks.” Workarounds. Approximations.
We argue that, like previous revolutionary ideas, blockchain has the potential to help developing nations leapfrog more-developed economies. This in turn boosted development by allowing relatively poor farmers to reliably send and receive payments at affordable rates, fostering economic growth by lowering transaction costs.
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