Monday, August 7, 2017

Can Russia create a provably honest clearing system?

Russia To Cut Dependence On U.S. Dollar, Payment Systems

Russia get locked out of the American clearing houses.  They have to have an equivalent.

But who trusts Vladimir? No one, in this case.  They have to adopt gold backing or create a provably correct hardware secure system or go block chain.  In the central bank clearing system, central banks hold responsibility, which government must guarantee.  No one will trust the guarantee of the Kremlin.

Creating hardware based security

There are fewer chip makers than bankers, hence easier to form a trusted group of hardware vendors who deploy a public protocol.  If the hardware protocol can verify the block of code to be executed, at start up, and the chip is difficult to counterfeit, then we have a hardware solution. The larger number of big banks can verify the production of the protocol chip, including test and verification.  Final stage of assembly includes programming keys into the secure chip, done with a banker approved piece of software under watchful eye.

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