Crypto-Counseling: Smart Contracts in Psychotherapy (Part 1: Theory)
The world is changing at an unprecedented pace. Technological advancement has nearly reached critical mass. Just eight years ago an enigmatic figure named Satoshi Nakamoto wrote the White Paper outlining an idea for a decentralized currency, which would function through cryptographic protocols and a distributed network. Shortly after he wrote this paper,....
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Cryptography and smart contracts will give counselors and other mental health professionals freedom to choose how they conduct business, and ethical regulations will be imposed in a decentralized and peaceful fashion based on network consensus. This privatization of counseling will ensure fairness as well as punish shoddy therapists. It will also abolish....
With rapid growth of the digital age and expansion of internet connectivity, people suffering from mental disturbances have started to seek online counseling and psychotherapy. This form of therapy has increased in popularity for many reasons, but primarily because it is more attractive to shy people, people who have reservations about the therapy....
The Nobel Memorial Prize in Economic Sciences 2016 will go to professors Oliver Hart and Bengt Holmström, for their transformative work on contract theory. In doing so, the Royal Swedish Academy of Sciences recognizes how important contracts are in helping modern society function. The Power of Contract Theory. The laureates’ work has been fundamental to....
With contributions from Zerado, FinTech Network have produced a whitepaper that looks at smart contracts and how they could improve efficiencies within the banking sector. The whitepaper highlights: How smart contracts aim to provide security that is superior to traditional contract law and ways they can reduce other transactional and administrative costs. The workings of Ethereum as one of the best examples of smart contracts in practice. Ways that smart contracts could benefit areas such as mortgages, clearing and settlement, KYC & bonds. How challenges with conceptual misalignment,....
In the last installment of this series, we talked about what "smart contracts" (or, perhaps more accurately, "self-enforcing contracts") are, and discussed in detail the two main mechanisms through which these contracts can have "force": smart property and "factum" currencies. We also discussed the limits of smart contracts, and how a smart contract-enabled legal system might use a combination of human judgement and automatic execution to achieve the best possible outcomes. But what is the point of these contracts? Why automate? Why is it better to have our relationships regulated and....