> Anyone who has worked on payment systems – as I have – knows that a payment system consists of two essential components: a ledger, and a means of sending and

> Anyone who has worked on payment systems – as I have – knows that a payment system consists of two essential components: a ledger, and a means of sending and receiving messages. She missed the most important this a payments thing depends on: you trust the person to pay you. Without that you have nothing. The blockchain is about staking your reputation on previous work done. It's a way of saving and transferring trust. We can and have automate ledgers and sending and receiving messages. Automating the transfer of trust: this is new. But that's difficult to recognise if you don't realise trust is involved.