4 ms·

I don't think it is tech exactly that is the great hope, but the culture that it can engender. We all hate laws and regulation but constantly depend on strict

• kbenson 10y ago
  Regulations are just sets of rules agencies adopt to enforce the law. This is needed because people are not like computers, and do't just blindly follow a standard or best practice. If there's a way to gain more at the expense of others, some people will attempt to do so without some negative consequence (and some will still attempt to do so). Laws are to clearly define what is not allowed. Regulations just make it clear how to operate in a way compliant with the law. > The hope is to align buisness in such a way that comapanies work together to promote quality and interoperability. Needing government to set standards and regulation is just too slow. The only way people and companies are able to interact with other people and companies on any basis that requires future action is because the laws regulate exactly what is expected under certain circumstances. Two parties can agree on whatever they want, but without an impartial third party to review violations in their agreement, enforce penalties, and rule on new situations, this breaks down. I don't think we've seen the last of the cases regarding commerce that requires high level legal review, so I don't think we're done with lawmakers.