Bhagwan Chowdhry, a Professor of Finance at UCLA Anderson School, US, chosen among hundreds of experts to select candidates for the next Nobel Prize in Economic Sciences, proposed to award the Prize to the inventor of bitcoin Satoshi Nakamoto.
In an eloquent entry in his Huffington Post blog, Bhagwan Chowdhry explained his choice by calling the digital currency a “brilliant, path-breaking invention” which is about to change the whole infrastructure of exchanging money to the extent it has not been changed for centuries.
As Satoshi Nakamoto prefers to stay anonymous, Chowdhry offers himself as a person who might deliver the Nobel speech on his behalf, provided that the creator of bitcoin wins. Chowdhry also suggests to contact Nakamoto via bitcoin address allegedly belonging to him.
Apart from going into details on how the Nobel Prize hopeful can get his award, the Professor provides a sophisticated analysis of the possibilities which bitcoin and the technology underpinning it have brought to the world.
“Not only will Satoshi Nakamoto's contribution change the way we think about money, it is likely to upend the role central banks play in conducting monetary policy, destroy high-cost money transfer services such as Western Union, eliminate the 2-4% transactions tax imposed by intermediaries such as Visa, MasterCard and Paypal, eliminate the time-consuming and expensive notary and escrow services and indeed transform the landscape of legal contracts completely. Many industries such as Banking, Finance, Law will see a big upheaval.”
Professor Chowdhry also outlines that the poor will greatly benefit from the invention.
Bhagwan Chowdhry is known for his Financial Access at Birth (FAB) initiative in which “every child born in the world” shall be given a deposit of $100 in an online bank account “to guarantee that everyone in the world will have access to financial services in a few decades.”
Satoshi Nakamoto is a person or a group of people who introduced bitcoin protocol by publishing their 9-page article "Bitcoin: A Peer-to-Peer Electronic Cash System" in 2008.
Maria Rudina
