Unleashing the "Wealth of Nations"

When you want to sell stock in the US, you just call your broker or go online and accomplish the task in minutes. It’s fast, efficient, and represents a fair market price for what you are selling. Likewise, if you need capital to start a business or funds to invest, you can mortgage your properties or take an equity loan.

But what if you want to sell some livestock in Africa? You must travel to market and line up to haggle with a buyer who needs what you're selling less than you need the money he’ll pay for it. If you need capital for your business, (the concept of real estate securitization being non-existing), you need to go to the financial institutions where the cost of capital can range from 20-40% and micro-lending institutions can charge up to 70% plus the need for deposit accounts before lending. The alternative will be to borrow from the local moneylenders at usurious rates. The process is slow, inefficient, and the sales price probably does not represent a fair market price for you. On the other hand, there are trillions of dormant, non-performing assets, owned by citizens who lack the understanding of how to use them for local capital generation and economic prosperity. The process stifles economic growth due to lack of credit and the high cost of capital.

The Unleashing the Wealth of Nations initiative aims to change this situation from the current daily survival mode to that of wealth acquisition and growth, so that citizens will be vested and accountable for self-empowerment and economic growth. The key to successful implementation is the use of converged technologies. When mobile devices (with smart sensors that can sense, capture, transmit, and register assets quickly and easily) are coupled with cloud computing infrastructure (which provides versatile, flexible, and efficient cost structure) users are tied together and can create online markets and eRegistries.

The eRegistry, when enabled with data-mining capabilities and localized economic models that consider local economic nuances, can easily predict future pricing of assets and local market behaviors. When it is intelligently used with proper governance processes, the eRegistry will build a second understanding and layer of that society, for both individuals and the community at large, by allowing for another, more global perspective of individual and communal wealth to emerge. With this model, a new digital global common currency (Global Consumer Economic Index, GCEI) will emerge, enabling global open-capital sourcing. The assumption is that by having people understand the value of their assets in a new way which complements their traditional understanding, they can leverage those assets in a more global setting, build the local economy, and achieve a higher standard of living for the global community.