PL can be implemented at a small local bank as easily as a central bank. It instantly assures trust among participants while reducing transaction costs. Existing companies that adopt the specification would change how they do business in very small ways that lead to a globally trusted system.
Four categories of companies exist within the system. These companies already exist, the labels are a way to describe them in the public PL specification:
- Promise Assurance companies
- Promise Reporters
- Wealth Translators
- Wealth Storage companies
If two individuals trade different forms of wealth, these companies handle the exchange. For example, if you stored your wealth in a vault in gold or silver, USD could be sent to the merchant instantly, behind the scenes. Simply present your Mastercard or Visa, etc., your gold is reduced, the Wealth Translator takes a small fee, and USD is delivered to the merchant.
Promise Assurance companies
Two types of Assurance companies:
1. Mastercard, Visa, Discover, American Express allow instant trust between strangers
2. companies to accept risk on larger Promises (eg. Lloyds of London or other underwriters)
The data belongs to the individual, and the Promise Reporter ensures integrity of that data. Data is only released to others at the discretion of the individual. Current companies like Experian, Transunion, Equifax can easily reorganize along these lines.
Wealth Storage companies
Vaults holding something of value (Euros, USD, gold, silver, diamonds, etc.) on the individual's behalf.