In TIPS, we aim to settle those transactions within a fraction of a second, in central bank money, with Europe-wide reach and interoperability. So it is with conventional technology, not with VCs, that genuine progress is being made in payment processing.
Unit of account The second function of money is acting as a unit of account, without which buyers and sellers would have to know how many chickens an iPhone would be worth, how many iPhones would buy a house, and so forth. Such a system quickly becomes complex: just ten products already have 45 bilateral pairs of prices.