Another guest at Necker Island for the Branson shindig was Hernando De Soto, the economist and president of the Institute for Liberty and Democracy who Time Magazine described as one of the five leading Latin American innovators of the century.

De Soto is author of the book Mystery of Capital, which argues that no developing nation can build a vibrant market economy without an information framework that allows citizens to record the ownership of property and other economic information.Without proper records, and in places were corruption is rife, a lack of secure property rights is an endemic source of injustice.

Forde, who left the White House last year to join the MIT Media Labs as director of digital currency, describes this as the "corruption of the stamp": officials in corrupt regimes can abuse their discretion with old technology like a stamp to deny fundamental rightsHowever, with the blockchain, this middle man can be erased.

A government could deliver instantaneous property ownership by holding its land titles records on a blockchain.

Boosting financial inclusion can be a big boost to economies due to the velocity of money: more funds can be spent if they are cleared and made available in faster time.

The use of digital currencies over the blockchain also promises to open up online retail shopping markets to those under 18 who don't have access to a credit card. For example, Microsoft accepts bitcoin to pay for content on the Xbox. 

Read more on the website of The Sydney Morning Herald: