A newly formed international self-regulatory organization, The Better World Regulatory Coalition Inc. (BWRCI), has made two significant announcements that could reshape how consumers interact with businesses and participate in the economy. The organization has published a Patent Cooperation Treaty (PCT) patent pending for a blockchain-based system to monetize consumer behavior, and has seated its founding Board of Advisors.
The patent, titled "Method and System for Monetizing the Consumption of Goods and Services Using Blockchain Contracts and CETEs," aims to provide businesses with innovative tools to foster consumer loyalty while simultaneously allowing consumers to earn rewards for their economic activity. This development represents a potential shift in the consumer-business dynamic, offering a new paradigm for customer engagement and economic participation.
According to BWRCI, this patent is a crucial step towards developing a scalable digital infrastructure that could support multiple National Autonomous Economies SaaS Testbeds. The project is currently under consideration for funding by the National Science Foundation (NSF), highlighting its potential significance in the field of economic innovation.
The seating of BWRCI's founding Board of Advisors, comprised of business professionals and thought leaders from various sectors, underscores the organization's commitment to guiding fintech development in a direction that empowers individuals to be recognized and compensated for their economic contributions. This approach aims to create a more inclusive economic system without relying on speculative practices.
MaxBruce, the founder of BWRCI, emphasized the organization's vision of combining technology with social responsibility. He stated that the launch of BWRCI and the publication of the patent position the organization to lead transformative change that empowers communities and promotes economic growth and inclusion in unprecedented ways.
The potential implications of this development are far-reaching. If successful, this initiative could fundamentally alter how consumers interact with the economy, providing them with more direct benefits from their economic activities. For businesses, it offers new ways to build customer loyalty and engage with their consumer base. On a broader scale, this could lead to more inclusive economic systems that recognize and reward a wider range of economic contributions.
BWRCI's use of artificial intelligence in developing their socio-economic perspectives adds another layer of innovation to their approach. The organization reports that AI analysis has confirmed the ambitious nature of their goals while also acknowledging the potential for profound positive impacts on global well-being if realized.
As BWRCI moves forward, they plan to actively engage with stakeholders, regulators, and the public to ensure their efforts are grounded in collaboration and transparency. This collaborative approach could be crucial in navigating the complex landscape of economic innovation and regulation.
The development of blockchain-based consumer rewards systems and the formation of a dedicated self-regulatory organization to oversee such innovations represent a significant step in the evolution of economic systems. As these technologies and approaches mature, they have the potential to reshape how value is created, distributed, and recognized in the global economy, potentially leading to more equitable and inclusive economic structures.
