Technological Evolution and the Transformation of Financial Contracts: A TRIZ Perspective

The progression of technology is not a random process, but follows a predictable path of evolution. This concept was illustrated by Genrich Altshuller, the inventor of the Theory of Inventive Problem Solving (TRIZ). According to Altshuller, technological systems don't evolve in a haphazard manner, but rather transition through a series of stages from macro to micro, nano, and anti levels, driven by the pursuit of increased ideality, functionality, and complexity. Altshuller's framework provides a lens through which we can examine the development and transformation of various technologies over time.

In the financial sector, we can observe this technological evolution in the journey from promissory notes to post-dated checks, and now to Marmara Chain's credit loops. Each stage in this evolution has brought with it significant shifts in functionality, efficiency, and security, reflective of the patterns described by Altshuller.

Promissory Notes

The earliest stage in the evolution of financial contracts is represented by the promissory note. A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date. This stage, correlating with Altshuller's macro-level of evolution, established the basic framework of debt obligation but lacked complexity and efficiency.

Post-Dated Checks

The evolution from promissory notes led to the development of post-dated checks. Post-dated checks, which are checks written with a date in the future, introduced a new layer of functionality and security into the financial system. This correlates with Altshuller's transition from macro to micro-level, as the post-dated check system introduces a level of automation and intermediation (via banking institutions) into the process of issuing and redeeming debt obligations.

Marmara Chain's Credit Loops - Phase 1

The next evolutionary stage is represented by Marmara Chain's credit loops. The first phase of credit loops implementation involved fully collateralized credits issued on the Marmara Chain. In this phase, all credits issued are fully collateralized, ensuring there's no defaulting or non-redemption. This reflects Altshuller's concept of increasing ideality and complexity in the evolution of systems. The credit loop system represents a transition from micro to nano-level according to Altshuller's framework, with the introduction of blockchain technology adding an even greater level of security, transparency, and efficiency.

Marmara Chain's Credit Loops - Phase 2

Phase 2 of the Marmara Chain credit loops introduces the issuance of real credits in various fiat currencies. These credits are not fully collateralized, with a minimum of 10% of the credit amount needing to be collateralized in MCL, and the option for the credit holder to request additional collateral. This stage presents the anti-level in Altshuller's framework, where the system achieves high ideality, yet with an increased level of complexity and flexibility.

Through the lens of Altshuller's stages of technological evolution, it's evident that the journey from promissory notes to Marmara Chain's credit loops showcases the progression from macro to anti-levels, with each stage bringing increased ideality, functionality, and complexity. This evolution not only underscores the power of TRIZ as a predictive tool in the realm of technological advancement but also suggests a future trajectory for the development of financial contracts and systems.