A bank will not lend money to a project unless it is insured. An insurance company will not insure a project unless it is well engineered. Engineering cannot be well done without a bank to cover soft costs. Together, this forms the virtuous circle of modern civilization.
While the banking and insurance piece seems straight forward, very few economic journals discuss the role of engineers, scientists, and technicians in this manner. Their role is to produce material fact:
1. Identify the risk exposure,
2. calculate the probability that risk will manifest,
3. review and assess consequences in the event that the peril does manifest.
Done correctly, finance, insurance, and engineering can sustain the indefinite peaceful habitation of the world.
The War on Facts:
If any of these three pieces are missing, distorted, or corrupted, the economics collapses, projects fails, and things blow up.
A material fact is a fact, the suppression of which would reasonably result in a different decision.
Wikipedia
As we increasingly endure a polarized society where disinformation is spread with precisely the intention of distorting material facts, nothing could be more important than a means for securing material facts. This is a simple idea.
There is the further disadvantage that technology itself vastly favors the cheap creation and distribution of misinformation – at scale – while securing material facts must be committed in a certain sequence, standard of proof, and immutable record. This is a simple problem to solve.
The Innovation Bank curates and integrates validated material fact across a range of physical conditions prior to the peril of disinformation occurring. Such a powerful gauntlet may provide a sieve through which disinformation must survive in order to establish credibility. The value of such a “disinformation filter” amounts to the value of our economy at large. This is simple. This is serious. This is something that we can build today.
Please contact and contribute to The Ingenesist Project for more information about The Innovation Bank projects.
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