The New Green
Detail on this new
|Flags above represent the countries where we have tested these trade theories.
|Item Banc is a technology that creates
a valuation system enabled by free information
markets that secures fair and accurate value of
capital and creates confidence in trade exchange.
|Item Banc: Technology for an Information Currency
What is Item Banc
Item Banc is a software program designed for the commons to provide
information about market value of products and services. Specifically, Item
Banc produces information about relative values of goods and services
between economies. The technology is designed to produce information
about relative value of currencies for the purpose of enabling trade. Item
Banc operates primarily on a core data set of needed, consumable
commodities we refer to as BHN, or Basic Human Needs. This “basket” of
goods represents the backing to this technology for an information currency.
How does it make money
The technology for Item Banc will make money because the information
produced is of high value. The system does not directly charge for the
information, but earns money via advertising on the site.
What is the proof
Many companies are producing strong revenues from bringing this type of
information to market. For example, even prior to the internet, Random
Lengths in Eugene, OR produced weekly reports on market price for lumber
and sheet goods. The majority of building materials distributors in America
buy this information every Friday. These distributors of lumber and plywood
base their retail pricing on these market values.
Trade services provided similar information to their distributors back in the
day when market values were passed along in pencil. Now the need has
grown as technologies are necessary to interact with a large number of
manufacturers and thousands of SKU’s (item numbers). Trade Services has
evolved into the non-profit Idea corporation.
There is a “yellow page” produced for the vegetable oil industry and a highly
integrated network for market prices in the automobile parts industry.
The need for instant market price information has moved to the iphone with
highly used apps like Razor Technologies (bought out by ebay) and
How does it work
Item Banc sources product data about BHN items from random market
samples within an economy until the sample sets are large enough. There
are about one hundred core items in the BHN commodity set. This data is
averaged related to first, each item and its availability and costing. Then a
cross-average costing is created among the entire set of BHN data. This
result is used to compare with another BHN data set in another economy. The
percentage difference in values represents the percentage of difference in
currency “market” value. That percentage can then be applied across the
economy to other items to find relative market values. This information at
each level has market appeal. The most powerful function, however, is the
function that is unique to market, which is the ability of Item Banc to create a
“backing” to a currency, or a “relative” value of currency to external markets
and economies. This technology has the potential to compare an economy
that uses literally “shells” as currency to a dollar based economy, thus
Price data is input from three major sources; live streams from product
distributors within each economy, special internet search engines designed
by Item Banc architects to validate streaming data and customer input in the
field to validate data sets.
How does it look
Item Banc has a data input side that will interactively take in data live and
streaming from distributors and also a consumer interface where an iphone
user is rewarded when they enter a location and product price. The
distributor and manufacturerer interface side works on the back-end, the
internet search engines bring in data on the back end, but the front-end for
input gives the consumer an impression that their data imput is the most
valuable of all and is rewarded by advertisers coupons and free gifts.
The front-end for banc data delivers its information in words, graphics and
numbers. A more robotic and interactive consumer interface is desired so
that the customer/user feel is that this information is of high value.
Who benefits from Item Banc?
The technology for Item Banc is designed to benefit consumers, business,
and government. Consumers use Item Banc to get information about value of
products to assist in decisions to purchase by providing a market basis point
of value. Business has proven to need market value information to know
when to buy and at what price and when to sell. Item Banc offers an ability for
business to stretch into new economies and use a basis point of market value
to make best decisions. Technology for Item Banc is designed to open up
currency-challenged economies to trade based on a new analysis of a
country’s currency and product values to market.
How much would it cost to build it
Item Banc is designed to grow in the world of internet commons, where data
given to the system is rewarded and data delivery can be edited by a user so
that it makes more sense to their world and their economy. The initial design
is of highest importance and requires investment in strong project managers
and consulting as needed with a core programming staff of five. Development
time to first market is estimated at a year and a half. $1.5 million is a first cost
estimate, though it is possible to pare down to two programmers and cost less
than one million.
Who owns it
Item Banc must be open source and owned by the commons. The investors in
the project will be silent partners without company control but will keep a
piece of ongoing revenues derived from advertising on the site. The company
will be held in majority by a trust.
Why should you invest in it
Item Banc is fundamentally a technology that will bring greater value to all
economies. Trade between economies is inhibited by the scarcity of
information of what is available for trade at what value. Currency values can
confuse this most important information as currency itself is scarce and is a
target for speculation. Currency in any economy is scarce, but when
companies and consumers have external information about what is available
for trade at what RELATIVE value then the scarcity of currency has less
impact on trade.
“The best response to scarcity may not be a system of control. The best
response to scarcity may be to remove the scarcity.”
–Lawrence Lessig, The Future of Ideas.
June 23, 2012