January 7, 2026
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As transaction costs fall toward zero, centralized enterprises already dissolve into networks of sole proprietors, contractors, consultants, and agents: AI agents executing trades, smart contracts managing portfolios, blockchain eliminating reconciliation. The question isn’t whether to transform but how fast you can move.
In a compelling new white paper, Kevin Cuddeback looks across centuries of market evolution to show a consistent truth: the winners change, but the game does not. Trust, data, and compute have always determined who scales and who fades. The wax seal became the cryptographic signature. The ledger book became the distributed database. The apprentice became the AI agent. The tools evolved—but the opportunity remains: extend trust beyond traditional boundaries and rewrite the rules of commerce.
Just as medieval innovations in contracts, ledgers, and computation reshaped global trade, today’s markets face a similar rupture—driven by three parallel shifts: trust without borders or institutions, data preserved at rest and in context, and compute that reflects human judgment without human limitations.
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