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November 8, 2015 10:00 pm

Bitcoin Inventor Satoshi Nakamoto Nominated For Nobel Prize

HughPickens.com writes: Nobel Prizes are given for making important — preferably fundamental — breakthroughs in the realm of ideas and that just what Satoshi Nakamoto has done according to Bhagwan Chowdhry, a professor of finance at UCLA, who has nominated Satoshi Nakamoto, the creator of Bitcoin, for a Nobel prize in economics. Chowdhry writes that Prize Committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, popularly known as the Nobel Prize in Economic Sciences, has invited Chowdhry to nominate someone for the 2016 Prize and he started thinking about whose ideas are likely to have a disruptive influence in the twenty first century. "The invention of bitcoin — a digital currency — is nothing short of revolutionary," says Chowdhry. "It offers many advantages over both physical and paper currencies. It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries." Satoshi Nakamoto's Bitcoin Protocol has also spawned exciting innovations in the FinTech space by showing how many financial contracts — not just currencies — can be digitized, securely verified and stored, and transferred instantaneously from one party to another. There's only one problem. Who is Satoshi Nakamoto? Suppose that the Nobel Committee is convinced that Satoshi Nakamoto deserves the Prize. Now the problem it will face is how to contact him to announce that he has won the Prize. According to Chowdhry, Nakamoto can be informed by contacting him online just the same way people have communicated with him in the past and he has anonymously communicated with the computer science and cryptography community. If he accepts the award, he can verifiably communicate his acceptance. Finally, there is the issue of the Prize money. Nakamoto is already in possession of several hundred million U.S. dollars worth of bitcoins so the additional prize money may not mean much to him. "Only if he wants, the committee could also transfer the prize money to my bitcoin address, 165sAHBpLHujHbHx2zSjC898oXEz25Awtj," concludes Chowdhry. "Mr Nakamoto and I will settle later."

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