Bitcoin is the most famous cryptocurrency with the highest capitalization. As you can see from this screenshot from the "block reader" blockr, the capitalization at the time of writing is over eight billion dollars. According to citations of an IMF report on Wikipedia, that places it just above Moldova's GDP.
This post isn't about bitcoin but the cryptographic foundation of Bitcoin. (The community prefers to capitalize the word when referring to the system, and lower case when referring to the currency.) This post doesn't explain Bitcoin or the blockchain in detail – I recommend this series of presentations courtesy of the Khan Academy for those who want to learn more – but rather it's about the technology's wider application and its emergence and growth beyond the early adopters.
Get this into your block
So why am I interested in Bitcoin specifically, and its blockchain foundation more broadly? What does this have to do with social business?
We are contemplating blockchain platforms to enable decentralized consensus in the not too distant future, allowing us to codify, decentralize, secure and trade many things that historically have demanded some centralized facility. This is akin to the bitcoin currency functioning without the need for a central bank, and the vista includes voting, domain names, financial exchanges, crowd funding, organizational governance, intellectual property, contracts and agreements of most kinds. The landscape even extends to so-called smart property with appropriate hardware integration.
Sometimes I wish I was more of a wordsmith, but this word will have to suffice – wowzers! Continue reading