Bitcoin may never fly as a currency but the blockchain – the technology behind Bitcoin – has revolutionary potential. It could transform almost every aspect of commerce and make standard internet transactions seem old fashioned.
Already there are ideas for using the blockchain to make payments faster and cheaper, to make it easier for small businesses to obtain finance and for banks to assess mortgage portfolios at the click of a mouse. Smart trade finance contracts are being worked on that are so watertight, they will never be argued over in court. Securities transactions could be settled in minutes rather than days. Audits and compliance could be done with a fraction of the resources previously used. Many aspects of business, such as wage payment, could be done instantly.
