- If double-entry book-keeping freed accounting from the merchant’s head, the blockchain frees it from the confines of an organisation.
- Like bitcoin, it boasts its own crypto-currency, called “ether”, but it also allows users to add “smart contracts”, code that encapsulates the terms of a business agreement and is executed automatically.
- And Delaware, the American state which has made a big business out of registering companies from all over the world, is gearing up to allow blockchains for corporate record-keeping.
- Smart contracts promise to change the economy more than any other feature of the blockchain.
- Some companies could be no more than a bundle of smart contracts, forming true virtual firms that live only on a blockchain.
“WE LIKE lists because we don’t want to die.” What Umberto Eco, an Italian writer, said about human beings applies even more to the institutions they create. Without lists that keep track of people and things, most big organisations would collapse.
@sonmdevelopment: $SONM mentioned in the Economist’s List of trusted #blockchain start-ups
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