The real genius and gift of Bitcoin is the blockchain. Bitcoin in its current form is quite useless as a currency for everyday use. But the inner workings, the blockchain is immensely powerful and useful!
Blockchain technology will in time, find its way into, and positively effect, our daily live's.
Smart contracts, smart device interactivity, improving financial services are just a few broad applications. But there is more, so much more. The blockchain as a whole can be thought of as a building block, like a piece of lego. When you use your imagine you can configure lego and make just about any kind of structure.
The blockchain came about by the marriage of two well known principles, Cryptography and distributed ledger systems. It was invented by Dr Craig S Wright aka Satoshi Nakamoto.
Craig is currently working on a Bitcoin bank to help Bitcoin move on to the next stage of its evolution. He is also filing for numerous patents that will protect the blockchain technology and mark them forever as his creation. Craig is set to make billions of dollars from these patents and thats on top of his already vast fortune created by Bitcoins.
Who would have thought that seemingly innocuous piece of open source computer code released in 2009 would have such ramifications and promise in just a decade. The blockchain is here to stay and it will bring profound change.
Cheers Jim!
img source: computerworlduk.com
and next genius step is smart contracts
Yes! Smart contracts on the blockchain, a perfect partnership.
We have Nick Szabo to that for that piece of genuis