Bitcoin-Powered Autonomous Corporations

#Future

Tue, Oct 22nd, 2013 21:00 by capnasty NEWS

According to the BTC Geek website, "Bitcoin will power the next generation of corporations," corporations that will act and behave like the real deal but be completely autonomous.

This kind of corporation isn?t restricted to live online. If the hardware exists (which might take time), you could have, say, self-driving cars owned by this corporation. These are being worked on right now, and the first ones shouldn’t be that far away into the future. See also Vitalik’s series on decentralized autonomous corporations.

Bitcoin makes this possible, for the first time ever, because it provides a payment protocol that is independent of an entity and since this autonomous corporation cannot deal with banks (for all practical reasons), Bitcoin solves the major missing piece of the equation — payments. Bitcoin makes it possible to program a corporation to accept payments and make payments without having to deal with any intermediaries that cannot be trusted. If you want to deal with such a corporation, you better have Bitcoin or any other potential decentralized crypto-currency.

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