Bitcoin may currently be too volatile for mainstream transactions, but the internet protocol behind them is beginning to bloom
Blockchain revolution's on the way, says DonTapscott in his new book.
Such volatility is just what established retailers seek to avoid.
Following the financial industry crash of 2008, the mysterious Satoshi Nakamoto introduced bitcoin and blockchain—very simply, a protocol allowing person A to send money to company B minus a third party such as Wells Fargo Bank, MasterCard or Paypal.
Such transactions are recorded in a blockchain, essentially a global ledger.
Nick Szabo, a founder of the early digital currency eCash, called it the God Protocol, in that God being the ultimate in confessional discretion, no party would learn anything more about the other parties' inputs than they could learn from their own inputs and the output.
Tapscott writes: At its most basic, it is an open source code: Anyone can download it for free, run it, and use it to develop new tools for managing transactions online.