The Blockchain is a New Model of Governance


As the Greece debt crisis unfolds and capital controls are forced down the throats of their people, bitcoin has moved back into the mainstream spotlight. With long lines in front of ATM machines reminiscent of the Cyprus bail-in, once again bitcoin appears to offer a safe haven.

While many people focus on bitcoin’s price fluctuations and potential increase in adoption, currency is just the first application of this game-changing technology. The core of the blockchain provides an alternative governance model to the current oligarchic control shown in the harsh austerity forced against the will of the Greek people.

In the six years of its existence, public awareness of this technology has grown by leaps and bounds. Now, most who are aware of this groundbreaking innovation know the blockchain is a ledger. Yet, this ledger is not simply for accounting monetary transactions.

At its core, it is a platform that allows people to come to agreement on virtually anything without intermediaries. It provides a foundation to make social contracts based on the principle of consensus. Foremost, it enables a larger function of accounting; performing checks and balance on the self

Read more ... source: CoinDesk