Bitcoin technology has the potential to revolutionise the way we buy and sell property, enforce legal documents and even place bets, according to a new report from financial services and investment firm Wedbush Securities.
The system of decentralized trust, meaning that there is no central authority, that underpins bitcoin could have applications beyond the payments world that is most commonly associated with the cryptocurrency, write the report’s authors Gil Luria and Aaron Turner. The report reads:
“We see the potential for bitcoin technology to digitize and decentralize trust. The implications of eliminating the need for centralized trust may go beyond payment networks to areas such as securities markets, sports gambling and even legal contracts.”
The report, titled ‘Digitizing Trust: Leveraging the Bitcoin Protocol Beyond the “Coin”’, cites the Bitcoin Foundation’s October decision to allow meta data to be embedded in the blockchain as opening the door for people to “leverage the blockchain protocol in other ways beyond traditional financial transactions”.