I really like this project, it can make the world better. Think of a giant, global spreadsheet that runs on millions and millions of computers. Its distributed. Its open source, so anyone can change the underlying code, and they can see whats going on. Its truly peer to peer; it doesnt require powerful intermediaries to authenticate or to settle transactions. It uses state-of-the-art cryptography, so if we have a global, distributed database that can record the fact that weve done this transaction, what else could it record? Well, it could record any structured information, not just who paid whom but also who married whom or who owns what land or what light bought power from what power source.
In the case of the Internet of Things, were going to need a blockchain-settlement system underneath. Banks wont be able to settle trillions of real-time transactions between things.
So this is an extraordinary thing. An immutable, unhackable distributed database of digital assets. This is a platform for truth and its a platform for trust. The implications are staggering, not just for the financial-services industry but also right across virtually every aspect of society.
Most blockchainsand Bitcoin is the biggestare what you call permission-less systems. We can do transactions and satisfy each others economic needs without knowing who the other party is and independent from central authorities.