In a prior blog entry I suggested that the Bitcoin model might be excellent for documenting other things besides money. Maybe not even necessary to apply the model in a new application but simply associate the application in some manner to the existing Bitcoin system.
In a way that is what Zerocoin seems to do. It is not an independent crypto currency with a different name but an enhancement extension to assure anonymous use of Bitcoin. A Bitcoin owner transfers Bitcoin to Zerocoin and back into Bitcoin. Zerocoin is not centralized and therefore not subject to fraud/theft/loss as might be a centralized laundry service.
In a way this makes Bitcoin like an operating system that many different Apps could use in any model where 3 entry peer to peer trust/validation is required in a public ledger for something of value. Like voting, any contract, mortgages, digital ownership rights, etc. This enhancement/extension App to Bitcoin might be for the purpose of total privacy or total public knowledge.
A feature of Zerocoin is that a Bitcoin transferred to it remains owned in Zerocoin until the owner transfers it back into their Bitcoin account. The exit from Bitcoin is a door in the bitcoin model that allows Bitcoin to go to a Zerocoin mint and come back into Bitcoin.
A nominal small amount of bitcoin is all that is necessaty to transfer to some repository for proof of ownership documentation of an associated thing of value given to (authorized to) the ownership given/received between two parties. Actual transaction payment may have been in US Dollars or other currency or medium of obligation based exchange.
This is just the crux of an idea related to what Bitcoin might be used for if it is a vehicle for public ledger documentation of private transactions involving objects of value being used (voting right) or exchanged (contract). The public or private nature of things to be documented may be at the discretion of the parties involved or the direction of applicable laws or rules.
Rules that operate in the Bitcoin model would not necessarily be the rules that operated in an extension of the Bitcoin model through a door that allowed any other application. In this sense Bitcoin is a Public Notary entity??
That is an idea that just dawned on me but I am not the first by a long shot---darn! Google on the terms "Bitcoin Public Notary" gets hits thinking along the same lines.
I tip my hat to Manuel Araoz. Could the Bitcoin network be used as an ultrasecure notary service? Documents certified by the Bitcoin blockchain are here at this link
Bitnotar also provides a notary service as well as Chronobit
The idea is discussed on Reddit at this link
Digistamp is time stamp service independent of Bitcoin
They only discuss and have apps for time stamp. The apps could go far beyond that. Apply the model to Title Companies? Make them as worthless as Bank currency?
In the Gold Rush it often was true that the greatest number got rich not mining the gold but living off the miners!
This deserves blog entry of its own, not just an add on to the prior entry.
This is a creative use of Bitcoin!
Introducing the World’s First Stateless Company Incorporated by the Bitcoin Blockchain: FirstBlockchain.com Posted By Jesús Cripto on Nov 27, 2013. The website is here at this link
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