This is huge news that confirms some reports earlier in the week about Overstock's use of bitcoin blockchain's cryptographic proof of work features to make an iron-clad contract.
They already used the bitcoin blockchain to host contracts for bond issuances earlier this year, but in order to do so for equity they needed to get regulatory approval and now the SEC seems to be on board officially as Wired reports.
This a great validation of bitcoin and a great use case for how it can be used as more than just a store of value or as digital cash, but also a deeper purpose.
Overstock CEO Patrick Byrne said that while the SEC has approved it, no public securities have been issued on the bitcoin blockchain just yet. However:
They already used the bitcoin blockchain to host contracts for bond issuances earlier this year, but in order to do so for equity they needed to get regulatory approval and now the SEC seems to be on board officially as Wired reports.
This a great validation of bitcoin and a great use case for how it can be used as more than just a store of value or as digital cash, but also a deeper purpose.
Overstock CEO Patrick Byrne said that while the SEC has approved it, no public securities have been issued on the bitcoin blockchain just yet. However:
“You can assume its high on our list of priorities for 2016,”
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