Discourse surrounding blockchain has steadily been moving toward applications and potential uses across a range of industries. At this stage, people have accepted that cryptocurrency is simply one application of blockchain and that the underlying technology that makes bitcoin possible is now moving on to other institutions.
Decentralization is at the core of the crypto-currency revolution, and its importance is increasing in the post-Covid-19 era. The Bitcoin Foundation’s Manifesto states: “the technology is completely decentralized, and the founder does not head up an organization that sets the strategy, governance, and standards.” In fact, Bitcoin was the first Decentralized Autonomous Organization (DAO). There is no centralized hub or authority that owns and runs “the Bitcoin.” The governance is by consensus through Bitcoin Improvement Proposals (BIPs). Contrast this how various solutions are governed in, say, centralized financial organizations such as large Banks, with often archaic and rigid hierarchical structures. Now, there are many DOAs and a robust DAO ecosystem.