Wall Street Securities Firm Sees Promise in Bitcoin Protocol

Analysts at Wedbush Securities have released a report that re-enforces the promise the lot of the bitcoin community sees in decentralized peer-to-peer networking and currency.

Titled Digitizing Trust: Leveraging the Bitcoin Protocol Beyond the “Coin”, the report outlines applications for the bitcoin protocol in such areas as securities markets, sports gambling, and legal contracts.

“Ultimately, we believe the protocol will be leveraged beyond financial assets and fulfill the role of trusted intermediary in a variety of settings, including property, legal documents, escrow, sports betting, etc. We believe this development will extend Bitcoin’s reach beyond early adopters to the mainstream public who either choose to utilize the network to due to superior cost/efficiency or through an intermediary that chooses to operate their business on top of the block chain instead of traditional rails,” it says in the report.

Certainly, the technology behind bitcoin is useful — but do you think it will it go beyond digital currency?