You have to check out this first of a kind “physical” address that this company is registered at: http://firstblockchain.com/
You heard that right. The first of its kind Bitcoin Blockchain incorporated company. Readers might notice that this company doesn’t do anything yet that you might imagine a regular company does, such as make money… This is more of a proof of concept, and the concept seems to have been proven!
These are the steps that were taken to incorporate the world’s first stateless company in a technically binding way.
With the above points in mind, I wrote up articles of incorporation for “First Blockchain Incorporated” on November 27, 2013 with the intent of this being the world’s first stateless bitcoin blockchain company.
Then, the original articles of incorporation were exported into PDF format, signed and saved. In them, I am named as the President, the company location is this website FirstBlockchain.com. The Articles of Incorporation allow for issuing a certain number of shares at a certain price each in bitcoin as well.
Next, to verify and validate the PDF document creating this new corporate structure, the original articles of incorporation were uploaded to Manuel Araoz’s Proof Of Existence which creates a permanent, proveable and uneditable timestamped verification and validation digest of this original document in the bitcoin blockchain.
With these steps completed, once the articles of incorporation document is confirmed by the blockchain, I claim that “First Blockchain Incorporated” has come into existence as the world’s first stateless bitcoin blockchain company. I also claim the company’s right to offer shares as outlined in our articles of incorporation.
This process, along with many other potential uses of the blockchain besides Bitcoin, relies on the inherently decentralized and stateless nature of the Bitcoin blockchain. Should that ever be compromised, then so would any of these companies built upon it. So, companies would very much want to be reassured that no such thing could ever happen before they jump on board this new innovation.
What are the advantages of having a stateless corporation? Well, the fact that Firstblockchain Inc. is reserving the right to issue shares in Bitcoin points to one of the advantages being a lack of regulation from the Securities Exchange Commission of any country. Any company that is built in this manner will have to be inherently based on trust as Bitcoiners will never allow direct regulation or oversight of the blockchain. That is absurd!
Personally, I am imagining publicly owned stateless corporations incorporated on the blockchain where funds can only be spent through multiple signature transactions. What the future will hold, we shall see. That is the reason that President of FirstBlockchain.com J.B. Allen is hoping for anyways.
Let’s applaud his initiative and dive into discussion on the matter!