Nov. 30, 2013: Please Read The Latest UPDATE To The Project:
J.B. Allen Gets Schooled
Now that Bitcoin has proven there is an alternative for centralized fiat currency, it is time to test and hopefully prove that the Bitcoin protocol can also be used in lieu of centralized corporate structures.
- Previously, to open a fiat currency bank account, a corporate structure would need to be formed under the umbrella of a nation or state. But now, for those adopting and using bitcoin as currency, there is no need for fiat currency bank accounts.
- Previously, nation or state corporate jurisdictions also served to provide a centralized 3rd party verification and validation of a company’s creation and existence. This could be time consuming and expensive. But now, with the advent of the blockchain, the need for this disappears, as the blockchain itself can be used to verify and validate articles of incorporation and other legal documents.
- Previously, companies needed a geographical location for their registered address. With people now creating and delivering virtual products and services from anywhere in to the world to anywhere in the world on the internet, a corporation’s “location” should also be able to exist online as well – for example, as a hosted domain and website.
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.
I do understand that this is extremely new territory. This is an experiment only. I have initiated this “blockchain incorporation” in the hopes of getting more people to discuss and create new forms of legally acceptable and defensible corporate structures that are more effective and applicable in our current state of technological advancement. I am happy to discuss this experiment with those involved in the bitcoin community.
Please reach out to me via my contact page here.
J.B. Allen President
First Blockchain Inc.
First Blockchain Incorporated was incorporated as a stateless, bitcoin blockchain verified and validated company per its articles of incorporation on Wednesday, November 27, 2013.