The digital currency Bitcoin is revolutionary because it operates as a decentralized system where transactions take place directly. No intermediaries require. “Blockchain” is the technology underlying the system, by which each transaction is recorded in a public ledger. A recent, fascinating development is an experiment by Nasdaq to duplicate that technology in its Nasdaq Private Market, a marketplace which handles pre-IPO trading among private companies. The ultimate goal is to automate every transaction, thus eliminating the need for lawyers and other intermediaries. No doubt the pilot project will be closely scrutinized—potentially, it is every area of finance that could be transformed by Bitcoin technology.