Blocks are a measure of time: Introducing the Bitcoin Blockchain ‘B-WAP’

Fran Strajnar is an entrepreneur, early bitcoin adopter and Blockchain enthusiast. Co-Founder & CEO of Techemy Ltd, the parent company to BraveNewCoin.com & Techemy.co**This article was originally posted on Linkedin

Here’s one for all you Blockchain Geeks, App Developers and Traders who love novel data-sets & API’s.

The "block weighted average price", or ‘B-WAP’, is a new indicator, price discovery mechanism, data-set and API. 

Realizing blocks as a measure of time, BNC dynamically calculates an accurate market price for each block in the bitcoin blockchain.

This is done using BNC’s Bitcoin Liquid Index (BLX).

For every block generated on the bitcoin blockchain (since trading began at Mt Gox), a volume weighted average price in USD, for the duration of that block, has been formulated out of the fine granularity of the BLX. The first block where a USD price was established in the Bitcoin Liquid Index is 68774 (2010-07-17 23:14:35 UTC). Data is refreshed every 10 minutes with any new blocks confirmed outside of the last 2 hours.

What does this mean?

Remember that printer you purchased using bitcoin in June 2014? Or all those coins you stole from MtGox?

You forgot to reconcile it and it’s tax time. Typically, you would go and find the ‘price of bitcoin’ for that day/hour/minute and manually calculate how much USD that Bitcoin transaction was worth at the time.

Wouldn’t it be great if you could just paste in your transaction ID and receive a transaction statement with all the info you need?

Here’s a free application we built to show how it works:

Grab any bitcoin Transaction ID and give it a go – here’s one for testing:

bff94b78d4274d1ec4cf084951437cb6ee035159b2d2166d590c775c516438c5

What else can the B-WAP be used for?

Potential Use:

• **Blockchain Analysis:**Increase the value and insight of your Blockchain Analysis dramatically by integrating the B-WAP to layer in a USD value to your blockchain analysis.
• Accounting & Tax : Reconcile an entire wallet or series of wallets in no time. Integrate the B-WAP into your applications, websites, mobile apps and other corporate applications in no time!
• Unique Indicator: Historic B-WAP values, back to early 2010, can be used in technical charting or algorithmic trading, as a unique indicator for traders.
• Wallet Providers: Enhance your users experience by integrating the B-WAP to auto-reconcile transactions into USD values.
• Much more: – We want to hear from you if you have a novel use for this unique API or would like to discuss currency conversion and API expansion ideas.

We’re finding this very useful for our own business purposes and hope you do too.