I was reading about Bitcoin the protocol. And how it might one day be programmed to make enterprises that exist purely in code, something like this guy mentions:
http://startupboy.com/2013/11/07/bitcoin-the-internet-of-money/

I have seen Mastercoin, which basically runs on the Bitcoin blockchain, but not so much the Bitcoin protocol if I understand it right. I would like to get a better understanding about what the protocol allows, and how far it could go in future versions. Can it do what Mastercoin or Ripple do?

Thanks!