Anticipating the Economic Benefits of Blockchain
In this general overview article intended for non-experts, I define blockchain technology and some of the key concepts, and then I elaborate four specific applications that highlight the potential economic benefits of digital ledgers. These applications are digital asset registries, blockchains as l...
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| Format: | Article |
| Language: | English |
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Carleton University
2017-10-01
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| Series: | Technology Innovation Management Review |
| Subjects: | |
| Online Access: | http://timreview.ca/article/1102 |
| _version_ | 1818152548611129344 |
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| author | Melanie Swan |
| author_facet | Melanie Swan |
| author_sort | Melanie Swan |
| collection | DOAJ |
| description | In this general overview article intended for non-experts, I define blockchain technology and some of the key concepts, and then I elaborate four specific applications that highlight the potential economic benefits of digital ledgers. These applications are digital asset registries, blockchains as leapfrog technology for global financial inclusion, long-tail personalized economic services, and net settlement payment channels. I also highlight key challenges that offset the potential economic benefits of blockchain distributed ledgers, while arguing that the benefits would outweigh the potential risks. The overarching theme is that an increasing amount of everyday operations involving money, assets, and documents could start to be conducted via blockchain-based distributed network ledgers with cryptographic security, and at more granular levels of detail. One economic implication of widespread blockchain adoption is that the institutional structure of society could shift to one that is computationally-based and thus has a diminished need for human-operated brick-and-mortar institutions. |
| first_indexed | 2024-12-11T13:56:28Z |
| format | Article |
| id | doaj.art-97a7d16cf9c24360ba316fa91d094de5 |
| institution | Directory Open Access Journal |
| issn | 1927-0321 |
| language | English |
| last_indexed | 2024-12-11T13:56:28Z |
| publishDate | 2017-10-01 |
| publisher | Carleton University |
| record_format | Article |
| series | Technology Innovation Management Review |
| spelling | doaj.art-97a7d16cf9c24360ba316fa91d094de52022-12-22T01:04:02ZengCarleton UniversityTechnology Innovation Management Review1927-03212017-10-01710613http://doi.org/10.22215/timreview/1109Anticipating the Economic Benefits of BlockchainMelanie Swan0 Purdue University In this general overview article intended for non-experts, I define blockchain technology and some of the key concepts, and then I elaborate four specific applications that highlight the potential economic benefits of digital ledgers. These applications are digital asset registries, blockchains as leapfrog technology for global financial inclusion, long-tail personalized economic services, and net settlement payment channels. I also highlight key challenges that offset the potential economic benefits of blockchain distributed ledgers, while arguing that the benefits would outweigh the potential risks. The overarching theme is that an increasing amount of everyday operations involving money, assets, and documents could start to be conducted via blockchain-based distributed network ledgers with cryptographic security, and at more granular levels of detail. One economic implication of widespread blockchain adoption is that the institutional structure of society could shift to one that is computationally-based and thus has a diminished need for human-operated brick-and-mortar institutions.http://timreview.ca/article/1102blockchaincryptocurrenciescryptoeconomicscybersecuritydigital asset registriesdigital goodsdistributed ledgerseconomicseWalletlightning networklong tail marketspayment channelsprogrammable moneysmart assetssmart contractsstreaming money |
| spellingShingle | Melanie Swan Anticipating the Economic Benefits of Blockchain Technology Innovation Management Review blockchain cryptocurrencies cryptoeconomics cybersecurity digital asset registries digital goods distributed ledgers economics eWallet lightning network long tail markets payment channels programmable money smart assets smart contracts streaming money |
| title | Anticipating the Economic Benefits of Blockchain |
| title_full | Anticipating the Economic Benefits of Blockchain |
| title_fullStr | Anticipating the Economic Benefits of Blockchain |
| title_full_unstemmed | Anticipating the Economic Benefits of Blockchain |
| title_short | Anticipating the Economic Benefits of Blockchain |
| title_sort | anticipating the economic benefits of blockchain |
| topic | blockchain cryptocurrencies cryptoeconomics cybersecurity digital asset registries digital goods distributed ledgers economics eWallet lightning network long tail markets payment channels programmable money smart assets smart contracts streaming money |
| url | http://timreview.ca/article/1102 |
| work_keys_str_mv | AT melanieswan anticipatingtheeconomicbenefitsofblockchain |