Concluding thoughts and outlook for the future of the technologies affording digital currencies, cryptocurrencies, blockchain and smart contracts. For Chapter 1 (Introduction), see https://ssrn.com/abstract=3135021. For Chapter 2 (Means of Exchange: Ever-present Competition), see...

In this chapter we discuss the use of blockchain technology for enterprises, including governments. 7.1. Distributed database: what is it and what for? 7.2. Limitation of Bitcoin’s blockchain for enterprise use. 7.3. Consensus for permissioned distributed systems. 7.4. Enterprise blockchain...

In this chapter we discuss smart contracts and functionalities they afford, especially in combination with blockchain. 6.1. The rise of Ethereum. 6.1.1. History. 6.1.2. Ethereum is “different”. 6.2. Smart contracts. 6.2.1. Smart contracts on Ethereum. 6.2.2. What do smart contracts need a...

Permissionless blockchains were constructed with a view to being sustainably secure. At the heart of blockchain consensus mechanisms was an explicit cost (whether it be work or stake) for participation in the network and the opportunity to propose blocks that would be added to the blockchain. A...