The Value of Blockchain Consensus

Joshua Gans

Chapter Chapter 2 in The Economics of Blockchain Consensus, 2023, pp 9-26 from Springer

Abstract: Abstract Blockchains are a unique type of distributed ledger, maintained by multiple nodes that store data and update it through appended adjustments. These systems enable reliable time-stamping of digital documents and assets, opening up new possibilities for verification. Blockchain consensus ensures that any node can provide information on database entries and records, leading to cost reductions and automated contract verification, including cryptocurrency holdings. By offering cheaper verification methods, blockchain technology allows for contracts to be enforced in environments where traditional trust mechanisms, like relationships and reputation, would typically be necessary.

Keywords: Blockchains; Distributed ledgers; Time-stamping; Consensus; Verification (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-33083-4_2

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