Blockchains, Internet of Value, and Smart Transactions

Roberto Moro-Visconti () and Andrea Cesaretti
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Roberto Moro-Visconti: Catholic University of the Sacred Heart

Chapter Chapter 6 in Digital Token Valuation, 2023, pp 167-197 from Springer

Abstract: Abstract The blockchain is a decentralized and distributed digital ledger—an open database with a pattern of sharable and unmodifiable data that are sequenced in chronological order. This new digital infrastructure is validated with mathematical consensus rather than by humans. Practical applications go well beyond the controversial cryptocurrencies, even thanks to smart contracts and the digital scalability of innovative business models. Blockchain technology can be used for e-commerce, for the recording of copyright data, or to track digital access. Thanks to the Internet of Value, transactions do not require intermediaries, exploiting digital networks where different players interact and contribute to value co-creation. The legal nature of the blockchain (public, private, or part of a consortium) and its revenue-driven business model are prerequisites for the appraisal. Utilization value for adopters (regarding lower costs, higher reliability of data, immediacy, etc.) should be considered. The valuation shares similarities with other digital intangibles (database, Internet of Things, big data, etc.) and is primarily founded on the cost savings that derive from the use of blockchains. The valuation of blockchains can be complemented with an estimate of the value that they add to traditional businesses. Blockchains revolutionize the possibilities for individual ownership and market exchanges of any digital asset.

Keywords: Digital ledger; Cryptocurrency; Distributed networks; Oracle technology; Hash; Timestamp; Internet of trust; Decentralization (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-42971-2_6

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