Blockchain Value System

Vincenzo Morabito ()
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Vincenzo Morabito: Bocconi University

Chapter Chapter 2 in Business Innovation Through Blockchain, 2017, pp 21-39 from Springer

Abstract: Abstract Long before the advent of the blockchain, digital cash had been conceptualized in a setting with a central server trusted to prevent double-spending with the help of public-key cryptography, whereby each agent is assigned a private key (kept secret like a password) and a public key shared with all other agents. In spite of major cryptographic advances, failure to ensure compatibility between centralization, anonymity and double-spending prevention, eventually put the viability of this new form of money into question. Recently, BitcoinBitcoin ’s blockchain model has been proposed as the backbone for a wide range of applications, from asset trading to real estate transactions, from escrow services to even a national income distribution system. A value system is a coherent set of values adopted by an organization, or society as a standard to guide its behavior in preferences in all situations. This chapter discusses blockchain as a value system and expounds the main fundamental principles behind blockchain technology, the way it works, advantages, limitations and challenges of blockchain and finally, some of its cutting-edge applications.

Keywords: Financial Institution; Financial Transaction; Health Information Exchange; Joint Research Centre; Financial Service Sector (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-48478-5_2

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DOI: 10.1007/978-3-319-48478-5_2

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