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An Economic Analysis of Blockchains
Report

An Economic Analysis of Blockchains

Patrick Waelbroeck
CESifo Group Munich, 2018
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Editorial Rating

8

Qualities

  • Analytical
  • Eye Opening
  • Overview

Recommendation

Blockchain’s ability to connect people and transactions in a decentralized manner has powerful implications for business, labor, data security and myriad other aspects of daily life. The jury is still out, however, on blockchain’s suitability over the longer term, given its many issues. Economist Patrick Waelbroeck takes a hard look at the economic questions that blockchain raises and shows that the path ahead is at once promising but uncertain. getAbstract recommends this analytical survey to both generalists and specialists for its bird’s-eye view of a burgeoning technology with potentially wide-reaching applications.

Take-Aways

  • Blockchain can build an environment in which payments and access to goods and services can flow more readily.
  • The technology facilitates transactions by issuing cryptocurrencies for monetary exchange or investment, but these tokens can also verify voters during elections; identify ticket holders for travel; and authorize individuals to use restricted data. 
  • Perhaps most important, blockchain makes the Internet of Things possible through “smart contracts,” pieces of code that “allow a user to validate tasks and get a related payment.” 

About the Author

Patrick Waelbroeck is a professor at Télécom ParisTech.

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