Keywords
Bitcoin, "Internet of Value, " digital money, cryptocoins, cryptocurrency exchanges, smart contracts, blockchain applications
Abstract
"I believe blockchain will do for trusted transactions what the Internet has done for information." - Ginni Rometty, CEO of IBM Since the 1990s, we have had an "Internet of Information" that allows us to seamlessly share information such as documents, images, emails, and videos over the Internet. While most Internet users do not need to understand the details of the technical protocols operating underneath user-friendly software interfaces, it is helplful to understand how they work at a high-level. With the "Internet of Information," copies of information are routed over the Internet. If a sender emails a friend, the sender keeps the original email, and the friend receives a copy of the email. To transact value, i.e., money, over the Internet, one cannot send a copy. Instead, after the transfer of value is complete, the sender should no longer have the money, but rather the recipient should.
Recommended Citation
Mary C. Lacity,
Crypto and Blockchain Fundamentals,
73 Ark. L. Rev.
363
(2020).
Available at:
https://scholarworks.uark.edu/alr/vol73/iss2/4
Included in
Business Law, Public Responsibility, and Ethics Commons, E-Commerce Commons, Technology and Innovation Commons