Blockchain: A disruptive technology

Ragnedda, Massimo and Destefanis, Giuseppe (2019) Blockchain: A disruptive technology. In: Blockchain and Web 3.0: Social, Economic, and Technological Challenges. Routledge Studies in Science, Technology and Society . Taylor & Francis, London, pp. 1-11. ISBN 9780367139841, 9780429642371

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Abstract

The blockchain is built upon a peer-to-peer network, and anyone willing to join the network can do it without asking permission from anyone. Blockchain technology allows the secure transfer of information, assets and money without a third-party intermediary, such as banks or other financial institutions. A blockchain can be used also as a backbone infrastructure for running smart contracts, particular decentralized applications which can be seen as computer programs executed by participants in a blockchain. Blockchain technologies will be used for financial products and have opportunities in all those fields, which requires transparency, immutability, certainty and certification. Blockchain technology is able to fundamentally transform the boundaries of organizations, thus challenging traditional assumptions about organizations being an ideal entity to manage market transactions. Drawing on market data, industry cases, anecdotes and academic frameworks, the authors analyze the drivers of digital trust in the crypto industry from historic, institutional, market and sociological perspectives.

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