Bitcoin-like Protocols and Innovation
In this chapter, the authors examine the Bitcoin protocol and its innovation. Their conclusion is that Bitcoin's role as a system providing financial services may have been grossly underestimated, and bitcoin's role as an alternative to fiat currencies is likely to fail. This chapter discusses the Bitcoin key engineering elements that offer the possibility of a radically different approach for architecting electronic payment systems among other more sophisticated system such as crowd sales, crowd funding, peer-to-peer exchanges, and other side-chain capabilities. The technologies embedded within the Bitcoin system that have the potential to develop into very open, contestable, and interconnected ecosystems for the delivery of new and existing form of financial services will also be described.
Bitcoin protocols, Bitcoin, Innovations, Blockchain, Mining, Block time, Forks, Crowd sales, Crowd funding, Electronic payment system, Side chain, Peer-to-peer exchanges, Prepaid card, Merchant, ATM solutions
Business | E-Commerce
Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data
Lee, David K. C.
Elsevier Academic Press
City or Country
MAS, Ignacio and LEE, David K. C..
Bitcoin-like Protocols and Innovation. (2015). Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data. 417-451. Research Collection Lee Kong Chian School Of Business.
Available at: http://ink.library.smu.edu.sg/lkcsb_research/4213