EAN: 9780262547161

THE BLOCKCHAIN AND THE NEW ARCHITECTURE OF TRUS...

How the blockchain—a system built on foundations of mutual mistrust—can become trustworthy. The
blockchain entered the world on January 3  2009  introducing an innovative new trust
architecture: an environment in which users trust a system—for example  a shared ledger of
information—without necessarily trusting any of its components. The cryptocurrency Bitcoin is
the most famous implementation of the blockchain  but hundreds of other companies have been
founded and billions of dollars invested in similar applications since Bitcoin's launch. Some
see the blockchain as offering more opportunities for criminal behavior than benefits to
society. In this book  Kevin Werbach shows how a technology resting on foundations of mutual
mistrust can become trustworthy. The blockchain  built on open software and decentralized
foundations that allow anyone to participate  seems like a threat to any form of regulation. In
fact  Werbach argues  law and the blockchain need each other. Blockchain systems that ignore
law and governance are likely to fail  or to become outlaw technologies irrelevant to the
mainstream economy. That  Werbach cautions  would be a tragic waste of potential. If  however 
we recognize the blockchain as a kind of legal technology that shapes behavior in new ways  it
can be harnessed to create tremendous business and social value.

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