BLOCKCHAIN and ECONOMICS of CRYPTOCURRENCY

Recently, our article/chapter written jointly with Prof. Muge Cetiner was accepted and released in a book titled “Future of Economy” by Kultur University press in Istanbul, Turkey (http://tiny.cc/zw8wtz).

Abstract: Blockchain is a newly developing technology that enables new methods of transferring, organizing, and conducting value while reducing the cost of transactions, protecting the integrity, confidentiality, and accessibility of distributed networks and data, and ensuring privacy. The impact of this formative technology has been making inroads into many sectors and fields and likely touching upon every aspect of life, integrating with every other technology, and may even lay a new foundation for a new type of Internet with security and privacy redefined. There is an increasing research flow, and numerous organizations, including governments, financial organizations, banks, logistical companies, and others, are examining the potential uses cases of blockchain technology and its applications. This study provides an overview of blockchain to introduce and present a general view of the technology, and its features, such as conventional consensus algorithms, Dapps, Crypto Wallet, ICO, and smart contracts, briefly. Thus, it discussed Blockchain business models and attempted to show the strengths and weaknesses. Finally, the conclusion talks about the future of blockchain. It shares blockchain’s similarities and differences compared to the rise of TCP/IP (Transmission Control Protocol/Internet Protocol) and the Internet.

Key Words: Crypto Wallet, Consensus, Proof of Work (PoW), Proof of Stake (PoS,) Distributed Application (Dapp), Inıtial Coin Offering (ICO), Smart Contracts, Blockchain Business Models.

[1] Prof. Dr., İstanbul Kültür University, Department of Business Administration, e.cetiner@iku.edu.tr, ORCID: 0000–0001–2345–6789.

[2] turgutabacioglu@gmail.com, ORCID: 0000–0002–0833–8351.