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The Blockchain Phenomenon – The Disruptive Potential of Distributed Consensus Architectures

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  • Mattila, Juri

Abstract

Blockchain technology is disrupting society by enabling new kinds of disintermediated digital platforms. Furthermore, it is also providing efficiency gains on top of old existing structures by removing the need for actively intermediated data-synchronization and concurrency control. Due to this dual effect, blockchain technology has the potential to impact all sectors and layers of society, in a multitude of combined ways. While there is a lot of hype around the concept of blockchains, the phenomenon itself has remained ambiguous and misconceptions have emerged about the capabilities and the potential of blockchain technology. Drawing from ETLA’s participation in blockchain research in 2014–2016, this paper aims to provide a more comprehensive understanding on blockchain technology, its true possibilities, and its potential larger societal implications. It offers a holistic view of the key concepts and the basic principles, and the tools and the framework to understand the ongoing discussion, to critically evaluate different viewpoints, and to delve deeper in a constructed manner

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  • Mattila, Juri, 2016. "The Blockchain Phenomenon – The Disruptive Potential of Distributed Consensus Architectures," ETLA Working Papers 38, The Research Institute of the Finnish Economy.
  • Handle: RePEc:rif:wpaper:38
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    Cited by:

    1. Li, Jingming & Li, Nianping & Peng, Jinqing & Cui, Haijiao & Wu, Zhibin, 2019. "Energy consumption of cryptocurrency mining: A study of electricity consumption in mining cryptocurrencies," Energy, Elsevier, vol. 168(C), pages 160-168.
    2. Albekov Adam Umarovich & Vovchenko Natalia Gennadyevna & Andreeva Olga Vladimirovna & Sichev Roman Alexandrovich, 2017. "Block Chain and Financial Controlling in the System of Technological Provision of Large Corporations," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 3-12.
    3. Mattila, Juri & Seppälä, Timo & Lähteenmäki, Ilkka, 2018. "Who Holds the Reins? – Banks in the Crossfire of Global Platforms," ETLA Reports 86, The Research Institute of the Finnish Economy.

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