Blockchain and distributed ledger technology

Abstract

The book begins with an analysis of distributed ledger technology, and its principal innovation, the ability to replace a central authority with a decentralised consensus mechanism. The chapter illustrates how this new technology might drive the dis-intermediation of financial services, using the first cryptocurrency, Bitcoin, and the subsequent innovation of the wider capabilities of Ethereum as examples. The chapter then traces cryptocurrencies back to their philosophical roots in the Cypherpunk movement of the 1980s and 1990s and the libertarian ideas that continue to underpin many digital asset projects.