How Blockchain Technology Could Change Our Lives

Abstract

The purpose of this study is to describe the functioning and application of one of the most recent innovations: the blockchain technology. Blockchain technology was initiated in 2008 by Satoshi Nakamoto, a pseudonym for a mysterious publisher of an article explaining how the combination between cryptography and distributed public ledgers could be combined to implement a digital currency without a central authority to authenticate the payments. Using data from current literature, news media, and relevant websites, we describe the functioning of this technology from a European perspective. We present a case study of a pioneering company that has successfully implemented the innovation in Europe. Finally, we discuss potential business and non-business benefits of blockchain technology.