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Abstract

There has been increasing interest in the transformative power of not only crypto-currencies like Bitcoin, but also the technology underlying them-namely blockchain. To the uninitiated, a blockchain is a sophisticated, distributed online ledger that has the potential, according to Goldman Sachs, to "change 'everything."' From making businesses more efficient to recording property deeds to engendering the growth of 'smart' contracts, blockchain technology is now being investigated by a huge range of organizations and is attracting billions in venture funding. Even the U.S. Defense Advanced Research Projects Agency (DARPA) is investigating blockchain technology to "create an unhackable messaging system."

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