More than Money: Get the Gist on bitcoins, blockchains, & smart contracts


As described in the Preface, below are auto-summarized lists of auto-extracted Forecasts for cryptocurrencies, blockchains, and smart contracts. They are numbered for easy reference, and each forecast is hyperlinked to its source to access more research.


Legal Ramifications


Smart Contracts

Distributed Autonomous Organizations (DAO)

Security Concerns (Quantum)

The extent to which the blockchain is secure is still being examined and debated, but nothing can be 100% secure especially when money is involved. One weakness that some researchers foresee is quantum computing.

Figure 2 Fiat money has no more intrinsic value than virtual currency, and fiat money’s value is all the more abstruse now in the age of digital communications. The internet has distributed information beyond any centralized or decentralized silos such as libraries, and blockchain and related technologies promise to do the same for value. Whether the value refers to currency or votes—as a currency for the public sector—or some other form of value, the blockchain could make that value more transparent and more secure while engendering greater trust for any system or process to which it is applied.

Figure 2 - Text version

At the top, there is a picture of a lake in front of mountains and the text says “Bartering: the exchange of goods or services for other goods or services.”

The second row has text that says “Gold, silver, grain, livestock, shells” and it shows a picture of a cow.

The third row shows a hand holding an old coin with a hole in the middle and the text says “Coins made from varying degrees of valuable metal”.

The fourth row says “Paper and coins backed by gold or other commodities” and the image is that of piles of coloured paper money.

The fifth row shows several coins lines up like dominoes with the first coin toppling into the line. The text reads “Paper and coins with inherent value”.

The sixth row says “Plastic cards which transfer inherent value electronically” and the image is that of a hand holding a credit card.

The seventh row shows money flying in the air and text that says “Non-specific electronic devices which transfer inherent value with plastic card number”.

The eighth row says “Electronic devices that transfer inherent value without plastic cards” and it shows an image of a finger touching a screen like a smart phone.

The last row shows an image of a sparkly hand and text that says “Inherent value is guaranteed and automated, making it even less tangible”.