The economics of the blockchain: A study of its engineering and transaction services marketplace

Abstract

The purpose of this document is to discuss the origins, developments, and economic issues of blockchain technology as well as the industry opportunities presented by different forms of distributed ledger systems. The engineering of digital currencies’ blockchains are presented beginning with bitcoin and its blockchain. Afterwards, specific areas of contention within the engineering innovations and their interaction with the economics of blockchain transaction services with respect to the consensus process are discussed. Finally, industry opportunities are presented and specific organizations’ applications are described.