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Why Blockchain Isn’t a Revolution

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Why Blockchain Isn’t a Revolution

Knowledge@Wharton,

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Cryptocurrency, blockchain and cryptoassets are based on the same technology but face different futures. 

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7

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  • Background
  • Concrete Examples

Recommendation

Technological innovations often lead to public confusion and misconceptions about their impact and potential. This is all the more true for innovations as complex as the blockchain. Wharton professor Kevin Werbach separates the concepts cryptocurrencies, blockchain and cryptoassets and explains their individual purpose, function, potential application and long-term significance.

Summary

People often don’t differentiate the terms cryptocurrency, blockchain and cryptoassets. Yet although they’re based on the same idea and technology, they differ in their purpose, the way people use them and their disruptive potential. Some blockchain-related technologies will succeed while others will fail. Some are potential game changers, while others will only bring about incremental change. Distinguishing the the three main concepts that make up the technology is important: 

  1. Cryptocurrency (trust minimizing) – Cryptocurrency does away with the notion that people will only believe in the value of something if ...

About the Author

Kevin Werbach teaches legal studies and business ethics at The Wharton School, University of Pennsylvania.

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