Smart Contracts and Insurance on the Blockchain

Introduction Smart contracts are a new and exciting area in computing science. Their application in finance, gambling, e-commerce, and automation of various tasks that are currently performed semi-manually is very promising. Smart contract are computer scripts (software) that aid in the self-execution and self-enforcement of traditional contracts. For the first time in history money or more precisely digital tokens, like bitcoin, are native to these software contracts, opening up wide areas of possibilities. Having money as a native type available to a computer program is a big deal. It allows the removal of the whole complicated layer of payment processing that current websites, apps, and other software systems have to deal with. One area that might benefit immensely from smart

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Case Study: Demographic Influence on Digital Currency Adoption

Introduction This essay is a mini case study that compares and contrasts the lifestyles of two men and their families, and the potential for digital currency succeeding in their respective countries. Anrom Bulla hails from a rural section of a LDC which is very low on the spectrum of development. In contrast, Rana Tilla lives an affluent life in a thriving coastal city located in a MDC. The lifestyles of Anrom and Tilla are taken as data points and assumed to be representative of their respective nations. These family circumstances will be used to infer the broader demographics of each country and the corresponding style of living implied in each case. Based on these conjectures, the likelihood for digital currency to be adopted and make positive impacts in both

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Bitcoin and blockchains are here to stay.

by Albert Szmigielski This post will argue why Bitcoin, blockchains, and blockchain-based applications are here to stay and thrive. Bitcoin The Bitcoin network and ecosystem is enormous. The computational power of the Bitcoin network is mind boggling (around 600 Petahashes per second as of Dec 2015). The amount of investment in the Bitcoin ecosystem is already in the Billions. Currently Bitcoin’s market cap is only around five billion US dollars, but this is a lot for a peer-to-peer, open source project. Bitcoin also solves a problem that has eluded people for quite some time, how to send money cheaply, efficiently, and quickly? The services that exist now do not have any of these traits. Just ask anyone who routinely sends

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Bitcoin, Blockstream, Sidechains, and Innovation.

Pick any one component of the bitcoin ecosystem and one company that you consider truly innovative in this component. What type(s) of innovation does it offer, e.g. in terms of the 4Ps framework? Would you consider this a disruptive innovation? Justify your answer. Since its inception in 2008 [1] the Bitcoin ecosystem has been slowly expanding. In recent years the expansion has accelerated. Investment in Bitcoin and blockchain related companies reached almost a billion dollars in the last 24 months [2]. Many commentators, speculators, investment professionals, and seasoned entrepreneurs argue that the potential of the blockchain technology may rival that of the Internet [3] [8]. A number of companies have been started whose sole purpose is to provide bitcoin related products

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Bitcoin as Platform Innovation.

Discuss the Bitcoin ecosystem as a whole. Would you agree that it represents a case of platform innovation? If yes, what types of additional innovations do you foresee emerging on top on this ecosystem in the future? If no, what does it miss to be classified as a platform innovation? The release of Satoshi Nakamoto’s now famous paper [1] and later on the accompanying software brought us the first digital currency, and the first practical use of a new type of record keeping system called blockchain [2]. Now in its 7th year of existence the ecosystem surrounding that invention grew considerably [3]. In fact it didn’t take long for innovators to realize that other services can be built and delivered

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