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Bitcoin and Other Blockchain Technologies: Mechanisms, Governance, and Applications

In: The Palgrave Handbook of FinTech and Blockchain

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  • Shoutong Thomas Zhang

    (Queen Mary University of London)

Abstract

Why was Bitcoin created? How do Bitcoin and other blockchain technologies work? Bitcoin was foremost designed to be a system that operates without any single entity in control. This chapter discusses this fundamental goal of decentralization that Bitcoin intended to achieve, and describes how it was implemented via a mechanism called a blockchain. The chapter then moves on to consider Bitcoin’s three layers of governance to coordinate decision-making among a large decentralized base of users: the consensus protocol, mining incentives, and network upgrades. We end with a discussion and critique of some major categories of current applications of blockchain technologies: payment systems, resource sharing, smart contracts, data security, and private blockchains.

Suggested Citation

  • Shoutong Thomas Zhang, 2021. "Bitcoin and Other Blockchain Technologies: Mechanisms, Governance, and Applications," Springer Books, in: Maurizio Pompella & Roman Matousek (ed.), The Palgrave Handbook of FinTech and Blockchain, edition 1, chapter 0, pages 243-257, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-66433-6_10
    DOI: 10.1007/978-3-030-66433-6_10
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    Cited by:

    1. Sood, Kirti & Singh, Simarjeet & Behl, Abhishek & Sindhwani, Rahul & Kaur, Sandeepa & Pereira, Vijay, 2023. "Identification and prioritization of the risks in the mass adoption of artificial intelligence-driven stable coins: The quest for optimal resource utilization," Resources Policy, Elsevier, vol. 81(C).

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