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To Know Blockchain Is to Know Web3

In: Blockchain for Financial Governance in Malaysia and Singapore

Author

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  • Ming Sen Thong

    (Universiti Malaya)

Abstract

Blockchain is a distributed digital ledger system that has evolved through first- and second-generation networks, leading to the rise of cryptocurrency and smart contracts. Cryptocurrency has enabled fundraising mechanisms like initial coin offerings (ICOs) and security token offerings (STOs) whereas smart contracts offer the potential to transform traditional legal frameworks. Blockchain networks are customizable, allowing operators to choose privacy and accessibility levels. Consensus mechanisms allow users to commit to networks, with different models suited to various blockchain features. The trustless nature of blockchain makes it an ideal technology for fostering public trust in financial institutions. The socio-economic benefits of blockchain include enhancing social solidarity through decentralization, as advocated by Adam Smith, and reducing transaction costs by curbing opportunistic behaviors in contracts. However, for blockchain to realize its full potential, it must challenge existing systemic forces through Schumpeter’s concept of creative destruction, reaching a tipping point for mass adoption and promoting financial inclusion.

Suggested Citation

  • Ming Sen Thong, 2025. "To Know Blockchain Is to Know Web3," Springer Books, in: Blockchain for Financial Governance in Malaysia and Singapore, chapter 0, pages 1-46, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-1281-9_1
    DOI: 10.1007/978-981-96-1281-9_1
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