Wednesday, 19 September 2018

The Dutch central bank, DNB, has concluded that for the time being blockchain technology cannot meet the high demands of a financial market infrastructure.

Cryptocurrencies promise to realize Friedrich Hayek’s dream of a free market in money. But human societies have discovered no better way to keep the value of money roughly constant than by relying on central banks to exercise control over its issue.

A smart contract is just like an old-fashioned verbal or paper contract except that its conditions can be met digitally. Smart contracts are not new, but they are newly relevant (and a bit overhyped) because they are an awesome, non-cryptocurrency use of blockchain technology.

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