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Review
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that blockchain today is what the internet (2016), most publication types come from
was in 1994, a technology in development, conferences and workshops while a
still not widely adopted, but with a huge minority come from book chapters,
potential to alter the markets. The purpose journals and symposiums.
of this literature review is to have an
overall sense of the current state of the Although blockchain is talk about
blockchain technology, with the aim of like there is only one type of it, three types
identifying potential research areas of of blockchain exist, public blockchain,
investigation within the economics private blockchain and hybrid blockchain
discipline framework, with the end goal of (Siba, 2016). Siba (2016) describes the
understanding how this technology could public blockchain as a “digital ledger [that]
improve areas of government, the private is completely decentralized and can be
sector and therefore the society. accessible to any internet user” (Siba,
2016). A private blockchain differs in the
sense that there is a central authority
Overview
giving permissions of who can write on the
The blockchain technology is what
blockchain, that being the main difference
is behind the cryptocurrency known as
with the public blockchain. The hybrid
Bitcoin. It was created by Satoshi
blockchain is a combination of the private
Nakamoto and first published in the
and public blockchain. No more details are
seminal white paper Bitcoin: A Peer-to-
given about that blockchain type. Each
Peer Electronic Cash System (Nakamoto,
type of blockchain can applied with the
2008). The interest in blockchain has
four features that according to (Siba,2016)
grown since its inception in 2008 (Yli-
the blockchain technology has, those are
Huumo, 2016). Yli-Huumo (2016) defines
permissioned network, assets,
the blockchain as a “decentralized
transactions and consensus. Carlozo
transaction and data management
(2017) says that according to a 2017
technology”, a definition that is constant
survey 60% big company executives were
with the definition of other authors. He
knowledgeable to some degree about what
identifies seven technical challenges and
blockchain is. Companies like IBM and
limitations that blockchain technology
Maersk have been researching it to make
has. Those challenges are throughput,
real life implementations. Benton (2018)
latency, size and bandwidth, security,
says that in 2018 IBM and Maersk found
wasted resources, usability, versioning
out during a 18 month study that a
hard forks and multiple chains. There is a
shipment from Kenya to Port Rotterdam
consensus that the blockchain is a
cointaning just flowers, had more than 200
groundbreaking technology that can be as
paper transctions. Those trascations
important as the emergence of the internet
amount almost 20% of the cost of the
itself, but surprisingly for a technology
shipping process.
with so much potential Yli-Hummo (2016)
find out that most of the research is
Popular thinking believe that the
concentrated on the cryptocurrency topic
technology will be exploited only by
rather than the blockchain
business but Manski (2017) makes the
technology. Also, according to Yli-Hummo
case that blockchain technology could be
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The Proof of Work process consist of adding a new must solve a cryptographic problem, like the SHA-
block (a transaction) to the chain. The computer 256, when solved, the computer is rewarded with a
token (like Bitcoin).
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Reyes (2018) called law lag, how the law serve as a store showcase for other
can't keep up with rapid change. corporations to take example of it and let
the blockchain continue its path towards a
Delaware Law Case more mainstream adoption.
In the same manner that the
internet has been submitted to different Conclusion
types of regulations since its inception, There is potential in
blockchain is no different. Reyes (2018) multiple areas for government to invest in
states that the state of Delaware and its the technology and don’t fall behind in
then governor, Jack Markell, created the comparison to the private sector, and
Delaware Blockchain Initiative. The certainly Delaware and Hong Kong offer
purpose of that initiative has multiple examples that governments are keeping
applications, one of them being to an eye on it. As the internet, there are still
“...enable[ ] companies to authorize and gray areas that will be resolved to some
distribute their shares directly to degree during time. One of those areas is
investors via the internet” (Strassman, the accounting and auditing purpose it
2017). Reyes (2018) mentions a case could serve in the government to increase
where after a conflict in a merger of two transparency. More developments on
corporations, it was necessary to see who those areas are needed. What companies
owned shares to give the corresponding like Deloitte and KPMG do in reference to
award of the settlement. The problem was the blockchain will certainly have big
to pinpoint the specific owners of the impact on how things are done in that
shares, and the DTC (Depository Trust field. But it is certain that there is a
Company, a company that “...was created consensus that the technology is more safe
to reduce costs and provide clearing and than current alternatives, it has
settlement efficiencies by immobilizing groundbreaking potential and the law
securities and making "book-entry" must keep up with its velocity. As the
changes to ownership of the securities.” literature review shows, there are
(DTCC, 2018)) could not point the actual multiple types and ways to use the
ownership of the current shares. blockchain, meaning that is up to the entity
“…investors filed roughly 49 million behind a certain blockchain how decide
facially valid claims to Dole shares, but how to implement their blockchain, how
there were only about 37 million shares they want to give the incentive for people
outstanding at the time of settlement” to join their network.
(Strassman, 2017). The judge and vice
chancellor of the Delaware Chancery Court Acknowledgment
said in a memorandum opinion regarding I want to give special thanks to my
that case, that the “Distributed ledger professor Phd. Eileen Segarra Almestica
technology offers a potential technological for the comments and advice in the
solution by maintaining multiple, current process of doing this literature review.
copies of a single and comprehensive stock
ownership ledger.” (Laster, 2017). Reyes References
(2018) concludes that the changes made
to the Delaware General Corporation Law Alboaie, S., Rata, A., Horomnea, E., & Vaidao,
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