MIS 111 Lecture Notes - Lecture 46: Cryptocurrency, John Money, Supply Chain

• School: University of Arizona
• Department: Management Info Systems Main
• Course: MIS 111
• Professor: Mark Patton, William Neumann

Document Summary

What is blockchain: business networks, benefit from connectivity, participants are customers, suppliers, banks, partners, cross geography and regulatory boundary, wealth. Intellectual (ex: patents: digital (ex: music, cash is also an asset, has property of anonymity. Ledgers are key: ledger is the system of record for a business, business will have multiple ledgers for multiple business networks in which they participate, transaction, an asset transfer onto or off the ledger, example, contract. John gives a car to anthony (simple: conditions for transaction to occur, example. If anthony pays john money, then car passes from john to anthony (simple) If car won"t start, funds do not pass to john (as decided by third party arbitrator - more complex) Shared, replicated, permissioned records amongst each party: consensus, provenance, immutability, finality, blockchain underpins bitcoin, unregulated, censorship-resistant shadow currency. First blockchain application: pioneer of blockchain technology, but blockchain is not bitcoin, digital currencies different from cryptocurrency, blockchain for business.