Key Takeaways

• There is no one blockchain – it is a technology.

• There are different methods of consensus – energy intensive mining is
not necessary.
• Cryptocurrencies are but one application. Most blockchain applications
don’t include cryptocurrencies
• Technology has two fundamental implications:
• Unprecedented security – information is set in stone and unable to be altered by
a nefarious actor or a government
• Effective end to transactions costs meaning near instant, cheap, secure
microtransactions and exchange of ownership. Dramatic implications for new
types of assets and substantial cost savings.
Campbell R. Harvey 2019 71