Why Blockchain creates a new ‘architecture of trust’
LISTEN TO THE PODCAST:
Wharton professor Kevin Werbach explains why the blockchain is upending the business world.
Wharton legal studies and business ethics professor Kevin Werbach talks about the transformative potential of the blockchain, the underlying technology behind cryptocurrencies such as the bitcoin. While the adoption of cyber-currencies is running into headwinds, the blockchain is finding more practical use across industries. Its nature as a distributed ledger in which transactions are transparent among parties creates a “new architecture of trust,” Werbach adds. One doesn’t have to trust another party in a blockchain to do a transaction even if there is no centralized authority, such as a bank or government, in charge.
“This is the internet all over again,” says Werbach, who spoke on the Knowledge@Wharton show, which airs on SiriusXM channel 111. “This is a foundational technology. … It’s going to change the world.”
Additional coverage:
Is Blockchain the Next Great Hope — of Hype?
How Delaware’s Blockchain Trial Could Change Wall Street
How Blockchain Technology Will Disrupt Financial Services Firms
The Knowledge@Wharton SiriusXM show airs Monday through Friday, 10 a.m. – 12 p.m. EST, on Wharton Business Radio on SiriusXM channel 111.
This article is republished courtesy of Knowledge@Wharton. Copyright Wharton School of the University of Pennsylvania.