Blockchain and Money
This wiki is the notes for MIT 15.S12 Blockchain and Money. In the course, we explore blockchain technology’s potential use—by entrepreneurs and incumbents—to change the world of money and finance. The course begins with a review of Bitcoin and an understanding of the commercial, technical, and public policy fundamentals of blockchain technology, distributed ledgers, and smart contracts. The class then continues on to current and potential blockchain applications in the financial sector.
Money, Ledgers, and Bitcoin
Money
Money is a social contract that people share the consensus to use it for exchange, paying tax, etc.
Money is typically issued by central bank, which is liability of the bank (IOU). But the central bank is backed by the government.
Fiat Money
Ledger
Ledger is a recording of account activities. There are 2 types of ledgers: transaction ledger and balance ledger.