Knowledge@Wharton June 20, 2018
The terms Bitcoin and blockchain are sometimes used interchangeably, but there’s actually some misunderstanding about the innovation. In this opinion piece, Kevin Werbach, Wharton professor of legal studies and business ethics, explains the differences among the three groups that comprise this technology: cryptocurrency, blockchain and cryptoassets.
These days it’s hard to avoid pronouncements about how cryptocurrencies and blockchain technology could change everything (or at least, create massive wealth). Yet there’s an equally loud chorus labeling them a massive scam, useless, and dangerous. And a surprisingly large audience still doesn’t understand what’s going on. One big reason for the confusion is that we’re not all talking about the same things.
The three communities share a basic set of design principles...
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