In this post, I explore the third fundamental characteristic of blockchain financial (and other) networks: unstoppable execution. This idea is at the same time at the basis of smart contracts. It means that computer code is designed automatically to execute contractual duties upon the occurrence of a trigger event, or, in other terms, the complete excision of human discretion from execution.
A distributed record needs a second (and a third) element to form a blockchain network. This post discusses the necessity of a mechanisms guaranteeing that the updates of records reflect the truth.
Three characteristics of blockchain technology have the potential of turning our understanding of how the market functions upside down. In this first post of a series of three I discuss the concept of the distributed ledger that lies at the heart of blockchain and the consequential disintermediation of the market, doing away with back office functions and intermediation.