A Primer on Blockchain, Smart Contracts & Crypto-Assets

Abstract

Recently, there has been a lot of discussion about the possible future uses and benefits of blockchain platforms and related technologies, such as smart contracts. This has led to talk of a “blockchain revolution.” Much of this discussion was triggered by the recent “crypto-hype.” We believe that it is important to look beyond the hype and explore the transformative potential of these new technologies. In order to address this issue, however, it is necessary to have a clear understanding of the underlying technologies and their regulatory implications. That is why we decided to write this short “primer.” We first introduce the three technologies (blockchain, smart contracts and crypto-assets), before describing the potential social benefits of these technologies and the regulatory challenges that need to be overcome in order for any blockchain revolution to be fully realized.