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"Splendid Tutorial" of Bitcoin, Distributed Ledgers, and Smart Contracts



(p. A13) 'The future is already here--it's just not very evenly distributed." The aphorism coined by novelist William Gibson explains why Andrew McAfee and Erik Brynjolfsson's tour of the technologies that are shaping the future of business, "Machine, Platform, Crowd: Harnessing Our Digital Future," contains sights that are already familiar and others that are not. This is a book for managers whose companies sit well back from the edge and who would like a digestible introduction to technology trends that may not have reached their doorstep--yet.


. . .


In the penultimate chapter, the authors present a splendid tutorial on things that are too new for most civilians to have gained a good understanding of--cryptocurrencies like Bitcoin, distributed ledgers, and smart contracts. The authors present the theoretical possibility that conventional contracts and the human handling of disputes could be rendered obsolete by dense networks of sensors in the physical world and extremely detailed contracts anticipating all contingencies so that machines alone can handle enforcement. But they show that computing power, however much it grows, seems unlikely to replace the human component for dispute resolution.



For the full review, see:

Randall Stross. "BOOKSHELF; The Future On Fast Forward; GE used 'crowdfunding' to gauge interest in a new ice maker. McDonald's has begun adding self-service ordering in all its U.S. locations.." The Wall Street Journal (Thurs., July 6, 2017): A13.

(Note: ellipsis added.)

(Note: the online version of the review has the date July 5, 2017.)


The book under review, is:

McAfee, Andrew, and Erik Brynjolfsson. Machine, Platform, Crowd: Harnessing Our Digital Future. New York: W. W. Norton & Company, 2017.






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