Blockchain is a decentralised ledger technology based on cryptographic properties that is regulated through a consensus mechanism without an intervention of a trusted intermediary. Although functionally identical to a distributed ledger, the integrity of transactions in the Blockchain is protected through the involvement of network actors in maintaining, updating, and validating all transactions in the network through consensus. By design, a blockchain is virtually immutable and resists data modification. Despite originating as the foundational architecture for transferring value across space and time, the application of blockchain technology has since progressed beyond its original purpose and is now in its 3rd generation.
The blockchain popularised by the applications of cryptocurrencies has the potential to redesign many fundamental aspects of our society. Artifacts like decentralised immutable identities, the ability to conduct transactions and businesses without heavy reliance on trusted third parties, significantly reduces the transactional risk involved in such interactions. It could serve as the foundational infrastructure upon which a new society and economy could be designed. The course aims to introduce students to the world of blockchain innovations with a heavy focus on those that will manifest in the web3 environment such as the metaverse, AI-enabled commerce, self- sovereignty-based governance, and decentralized autonomous organizations (DAOs).
