Abstract

http://ssrn.com/abstract=2438299
 


 



Cryptofinance


Campbell R. Harvey


Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

August 20, 2014


Abstract:     
Cryptography is about communication in the presence of an adversary. Cryptofinance is the efficient exchange of ownership, the verification of ownership, as well as the ability to algorithmically design conditional contracts, all with security, privacy, and minimal trust without using centralized institutions. Our current financial system is ripe for disruption. At a swipe of a debit or credit card, we are at risk (think of Target’s breach of 40 million cards). The cost of transacting using traditional methods is enormous and will increase in the future. Cryptofinance offers some solutions. This paper explores the mechanics of cryptofinance and a number of applications including bitcoin. Also attached is a slide deck that I use in my graduate course.

Number of Pages in PDF File: 116

Keywords: Cryptofinance, Bitcoin, Bubbles, Block chain, Blockchain, Cryptography, Mining, Proof of Work, Hash, Deflation, Nonce, SHA-256, Merkle tree, DSA, Private Key, Public Key, Key Pair, Wallet, BTC

JEL Classification: A10, C00, D00, E00, F00, G00, H00, I00, J00, K00, L00, M00, N00, O1, P00, Q00, R00, Z00

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Date posted: May 19, 2014 ; Last revised: November 2, 2014

Suggested Citation

Harvey, Campbell R., Cryptofinance (August 20, 2014). Available at SSRN: http://ssrn.com/abstract=2438299 or http://dx.doi.org/10.2139/ssrn.2438299

Contact Information

Campbell R. Harvey (Contact Author)
Duke University - Fuqua School of Business ( email )
Box 90120
Durham, NC 27708-0120
United States
919-660-7768 (Phone)
919-660-8030 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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