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Hemang Subramanian ( firstname.lastname@example.org) is an
assistant professor in the Department of Information
Systems and Business Analytics in the College of Business
at Florida International University, Miami, FL.
© 2018 ACM 0001-0782/18/1 $15.00
in which content creators are identified, recognized, and rewarded. 11
Blockchain-based prediction markets include applications in basic sciences, where, say, drug discovery or
patient outcomes might be predicted
accurately through the wisdom of the
crowd. 15 Likewise, blockchain-based
software is being deployed in the financial industry for implementing automated reasoning for executing the
complex rules in financial contracts. 10
Given the blockchain’s special characteristics, successful execution and
validation of rules by a network of
nodes extends its blockhain-based
applications to artificial intelligence
applications in complex rule-based
systems. 23 In financial markets, for
example, the blockchain enables international remittance opportunities
with instantaneous currency transfers and “de-risks” international currency exchange; for example, BITT
is a Bitcoin-based platform for interbank money transfer among 16 Caribbean nations, some running the risk
of currency de-recognition. Similarly,
the blockchain plays an important
role mitigating problems in business
environments where market friction
due to weak legal institutions is a
challenge, as in the real estate market
where property records on the blockchain are being sought as a solution. 8
By facilitating key marketplace functions, decentralization will, if successful, complement and rival traditional
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Department of Economics, Massachusetts Institute
of Technology, Cambridge, MA, 1986; https://
is used to create
a social network
(such as Steem)
Watch the author discuss
his work in this exclusive