OMIS 3710 Lecture Notes - Lecture 6: In Essence, Block Chain, Douglass North

• School: York University
• Department: Operations Management and Information System
• Course: OMIS 3710
• Professor: Henry Kim

Document Summary

History informal rules, then formal institutions, then: online institutions (faster to act as middle men to facilitate human activity) Blockchain = registry of assets and transactions: peer to peer network transaction history stored on blocks of data, similar to wikipedia. An open platform where changes occur all the time: bitcoin, title of ownership of ip, certificate or contract, personal info. Uncertainty three forms identity management not knowing who im buying from fragmented profiles on amazon. Blockchain allows for information from every user can select certain data to be revealed: asset tracking not having transparency in our transactions. Want the same product i ordered to show up at my door. Problem: managing many vendors over a horrible supply chain reneging on deals. Blockchain allows for code to be written to form a contract in order for there to be no third party enforcement in the deal. Blockchain is not the solution to everything.