his open access book contributes to the creation of a cyber ecosystem supported by blockchain technology in which technology and people can coexist in harmony. Blockchains have shown that trusted records, or ledgers, of permanent data can be stored on the Internet in a decentralized manner. The decentralization of the recording process is expected to significantly economize the cost of transactions. Creating a ledger on data, a blockchain makes it possible to designate the owner of each piece of data, to trade data pieces, and to market them. This book examines the formation of markets for various types of data from the theory of market quality proposed and developed by M. Yano. Blockchains are expected to give data itself the status of a new production factor. Bringing ownership of data to the hands of data producers, blockchains can reduce the possibility of information leakage, enhance the sharing and use of IoT data, and prevent data monopoly and misuse. The industry will have a bright future as soon as better technology is developed and when a healthy infrastructure is created to support the blockchain market.KeywordsIT in Business; Economic Theory/Quantitative Economics/Mathematical Methods; Computer Appl. in Social and Behavioral Sciences; Computational Social Sciences; Social Policy; Open Access; Blockchain; cyber ecosystem; decentralized ledger; Crypt Data; IoT; Cryptocurrency; Business mathematics & systems; Business applications; Economic theory & philosophy; Computer applications in the social & behavioural sciences; Political economy; Social & ethical issues
Previously, many families had a set of encyclopedias, in which experts explain their respective subjects, covering social phenomena, historical facts, and scientic knowledge. The process of putting an encyclopedia together may be called centralized knowledge processing just like centralized network computing. The editorial board of an encyclopedia is responsible for centrally controlling the selection of authors for all subjects. Although all subjects are explained by experts, they are checked by the editorial board, which is responsible for making sure that all explanations are correct and trustworthy. In other words, the editorial board acts as if it is the central server of a centralized network.
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In contrast, Wikipedia is based on decentralized knowledge processing. Every Wikipedia article is written by an expert or multiple experts. However, no authority exists who is trusted to check whether articles are correct. Instead, all users check articles, add explanations, if needed, and correct errors if present. The decentralized knowledge processing introduced by Wikipedia has its drawbacks. Sometimes, we see some errors in an explanation because there is no centralized trusted authority that checks the articles. Some explanations are too technical for ordinary people to understand. A strong merit of Wikipedia is to utilize human altruism or the urge to share information accurately to build something useful for the society. If you have the charitable M. Yano
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4 Theory of Money: From Ancient Japanese Copper Coins mindset to share accurate information with society, and you have condence in your expertise, you will be tempted to write an article for Wikipedia. It requires considerable effort for a person to write an article that ordinary people can understand. If you write a fake article, someone else will soon nd out and rewrite it. This minimizes the incentive to contribute wrong and/or inaccurate information. In short, Wikipedia has effectively utilized the human urge to explain and share knowledge. Thanks to this mechanism, it has succeeded in creating a decentralized encyclopedia with a huge content at a very small cost.
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In many respects, blockchain is similar to Wikipedia. It does not use a centralized management system. Except for setting the minimum protocol, there is no centralized control, and the evaluation of information is decentralized and left to a large number of anonymous participants. It maximizes the willingness of well-meaning people to make accurate records and decentralizes the protection against malicious attacks. Through such design, virtual currencies offer money at a lower cost than the expensive system of centralized deposit currencies.
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