This paper reviews the Church-Turing Thesis (or rather, theses) with reference to their origin and application and considers some models of "hypercomputation", concentrating on perhaps the most straight-forward option: Zeno machines (Turing machines with accelerating clock). The halting problem is briefly discussed in a general context and the suggestion that it is an inevitable companion of any reasonable computational model is emphasised. It is suggested that claims to have "broken the Turing barrier" could be toned down and that the important and well-founded rôle of Turing computability in the mathematical sciences stands unchallenged.
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AbstractBlockchains are the most well-known example of a distributed ledger technology (DLT). Unlike classic databases, the ledger is not maintained by any central authority. The integrity of the ledger is maintained automatically by an algorithmic consensus process whereby nodes vote and agree upon the authoritative version. In effect, the consensus algorithm operates in the manner of a decision-making process within a governance system.The technological characteristics of blockchain systems are well documented (Narayanan, Bonneau, Felton and Miller, 2016). We propose that one of the reasons why it has so far proved very difficult to seed large-scale commercial DLT (blockchain) projects lies in the arena of project ownership and governance. Unlike classic centralised database systems, DLTs have no one central point of "ownership" of any of the system's infrastructure or data.In this piece of exploratory research, we propose applying theories of club governance to both the technical design and operational development of a range of DLT (blockchain) systems, including (but not necessarily limited to) cryptocurrencies and enterprise applications to explore how they can explain the development of (or lack of development of) sustainable solutions to real business problems. There are many parallels to the governance arrangements observed historically in the origins of complex distributed telecommunications networks.
Smart contracts have been proposed as a means of revolutionizing transacting between human actors and contributing to blockchain platforms substituting for many current institutions. However, the technical nature of blockchain platforms and smart contracts requires levels of certainty and foresight sufficient for contracts to be complete. We examine the technical and economic characteristics of blockchains and smart contracts to identify sources of uncertainty that may pose challenges to the ability of these technologies to displace existing institutional arrangements, in particular, the courts and other arbitration arrangements. Despite the development of alternative automated blockchain institutions such as the Kleros dispute resolution system, the case for smart contracts and blockchain applications to supplant real-world institutions remains weak. Inherent incompleteness due to limits to information availability, human cognition, and communication means that traditional contract governance institutions will continue to complement blockchain smart contract governance arrangements. The more complex and unique the transaction, the higher the value at risk, the harder to anticipate and precisely specify contingencies and measure and observe outcomes. Furthermore, the longer the time frame between agreement and execution, the less likely it is that smart contracting will be more efficient than traditional contracting.
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