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Victor von Wachter, Jonas Gross, Alexander Bechtel, Philipp Sandner


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Programmable Money and Programmable Payments

Sep 29, 2020 12:09:54 PM / by Victor von Wachter, Jonas Gross, Alexander Bechtel, Philipp Sandner posted in Digital Money, Programmable euro

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Medium

“Programmable money” is, without doubt, one of the major buzzwords in the blockchain space in 2020. Even though everyone seems to talk about it, we still lack a clear definition and hence common understanding of this term. In this article, we present a taxonomy of programmable money. In particular, we argue that “programmable money” has to be differentiated from “programmable payments”. To make this distinction as clear as possible, we develop a framework in which we decompose the payments value chain into three pillars: the contract execution system, the digital payment infrastructure, and the monetary unit. 

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