Blockchain: A revolutionary idea whose time has come?
Keywords:
blockchain, fintech, distributed ledger technology, cyber attackAbstract
Bitcoin has breached the threshold of global public consciousness. What is less understood is the technology that underpins it: blockchain. This paper will explain how blockchain technology works and its potential to overcome key global problems. The paper will also look at the implications of blockchain technology for finance, education, and supply chain management. Blockchain is a bottom-up digital revolution that is going to have a far-reaching impact on the way we live, on the way we teach, and on the way we do business.
References
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Young, J. (2017, October 22). Why MIT Implemented Bitcoin Blockchain to Distribute Diplomas Instead of Permissioned Ledgers. The Cointelegraph. Retrieved from https://cointelegraph.com/news/why-mit-implemented-bitcoin-blockchain-to-distribute-diplomas-instead-of-permissioned-ledges
Carney, M. (2016, June 16). Enabling the FinTech transformation: Revolution, Restoration, or Reformation? Bank of England. Retrieved on 15 October 2017 from http://www.bankofengland.co.uk/publications/Documents/speeches/2016/speech914.pdf
Chapman, J., Garratt, R., Hendry, S., McCormack, A., & McMahon, W. (2017). Project Jasper: Are Distributed Wholesale Payment Systems Feasible Yet? Bank of Canada. Retrieved from http://www.bankofcanada.ca/wp-content/uploads/2017/05/fsr-june-2017-chapman.pdf
Chon, G., & Scannell, K. (2014, December 10). NY bank regulator steps up online security demands. Financial Times. Retrieved on 15 October 2017 from https://www.ft.com/content/fe9e020e-7fc9-11e4-acf3-00144feabdc0?mhq5j=e7
“Cost of business cyber-security breaches almost double”. [Press Release]. (2014, April 29). Department for Business, Innovation and Skills. Retrieved from https://www.gov.uk/government/news/cost-of-business-cyber-security-breaches-almost-double
Elliott, F., & Duncan, G. (2009, January 03). Chancellor Alistair Darling on brink of second bailout for banks. The Times. Retrieved from https://www.thetimes.co.uk/article/chancellor-alistair-darling-on-brink-of-second-bailout-for-banks-n9l382mn62h
Fleming, J. (2017, October 08). GCHQ is coming out of the shadows to protect Britain's economy from cyber-criminals. The Telegraph. Retrieved from http://www.telegraph.co.uk/news/2017/10/08/gchq-coming-shadows-protect-britains-economy-cyber-criminals/
Futter, A. (2016, July). Cyber Threats and Nuclear Weapons: New Questions for Command and Control, Security and Strategy. Royal United Services Institute for Defence and Security Studies. Retrieved from https://rusi.org/sites/default/files/cyber_threats_and_nuclear_combined.1.pdf
Hackett, R. (2016, May 18). LinkedIn Lost 167 Million Account Credentials in Data Breach. Fortune. Retrieved from http://fortune.com/2016/05/18/linkedin-data-breach-email-password/
Hackett, R. (2017, August 22). Why Big Business Is Racing to Build Blockchains. Fortune. Retrieved from http://fortune.com/2017/08/22/bitcoin-ethereum-blockchain-cryptocurrency/
Haswell, H. (2017, August 09). Sony and Sony Global Education Develop a New System to Manage Students' Learning Data, Built on IBM Blockchain. IBM. Retrieved from https://www-03.ibm.com/press/us/en/pressrelease/52970.wss
Kasikorn Bank. (2017, July 19). KBank introduces world’s first blockchain-based LG service. Retrieved from https://www.kasikornbank.com/en/News/Pages/LG_Blockchain.aspx
Johnson, K. (2017, October 16). Ripple & the Gates Foundation Team Up to Level the Economic Playing Field for the Poor. Ripple. Retrieved from https://ripple.com/insights/ripple-the-gates-foundation-team-up-to-level-the-economic-playing-field-for-the-poor/?platform=hootsuite
Lawder, D., & Spicer, J. (2016, July 18). IMF chief: Loss of small-country bank access risks 'systemic' disruptions. Reuters. Retrieved from http://www.reuters.com/article/us-imf-banks/imf-chief-loss-of-small-country-bank-access-risks-systemic-disruptions-idUSKCN0ZY1ZH?il=0
Leetaru, K. (2016, April 30). What The Bangladesh SWIFT Hack Teaches About The Future Of Cybersecurity And Cyberwar. Forbes. Retrieved from https://www.forbes.com/sites/kalevleetaru/2016/04/30/what-the-bangladesh-swift-hack-teaches-about-the-future-of-cybersecurity-and-cyberwar/#72dca1794e0f
Mainelli, M. (2017, October 05). Blockchain could help us reclaim control of our personal data. Harvard Business Review. Retrieved from https://hbr.org/2017/10/smart-ledgers-can-help-us-reclaim-control-of-our-personal-data
McKinsey. (2010, November). The challenges ahead for supply chains: McKinsey Global Survey results. McKinsey and Company. Retrieved from https://www.mckinsey.com/business-functions/operations/our-insights/the-challenges-ahead-for-supply-chains-mckinsey-global-survey-results
Minges, M. (2012). Key Trends in the Development of the Mobile Sector. The World Bank. Retrieved from http://siteresources.worldbank.org/EXTINFORMATIONANDCOMMUNICATIONANDTECHNOLOGIES/Resources/IC4D-2012-Appendix-1.pdf Nakamoto, S. (2008). “Bitcoin: A Peer-to-Peer Electronic Cash System.” Available at https://bitcoin.org/bitcoin.pdf.
Nash, J. F. (2002). Ideal Money. Southern Economic Journal, 69(1), 4-11. DOI: 10.2307/1061553
Palin. (2017, September 21). Omise awarded ‘Digital Startup of the year’ at the Digital Thailand Big Bang 2017 event. Omise. Retrieved from https://www.omise.co/omise-awarded-digital-startup-of-the-year
Roberts, J. J. (2017, October 18). Ethereum Founder: Central Banks Are a Long Way From Digital Currency. Fortune. Retrieved from http://fortune.com/2017/10/18/ethereum-founder-central-banks-are-a-long-way-from-digital-currency/
Tapscott, A. (Speaker). (2016, October 26). Blockchain is Eating Wall Street. TEDxSan Francisco. Retrieved from https://www.youtube.com/watch?v=WnEYakUxsHU
The Guardian. (2017, September 13). Bitcoin is a fraud that will blow up, says JP Morgan boss. Retrieved from https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers
The World Bank Development Research Group. (2014, August 28). The Opportunities of Digitizing Payments: How digitization of payments, transfers, and remittances contributes to the G20 goals of broad-based economic growth, financial inclusion, and women’s economic empowerment. The World Bank. Retrieved from http://documents.worldbank.org/curated/en/188451468336589650/pdf/903050WP0REPLACEMENT0Box385358B00PUBLIC0.pdf
Young, J. (2017, October 22). Why MIT Implemented Bitcoin Blockchain to Distribute Diplomas Instead of Permissioned Ledgers. The Cointelegraph. Retrieved from https://cointelegraph.com/news/why-mit-implemented-bitcoin-blockchain-to-distribute-diplomas-instead-of-permissioned-ledges
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Published
2018-06-30
How to Cite
Forster, A., & Ferriman, N. (2018). Blockchain: A revolutionary idea whose time has come?. Interdisciplinary Studies Journal, 18(1), 287–306. retrieved from https://so02.tci-thaijo.org/index.php/sahasart/article/view/223393
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