Blockchain in Development, Part I : A New Mechanism of 'Trust'?
Blockchain is an exciting new technology that may prove to be a radical innovation - similar to technologies such as the steam engine and the Internet that triggered previous industrial revolutions - with the power to disrupt existing economic and...
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| Language: | English |
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International Finance Corporation, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/511661502947718159/Blockchain-in-development-part-I-a-new-mechanism-of-trust http://hdl.handle.net/10986/30366 |
| Summary: | Blockchain is an exciting new technology
that may prove to be a radical innovation - similar to
technologies such as the steam engine and the Internet that
triggered previous industrial revolutions - with the power
to disrupt existing economic and business models. It has the
potential to deliver productivity gains to multiple
industries, from the financial sector to energy markets,
supply chains, intellectual property management, virtual
firms, the public sector, and beyond. Its ability to provide
disintermediation, improve transparency, and increase
auditability can significantly reduce transaction costs,
introduce efficiency into existing value chains, challenge
revenue models, and open new markets. And blockchain may
prove particularly valuable in emerging market economies.
Yet the technology is in its early stages of development and
serious challenges and risks, both technical and regulatory,
will need to be addressed before it achieves widespread
adoption. Questions remain about blockchain’s scalability,
interoperability, security, transition costs, data privacy,
and governance. And business leaders and policy makers will
need to think long and hard about when and under what
conditions a blockchain initiative may be warranted. |
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