Blockchain came to mainstream attention in 2017, despite having existed for almost a decade prior. The author explains how this new technology, perhaps best known for its role in enabling cryptocurrencies, works. In his view, blockchain has the potential to change the way the world does business, and its impact is being vastly underestimated by the accounting profession and society at large.
Analyses the main legal requirements in the California Consumer Protection Act (CCPA),
general data protection regulation (GDPR) and the intersections between privacy laws,
genomic data and smart contracts (such as fungible and non-fungible tokens (NFTs). The
CCPA and GDPR laws impose several restrictions on the storing, accessing, processing
and transferring of personal data. This has generated some challenges for lawyers, data
processors and business enterprises engaged in blockchain offerings, especially as they
pertain to high-risk data sets such as genomic data.
Analyses the main legal requirements in the California Consumer Protection Act (CCPA),
general data protection regulation (GDPR) and the intersections between privacy laws,
genomic data and smart contracts (such as fungible and non-fungible tokens (NFTs). The
CCPA and GDPR laws impose several restrictions on the storing, accessing, processing
and transferring of personal data. This has generated some challenges for lawyers, data
processors and business enterprises engaged in blockchain offerings, especially as they
pertain to high-risk data sets such as genomic data. The technical features of NFT, distributed storage and wallets to trace and govern genomic (DNA) data sets will allow data donors to establish digital ownership and control in line with privacy laws using
‘programmable privacy smart contracts’. To be legally compliant, the design of blockchain value propositions should include privacy-by-design capabilities in the smart contract coding language itself.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the consciousness to wonder if NFTs are a form of intellectual property, or whether NFT would shift the paradigm of copyright law as we know it.
Governments through her agencies are also caught in the Un restlessness
of deciphering what NFT means and whether it holds any value for
intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) catalyze the NADPH-dependent reduction of carbonyl groups to
alcohols for conjugation reactions to proceed. They are implicated in resistance to cancer
chemotherapeutic agents either because they are directly involved in their metabolism or help
eradicate the cellular stress created by these agents (e.g., reactive oxygen species and lipid
peroxides). Furthermore, this cellular stress activates the nuclear factor-erythroid 2 p45-related
factor 2 (NRF2)-Kelch-like ECH-associated protein 1 pathway. As many human AKR genes are
upregulated by the NRF2 transcription factor, this leads to a feed-forward mechanism to enhance
drug resistance. Resistance to major classes of chemotherapeutic agents (anthracyclines,
mitomycin, cis-platin, antitubulin agents, vinca alkaloids, and cyclophosphamide) occurs by this
mechanism. Human AKRs also catalyze the synthesis of androgens and estrogens and the
elimination of progestogens and are involved in hormonal-dependent malignancies. They are
upregulated by antihormonal therapy providing a second mechanism for cancer drug resistance.
Inhibitors of the NRF2 system or pan-AKR1C inhibitors offer promise to surmount cancer drug
resistance and/or synergize the effects of existing drugs.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a
systematic literature review (SLR) of 25 research articles published on the adoption of cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption research has grown significantly throughout this period, and remains a fertile area for academic research. The results show that the cryptocurrency adoption literature can be classified according
to three main classifications: qualitative research, quantitative research and others. The results of
the SLR reveal that there is a lack of study focusing on the factors that are significantly
influenced on the acceptance of cryptocurrency.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
Analyses the main legal requirements in the California Consumer Protection Act (CCPA),
general data protection regulation (GDPR) and the intersections between privacy laws,
genomic data and smart contracts (such as fungible and non-fungible tokens (NFTs). The
CCPA and GDPR laws impose several restrictions on the storing, accessing, processing
and transferring of personal data. This has generated some challenges for lawyers, data
processors and business enterprises engaged in blockchain offerings, especially as they
pertain to high-risk data sets such as genomic data.
Analyses the main legal requirements in the California Consumer Protection Act (CCPA),
general data protection regulation (GDPR) and the intersections between privacy laws,
genomic data and smart contracts (such as fungible and non-fungible tokens (NFTs). The
CCPA and GDPR laws impose several restrictions on the storing, accessing, processing
and transferring of personal data. This has generated some challenges for lawyers, data
processors and business enterprises engaged in blockchain offerings, especially as they
pertain to high-risk data sets such as genomic data. The technical features of NFT, distributed storage and wallets to trace and govern genomic (DNA) data sets will allow data donors to establish digital ownership and control in line with privacy laws using
‘programmable privacy smart contracts’. To be legally compliant, the design of blockchain value propositions should include privacy-by-design capabilities in the smart contract coding language itself.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the consciousness to wonder if NFTs are a form of intellectual property, or whether NFT would shift the paradigm of copyright law as we know it.
Governments through her agencies are also caught in the Un restlessness
of deciphering what NFT means and whether it holds any value for
intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) catalyze the NADPH-dependent reduction of carbonyl groups to
alcohols for conjugation reactions to proceed. They are implicated in resistance to cancer
chemotherapeutic agents either because they are directly involved in their metabolism or help
eradicate the cellular stress created by these agents (e.g., reactive oxygen species and lipid
peroxides). Furthermore, this cellular stress activates the nuclear factor-erythroid 2 p45-related
factor 2 (NRF2)-Kelch-like ECH-associated protein 1 pathway. As many human AKR genes are
upregulated by the NRF2 transcription factor, this leads to a feed-forward mechanism to enhance
drug resistance. Resistance to major classes of chemotherapeutic agents (anthracyclines,
mitomycin, cis-platin, antitubulin agents, vinca alkaloids, and cyclophosphamide) occurs by this
mechanism. Human AKRs also catalyze the synthesis of androgens and estrogens and the
elimination of progestogens and are involved in hormonal-dependent malignancies. They are
upregulated by antihormonal therapy providing a second mechanism for cancer drug resistance.
Inhibitors of the NRF2 system or pan-AKR1C inhibitors offer promise to surmount cancer drug
resistance and/or synergize the effects of existing drugs.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a
systematic literature review (SLR) of 25 research articles published on the adoption of cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption research has grown significantly throughout this period, and remains a fertile area for academic research. The results show that the cryptocurrency adoption literature can be classified according
to three main classifications: qualitative research, quantitative research and others. The results of
the SLR reveal that there is a lack of study focusing on the factors that are significantly
influenced on the acceptance of cryptocurrency.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the
consciousness to wonder if NFTs are a form of intellectual property, or whether NFT would shift the paradigm of copyright law as we know it.
Governments through her agencies are also caught in the Un restlessness
of deciphering what NFT means and whether it holds any value for
intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) are overexpressed in a large number of human tumors and mediate
resistance to cancer chemotherapeutics and antihormonal therapies. Existing drugs and new
agents in development may surmount this resistance by acting as specific AKR isoforms or AKR
pan-inhibitors to improve clinical outcome.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the
consciousness to wonder if NFTs are a form of intellectual property, or
whether NFT would shift the paradigm of copyright law as we know it. Governments through her agencies are also caught in the Un restlessness of deciphering what NFT means and whether it holds any value for intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) are overexpressed in a large number of human tumors and mediate
resistance to cancer chemotherapeutics and antihormonal therapies. Existing drugs and new agents in development may surmount this resistance by acting as specific AKR isoforms or AKR
pan-inhibitors to improve clinical outcome.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption.
Schemes are extensive in the cryptocurrency market. P&Ds lead to short-term bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak within minutes and quick reversals follow. The evidence we document, including
price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a difference-in-differences approach, we provide
causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to
participate and describe how our findings shed light on its theories.
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
The crypto industry had a fantastic year in 2021. The industry experienced a surge in almost every aspect - from Bitcoin and Ethereum reaching new all-time highs to the mainstream
adoption of Non-Fungible Tokens (NFTs).
India recorded the second-highest number of cryptocurrencies users worldwide during the year,
and India-based crypto exchange platforms attracted millions of users, with Coin switch alone
amassing over 15+ million of them.
An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a
systematic literature review (SLR) of 25 research articles published on the adoption of
cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption
research has grown significantly throughout this period, and remains a fertile area for academic
research. The results show that the cryptocurrency adoption literature can be classified according
to three main classifications: qualitative research, quantitative research and others. The results of
the SLR reveal that there is a lack of study focusing on the factors that are significantly
influenced on the acceptance of cryptocurrency.
Schemes are extensive in the cryptocurrency market. P&Ds lead to short-term
bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak
within minutes and quick reversals follow. The evidence we document, including price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a difference-in-differences approach, we provide
causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to
participate and describe how our findings shed light on its theories.
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
To many, these technologies are confusing or risky. But enthusiasts ardently promote them.
As a cybersecurity and social media researcher, I’ve found that behind the hype is an ideology
about social change: Hardcore enthusiasts argue that crypto will get people to trust in technology
rather than government, which they see as inherently untrustworthy. This ideology leads people to encourage its use while downplaying its risks.
The crypto industry had a fantastic year in 2021. The industry experienced a surge in almost every aspect - from Bitcoin and Ethereum reaching new all-time highs to the mainstream
adoption of Non-Fungible Tokens (NFTs).
India recorded the second-highest number of cryptocurrencies users worldwide during the year,
and India-based crypto exchange platforms attracted millions of users, with Coin switch alone
amassing over 15+ million of them.
An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.
Blockchain came to mainstream attention in 2017, despite having existed for almost a
decade prior. The author explains how this new technology, perhaps best known for its
role in enabling cryptocurrencies, works. In his view, blockchain has the potential to
change the way the world does business, and its impact is being vastly underestimated by
the accounting profession and society at large.
Cryptocurrencies have become a prevailing topic of conversation, even among the most
novice investors. While Bitcoin and Ethereum are the most well-known, few people realize
that there are currently more than 1,600 different cryptocurrencies. Even fewer realize
that their underlying technology—blockchain—may be a far more meaningful disruptor in the
financial sector than cryptocurrencies themselves.
The era of transformation powered by digitization, improvements in information and
communication technology, machine learning, robotics and artificial intelligence is upon us.
Today, we are able to solve complex problems with the aid of technology. That notwithstanding,
animal populations globally are under threat, with the extinction of species taking place at a far
accelerated pace than can be reversed, thus making wildlife conservation a critical issue of our
time. Along with wildlife extinction currently underway, there remains a chronic financial
shortage for wildlife conservation and the funding shortfall is expanding annually. This research
contends that blockchain, the technology underpinning cryptocurrencies such as Bitcoin can be
utilized as a catalyst by the development of cryptowildlife nonfungible tokens (NFTs), which are
provably scarce, unique and programmable digital wildlife collectible assets. These could be
used to finance wildlife conservation as a supplementary source of revenue.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the
consciousness to wonder if NFTs are a form of intellectual property, or whether NFT would shift the paradigm of copyright law as we know it.
Governments through her agencies are also caught in the Un restlessness
of deciphering what NFT means and whether it holds any value for
intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) are overexpressed in a large number of human tumors and mediate
resistance to cancer chemotherapeutics and antihormonal therapies. Existing drugs and new
agents in development may surmount this resistance by acting as specific AKR isoforms or AKR
pan-inhibitors to improve clinical outcome.
A non-fungible token is simply a unique digital asset. Assets like bitcoin are fungible, meaning
that all bitcoins are the same and completely interchangeable. An example of a non-fungible
token would be a piece of art. I can have two of the exact same pieces of digital art but each
one is entirely unique. The example below shows two NFTs from the crypto-artist Josie. Her two pieces, might look the same but are entirely unique to the blockchain.
The invention of disruptive technologies broadens the horizon of opportunities for intellectual property owners. The very idea of selling copyright works in a digital space and using the same to form a digital currency is disruptive. This is one opportunity Non-Fungible Token (NFT) offers. But that disruptiveness raises certain questions and provoke the
consciousness to wonder if NFTs are a form of intellectual property, or
whether NFT would shift the paradigm of copyright law as we know it. Governments through her agencies are also caught in the Un restlessness of deciphering what NFT means and whether it holds any value for intellectual property. This article will address the relationship between NFT and copyright, the foreseeable problems and solutions, and how NFTs are channels for intellectual property commercialization.
The split, asymmetric molecular spectral line profiles that are seen in many starless cores are interpreted as indicative of global collapse or expansion of the core, then one possible implication is that most starless cores have short lifetimes, on the order of the collapse or sound crossing timescale.
Keto reductases (AKRs) are overexpressed in a large number of human tumors and mediate
resistance to cancer chemotherapeutics and antihormonal therapies. Existing drugs and new agents in development may surmount this resistance by acting as specific AKR isoforms or AKR
pan-inhibitors to improve clinical outcome.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption.
Schemes are extensive in the cryptocurrency market. P&Ds lead to short-term bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak within minutes and quick reversals follow. The evidence we document, including
price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a difference-in-differences approach, we provide
causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to
participate and describe how our findings shed light on its theories.
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
The crypto industry had a fantastic year in 2021. The industry experienced a surge in almost every aspect - from Bitcoin and Ethereum reaching new all-time highs to the mainstream
adoption of Non-Fungible Tokens (NFTs).
India recorded the second-highest number of cryptocurrencies users worldwide during the year,
and India-based crypto exchange platforms attracted millions of users, with Coin switch alone
amassing over 15+ million of them.
An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.
Cryptocurrency is attracting the attention of academic and non- academic researchers as an
alternative architecture of currency. Because of the growing of cryptocurrency research, it is
essential to value the existing research of cryptocurrency and identify potential future research
areas. This paper provides an up to date review of IS research on cryptocurrency adoption. In this
paper, we conduct a systematic literature review to gather the previous research related to
cryptocurrency adoption. The goal of this research is to identify the current research stage and
open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a
systematic literature review (SLR) of 25 research articles published on the adoption of
cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption
research has grown significantly throughout this period, and remains a fertile area for academic
research. The results show that the cryptocurrency adoption literature can be classified according
to three main classifications: qualitative research, quantitative research and others. The results of
the SLR reveal that there is a lack of study focusing on the factors that are significantly
influenced on the acceptance of cryptocurrency.
Schemes are extensive in the cryptocurrency market. P&Ds lead to short-term
bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak
within minutes and quick reversals follow. The evidence we document, including price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders. Bittrex, a cryptocurrency exchange, banned P&Ds on November 24, 2017. Using a difference-in-differences approach, we provide
causal evidence that P&Ds are detrimental to the liquidity and price of cryptocurrencies. We discuss potential mechanisms why outsiders are willing to
participate and describe how our findings shed light on its theories.
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
To many, these technologies are confusing or risky. But enthusiasts ardently promote them.
As a cybersecurity and social media researcher, I’ve found that behind the hype is an ideology
about social change: Hardcore enthusiasts argue that crypto will get people to trust in technology
rather than government, which they see as inherently untrustworthy. This ideology leads people to encourage its use while downplaying its risks.
The crypto industry had a fantastic year in 2021. The industry experienced a surge in almost every aspect - from Bitcoin and Ethereum reaching new all-time highs to the mainstream
adoption of Non-Fungible Tokens (NFTs).
India recorded the second-highest number of cryptocurrencies users worldwide during the year,
and India-based crypto exchange platforms attracted millions of users, with Coin switch alone
amassing over 15+ million of them.
An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.
Blockchain came to mainstream attention in 2017, despite having existed for almost a
decade prior. The author explains how this new technology, perhaps best known for its
role in enabling cryptocurrencies, works. In his view, blockchain has the potential to
change the way the world does business, and its impact is being vastly underestimated by
the accounting profession and society at large.
Cryptocurrencies have become a prevailing topic of conversation, even among the most
novice investors. While Bitcoin and Ethereum are the most well-known, few people realize
that there are currently more than 1,600 different cryptocurrencies. Even fewer realize
that their underlying technology—blockchain—may be a far more meaningful disruptor in the
financial sector than cryptocurrencies themselves.
The era of transformation powered by digitization, improvements in information and
communication technology, machine learning, robotics and artificial intelligence is upon us.
Today, we are able to solve complex problems with the aid of technology. That notwithstanding,
animal populations globally are under threat, with the extinction of species taking place at a far
accelerated pace than can be reversed, thus making wildlife conservation a critical issue of our
time. Along with wildlife extinction currently underway, there remains a chronic financial
shortage for wildlife conservation and the funding shortfall is expanding annually. This research
contends that blockchain, the technology underpinning cryptocurrencies such as Bitcoin can be
utilized as a catalyst by the development of cryptowildlife nonfungible tokens (NFTs), which are
provably scarce, unique and programmable digital wildlife collectible assets. These could be
used to finance wildlife conservation as a supplementary source of revenue.
1. Cryptocurrency- World of Block-Chain
In Brief
Blockchain came to mainstream attention in 2017, despite having existed for almost a decade prior. The
author explains how this new technology, perhaps best known for its role in enabling cryptocurrencies,
works. In his view, blockchain has the potential to change the way the world does business, and its impact
is being vastly underestimated by the accounting profession and society at large.
Cryptocurrencies have become a prevailing topic of conversation, even among the most novice investors.
While Bitcoin and Ethereum are the most well-known, few people realize that there are currently more
than 1,600 different cryptocurrencies. Even fewer realize that their underlying technology—blockchain—
may be a far more meaningful disruptor in the financial sector than cryptocurrencies themselves.
Importance of Blockchain
Blockchain, a form of distributed ledger technology (DLT), is essentially a decentralized, trustless, openly
auditable ledger that can be shared and viewed by all users. The genesis of the technology is still being
debated, but most would say that blockchain coalesced in the midst of the 2008 global financial crisis.
Many cryptography enthusiasts in the San Francisco Bay area had become tired of the centralized nature
of the banking system and started discussing over online forums ways to shift trust from the centralized
authorities. In November 2008, a person or persons writing as “Satoshi Nakamoto” published a now-
famous white paper focusing on a peer-to-peer electronic cash payment system.
Traditional banking and Business
2. Traditional banking and business is centralized, meaning the ledger indicating who owns what or who
owes whom is kept on a private database and relies on the overseeing body of the database to keep the
records safe and accurate. Therefore, the system depends upon people’s trust that the bank or business is
keeping proper track of the ins and outs of users’ money and information. Any failures with this single
source of authority could mean trouble, especially since many people are unaware of actual banking laws
and what the banks do with money once users deposit into their accounts. Prior to the 2008 crisis, few
thought that banks were being reckless or questioned the risky lending choices they made with users’
money. People also didn’t think that the banks would need a $7.7 trillion taxpayer bailout—more than
half the value of everything produced that year. These breaches of financial trust, as well as the notable
hacks in recent years that have gained access to millions of users’ sensitive personal information, have
brought much-needed scrutiny to the inner workings of the financial system.
Blockchain Use Cases
Detailed below are some issues that new emerging blockchain technologies are trying to solve. This
listing is in no way exhaustive, nor are any of the native tokens associated with the blockchains promoted
or endorsed in the given examples. This listing is meant to illustrate the application of the above concepts
as they pertain to the real world.
• Cross-Border payments
Moving money from one country to another is currently done on archaic payment rails, supported by the
Society for Worldwide Interbank Financial Telecommunications (Swift). These payment rails require
users to pay extremely high fees and wait three to five (or more) days for the transfer of funds to be
completed. With information moving so freely, the general population expects its money to move freely
as well.
3. Ripple, a blockchain company in San Francisco, is utilizing DLT to create what it calls the Internet of
value (IOV). With this technology, users can send any amount of money anywhere in the world at a
fraction of a cent in fees. This company has partnered with over 100 banks, and the technology is
currently being used by a handful of financial institutions like Santander Banco, Moneygram, and
Western Union, with many more in the pilot phase. This company also offers another product that utilizes
its native cryptocurrency to source liquidity from exchanges when moving money from one country to
another.
Using existing technology, when a person wants to send money across borders, domestic banks must
source their own liquidity at the foreign bank; that is, the bank sending money to a foreign bank must
maintain dormant capital at the correspondent bank in a Nostro account. These accounts are denominated
in the foreign currency as a way to hedge exchange fluctuations and facilitate the settlement of foreign
exchange and trade transactions; they hold trillions of dollars that sit dormant, require banks to pay fees,
and are subject to regular compliance testing. With DLT and the native cryptocurrencies, these Nostro
accounts would be obsolete, and the dormant capital could be freed up for other, more productive uses.
Assume that Bob wants to send $100 to his sister Jane in Japan. Using DLT, Bob can initiate the transfer
to Jane, who will receive a notification of the amount of USD being sent in real time and the equivalent
amount of Yen using current exchange rates. Once the transaction is confirmed, the 100 USD is
immediately converted into the native cryptocurrency at a U.S. exchange and then converted into Yen at a
local Japanese exchange, then delivered to Jane.
• Accounting
As a CPA, this author has seen firsthand the issues companies run into when closing books at month- or
year-end. Issues often arise with reconciling items or properly reflecting GAAP standards. This can be
very time consuming and require overemployment of accounting personnel to service this need. In
addition, auditing techniques still require either written confirmation of year-end accounts receivables or
physical inspection of invoices or subsequent payments to ensure that balances exist. With blockchain
technology, the need to examine physical documents will be replaced by downloading the transaction
history from the blockchain.
As addressed above, transactions on the blockchain are immutable and can never be changed once
validated. To prove that company A owes company B, an auditor can simply look on the blockchain and
have full comfort in knowing that the amount owed to company B is proper and complete.
4. Request Network, a blockchain company in London, is implementing blockchain technology that allows
users to request payment when buying items online. An entry is made to the blockchain that records what
is owed by and to whom, essentially creating an accounts receivable and accounts payable entry to the
distributed ledger. It is apparent this would be of great benefit to auditors and accountants alike.
Moreover, this company is also building a user interface for auditors that would allow for what it calls
“smart audits.” These smart audits would eliminate the need for traditional auditing techniques and allow
audits to be done more efficiently, thus reducing audit times and allowing the auditor to focus more on
advising clients. The company has recently partnered with PricewaterhouseCoopers of France and plans
more partnerships as the technology emerges.
By putting the supply chain on the blockchain, records will never be altered, communication will be open,
and tracking will be transparent.
• Governmental Records
The U.S. government, the gatekeeper for voter registration, identities, and even ownership of property, is
one of the world’s largest central authorities; citizens must use government resources and deal with
bureaucratic red tape to initiate, maintain, and obtain specified records. Several companies, however, are
now vying to put voter registration, deeds, and identities on the blockchain, which would allow users to
carry all their personal records with them at any time. Users could log in with facial or thumbprint
recognition on their smart-phones and have access to personal documents.
Conclusion
Imagine a world where value flows like information over the Internet, or where neighbors trade energy
generated from solar panels among themselves without a centralized authority setting the price.
Blockchain is creating this world, and while the change is massively disruptive, this author believes it will
ultimately be for the better. Just as the Internet changed the way the world viewed information,
blockchain will change the way people view trust.