Enterprise blockchain typically uses permissioned blockchain platforms for their networks. There are three main differences between a permissioned vs. permissionless blockchain (e.g., Bitcoin and Ethereum):
Recently, the advancement of blockchain technology has enabled asset tokenization (AT) and security token offerings (STOs). In comparison to cryptocurrency (e.g., Bitcoin) and initial coin offerings (ICOs), which could avoid the strict regulatory procedures, both AT and STIs have to fulfill at least one essential requirement: the existence of the asset. That is, it refers to investing a company’s securities (for STOs) or owning a specific portion of a particular asset (for AT).
It was an excellent trip to Atlanta for my presentation of research finding at the 50th Annual Association for Consumer Research (ACR) conference that held from 17-20 October 2019. This is my third time at the ACR conference; thus, I have many familiar faces to discuss current and future research direction. Surprisingly, only a few of them (experts in consumer research) are familiar with the “blockchain” term, and yet, most of them are passionate about artificial intelligence (AI).
A key argument for Bitcoin is that this cryptocurrency does not have a tangible value to support its fundamental. It is neither incomparable to commodity money (e.g., gold) that holds its intrinsic value, nor as secure as a regulated currency or commonly known as fiat money, which is backed by a particular government. Importantly, the Bitcoin network is not making sense to some people as it consumes tremendous energy for proof-of-work consensus. As such, some economists and academicians hold a strong argument on the carbon footprint of Bitcoin on environmental sustainability.
On October 3, 2019, the parliament of Liechtenstein has unanimously voted for the first-ever Blockchain Act in the world. Officially, the act is referred to as the “Token and Trustworthy Technology Service Providers Act” (abbreviated TVTG in German), and the act will become effective on January 1, 2020. Importantly, the TVTG is focusing on blockchain and tokens in general, rather than emphasizing on cryptocurrency. As such, the act is concentrating on trustworthy technologies (TT) system that regulates service providers in the token economy.
Cryptocurrencies have made it to the top news due to the unprecedented rise of Bitcoin’s market capitalization. Amidst speculative hype, it is worth to remember that there is a real technology behind the scene, namely, the blockchain. The blockchain as a technological paradigm has diverse applications going far beyond volatile cryptocurrency markets, including smart grids and electricity markets in general.