and final frontier for capital, investment allocation to the continent continues to lag. Although democratization, rising income levels, vast natural resources, and increasing market connectivity could present a differentiated and compelling opportunity for global investors, these variables have not yet translated into large-scale capital flow. African foreign direct investment inflows in 2017 were $42 billion, just 2.9 percent of the global total.2. Despite its raw potential, Africa is not yet competing successfully in the global capital markets. Investors seek opportunities in regions that have clear market infrastructure, competitive workforces, and stable public institutions, all of which are underpinned by data that many African countries lack. Every year, banks package and sell upwards of $13 trillion in new debt and equity securities in the global capital markets, and behind each dollar raised in these offerings are data that allow investors to price risks and returns, compare opportunities, and ultimately justify their decisions. Considering that fewer than 15 percent of African countries use the UN System of National Accounts to measure macroeconomic indicators, and that almost 50 percent of the African population resides in countries where ownership of agricultural land is unknown, what these markets ultimately lack is an evidence base.3. Indeed, there is a vicious cycle in which perceived risk limits deal flow, which in turn limits building a more CAN BLOCKCHAIN UNLOCK THE INVESTMENT AFRICA NEEDS?
{"title":"Can Blockchain Unlock the Investment Africa Needs?","authors":"Christopher S. Lee, Jack Mueller","doi":"10.1162/inov_a_00277","DOIUrl":"https://doi.org/10.1162/inov_a_00277","url":null,"abstract":"and final frontier for capital, investment allocation to the continent continues to lag. Although democratization, rising income levels, vast natural resources, and increasing market connectivity could present a differentiated and compelling opportunity for global investors, these variables have not yet translated into large-scale capital flow. African foreign direct investment inflows in 2017 were $42 billion, just 2.9 percent of the global total.2. Despite its raw potential, Africa is not yet competing successfully in the global capital markets. Investors seek opportunities in regions that have clear market infrastructure, competitive workforces, and stable public institutions, all of which are underpinned by data that many African countries lack. Every year, banks package and sell upwards of $13 trillion in new debt and equity securities in the global capital markets, and behind each dollar raised in these offerings are data that allow investors to price risks and returns, compare opportunities, and ultimately justify their decisions. Considering that fewer than 15 percent of African countries use the UN System of National Accounts to measure macroeconomic indicators, and that almost 50 percent of the African population resides in countries where ownership of agricultural land is unknown, what these markets ultimately lack is an evidence base.3. Indeed, there is a vicious cycle in which perceived risk limits deal flow, which in turn limits building a more CAN BLOCKCHAIN UNLOCK THE INVESTMENT AFRICA NEEDS?","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115927952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
gy is enabling society to experiment with new solutions and business models. Ubiquity and global reach, increased capabilities, and affordability have made technology a critical tool for solving problems, making this an exciting time to think about achieving greater social impact. We now can address issues for underserved or marginalized people in ways that were previously unimaginable. Blockchain is a technology that holds real promise for dealing with key inefficiencies and transforming operations in the social sector, and for improving lives. Because of its immutability and decentralization, Blockchain has the potential to create transparency, provide distributed verification, and build trust across multiple systems. For instance, Blockchain applications could provide the means to establish identities for individuals without identification papers, improve access to finance and banking services for underserved populations, and distribute aid to refugees in a more transparent and efficient manner. Similarly, national and subnational governments are putting land registry information onto Blockchains to create greater transparency and avoid corruption and manipulation by third parties. From increasing access to capital to tracking health and education data across multiple generations to improving THE BLOCKCHAIN ETHICAL DESIGN FRAMEWORK
{"title":"The Blockchain Ethical Design Framework","authors":"Cara LaPointe, Lara Fishbane","doi":"10.1162/inov_a_00275","DOIUrl":"https://doi.org/10.1162/inov_a_00275","url":null,"abstract":"gy is enabling society to experiment with new solutions and business models. Ubiquity and global reach, increased capabilities, and affordability have made technology a critical tool for solving problems, making this an exciting time to think about achieving greater social impact. We now can address issues for underserved or marginalized people in ways that were previously unimaginable. Blockchain is a technology that holds real promise for dealing with key inefficiencies and transforming operations in the social sector, and for improving lives. Because of its immutability and decentralization, Blockchain has the potential to create transparency, provide distributed verification, and build trust across multiple systems. For instance, Blockchain applications could provide the means to establish identities for individuals without identification papers, improve access to finance and banking services for underserved populations, and distribute aid to refugees in a more transparent and efficient manner. Similarly, national and subnational governments are putting land registry information onto Blockchains to create greater transparency and avoid corruption and manipulation by third parties. From increasing access to capital to tracking health and education data across multiple generations to improving THE BLOCKCHAIN ETHICAL DESIGN FRAMEWORK","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128065308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
strong and productive government sector that has embraced technology and is committed to standards of excellence. The city also has committed to digital transformation, a technological journey that began in 1999 with the announcement of its first ICT strategy. This was followed by the launch of Dubai Internet City, Dubai Egovernment, Dubai Smart Government, and, most recently, the Smart Dubai Office in 2015. The Smart Dubai Office was formed with a vision to make Dubai a truly citizen-centric smart city, ensuring the highest levels of happiness for all residents and visitors. Today, with its adoption of new technologies and pioneering of innovative smart pilots, Dubai is among the world’s leading smart cities. Recognizing the potential impact Blockchain technology could have on city services, coupled with a worldwide trend that saw $1.4 billion in private-sector investment in Blockchain technology in 2016 alone, Dubai launched a citywide Blockchain strategy in October 2016. The objective: to become the first Blockchain-powered city by 2020.1. Dubai’s rapid development in various economic sectors meant that traditional processes had to be updated continuously to ensure efficiency and speed. Government effectiveness became DUBAI: A CITY POWERED BY BLOCKCHAIN
{"title":"Dubai: A City Powered by Blockchain","authors":"Aisha Bin Bishr","doi":"10.1162/inov_a_00271","DOIUrl":"https://doi.org/10.1162/inov_a_00271","url":null,"abstract":"strong and productive government sector that has embraced technology and is committed to standards of excellence. The city also has committed to digital transformation, a technological journey that began in 1999 with the announcement of its first ICT strategy. This was followed by the launch of Dubai Internet City, Dubai Egovernment, Dubai Smart Government, and, most recently, the Smart Dubai Office in 2015. The Smart Dubai Office was formed with a vision to make Dubai a truly citizen-centric smart city, ensuring the highest levels of happiness for all residents and visitors. Today, with its adoption of new technologies and pioneering of innovative smart pilots, Dubai is among the world’s leading smart cities. Recognizing the potential impact Blockchain technology could have on city services, coupled with a worldwide trend that saw $1.4 billion in private-sector investment in Blockchain technology in 2016 alone, Dubai launched a citywide Blockchain strategy in October 2016. The objective: to become the first Blockchain-powered city by 2020.1. Dubai’s rapid development in various economic sectors meant that traditional processes had to be updated continuously to ensure efficiency and speed. Government effectiveness became DUBAI: A CITY POWERED BY BLOCKCHAIN","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122924341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Clayton M. Christensen, Efosa Ojomo, G. D. Gay, Philip E. Auerswald
In this essay, we begin by offering a definition and two examples of market creating innovation that provide a foundation for the historically informed theory that follows. With this definition and the examples in mind, we next assess the two dominant theories of development— essentially, the currently dominant answers to the centuries-old question of why some countries prosper while others do not. We propose that market creating innovation constitutes a "third answer to this question. We then assess how new influences such as Blockchain technology and emerging business models relate to market-creating innovation, institutional evolution, and, ultimately, economic development. We offer specific examples of how Blockchain technology is being deployed to support market-creating innovation. We conclude by considering how a better understanding of the drivers of development prompts us to reconsider the definition of development itself.
{"title":"The Third Answer: How Market-Creating Innovation Drives Economic Growth and Development","authors":"Clayton M. Christensen, Efosa Ojomo, G. D. Gay, Philip E. Auerswald","doi":"10.1162/inov_a_00272","DOIUrl":"https://doi.org/10.1162/inov_a_00272","url":null,"abstract":"In this essay, we begin by offering a definition and two examples of market creating innovation that provide a foundation for the historically informed theory that follows. With this definition and the examples in mind, we next assess the two dominant theories of development— essentially, the currently dominant answers to the centuries-old question of why some countries prosper while others do not. We propose that market creating innovation constitutes a \"third answer to this question. We then assess how new influences such as Blockchain technology and emerging business models relate to market-creating innovation, institutional evolution, and, ultimately, economic development. We offer specific examples of how Blockchain technology is being deployed to support market-creating innovation. We conclude by considering how a better understanding of the drivers of development prompts us to reconsider the definition of development itself.","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122502974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
new way of constructing a database in which the database is placed under the collective control of multiple parties instead of a central authority. Therefore, the first question to ask when assessing a way of using blockchain is whether it could be satisfactorily implemented on a regular centralized database, such as Oracle, SQL Server, MySQL, or Postgres. If the answer is “yes,” there is no value in using a blockchain, which remains a relatively young and immature technology, whereas programs like Oracle and MySQL have decades of development behind them. Nonetheless, there are certainly a good number of applications whose ideal architecture has a blockchain at its core. This paper provides a framework for evaluating the viability of blockchain usage from four different angles. First we focus on the raison d’être of blockchains, database disintermediation, which can be defined as the ability for multiple parties to directly share a single database without putting that database under a single party’s control. We provide a checklist for assessing whether this disintermediation is helpful. We next look at two key disadvantages of blockchains when compared with regular databases—performance and confidentiality. We then outline four general types of usage in which the tradeoffs tend to favor a blockchain architecture. Finally, we look at three real-world examples of our software being used in production to see what conclusions can be drawn. It’s important to clarify that this paper is written primarily with “permissioned” blockchains in mind, which are fundamentally different from the permission-less blockchains that underlie crypWHERE BLOCKCHAINS ADD REAL VALUE
{"title":"Where Blockchains Add Real Value","authors":"Gideon Greenspan","doi":"10.1162/inov_a_00267","DOIUrl":"https://doi.org/10.1162/inov_a_00267","url":null,"abstract":"new way of constructing a database in which the database is placed under the collective control of multiple parties instead of a central authority. Therefore, the first question to ask when assessing a way of using blockchain is whether it could be satisfactorily implemented on a regular centralized database, such as Oracle, SQL Server, MySQL, or Postgres. If the answer is “yes,” there is no value in using a blockchain, which remains a relatively young and immature technology, whereas programs like Oracle and MySQL have decades of development behind them. Nonetheless, there are certainly a good number of applications whose ideal architecture has a blockchain at its core. This paper provides a framework for evaluating the viability of blockchain usage from four different angles. First we focus on the raison d’être of blockchains, database disintermediation, which can be defined as the ability for multiple parties to directly share a single database without putting that database under a single party’s control. We provide a checklist for assessing whether this disintermediation is helpful. We next look at two key disadvantages of blockchains when compared with regular databases—performance and confidentiality. We then outline four general types of usage in which the tradeoffs tend to favor a blockchain architecture. Finally, we look at three real-world examples of our software being used in production to see what conclusions can be drawn. It’s important to clarify that this paper is written primarily with “permissioned” blockchains in mind, which are fundamentally different from the permission-less blockchains that underlie crypWHERE BLOCKCHAINS ADD REAL VALUE","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116256504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
technology right now? Most of the builders of the Ethereum blockchain ecosystem at ConsenSys share a vision of a decentralized future that creates opportunity and abundance for all people. Ethereum has the unique potential, and some may believe even an obligation, to create a more accessible, equitable, and inclusive ecosystem from the outset by investing in social impact initiatives now. The developing world stands to benefit most dramatically from creative applications of decentralizing tools and economies. This essay explores possible ways Ethereum-facilitated technologies can shape global development. We focus on three core applications of blockchainenabled solutions: peer-to-peer smart contracts, self-sovereign identity, and consumer utility tokens. The Ethereum blockchain is a public, open-source, distributed computing platform that supports the development and utilization of decentralized applications. Whereas the Bitcoin blockchain was designed primarily as a payment system, Ethereum allows for more diverse capabilities, including its associated cryptofuel (similar to a currency), Ether, as well as smart contracts (see below). “Smart contracts” are not actually smart, nor are they necessarily contracts in a legal sense. They are just executable program objects on certain blockchains that support them, like Ethereum. A blockchain is a distributed ledger that enables tamper-proof, secure recording of transactions, collected BLOCKCHAIN FOR GLOBAL DEVELOPMENT
{"title":"Blockchain for Global Development","authors":"Joseph I. Lubin, M. Anderson, Bobbi Thomason","doi":"10.1162/inov_a_00263","DOIUrl":"https://doi.org/10.1162/inov_a_00263","url":null,"abstract":"technology right now? Most of the builders of the Ethereum blockchain ecosystem at ConsenSys share a vision of a decentralized future that creates opportunity and abundance for all people. Ethereum has the unique potential, and some may believe even an obligation, to create a more accessible, equitable, and inclusive ecosystem from the outset by investing in social impact initiatives now. The developing world stands to benefit most dramatically from creative applications of decentralizing tools and economies. This essay explores possible ways Ethereum-facilitated technologies can shape global development. We focus on three core applications of blockchainenabled solutions: peer-to-peer smart contracts, self-sovereign identity, and consumer utility tokens. The Ethereum blockchain is a public, open-source, distributed computing platform that supports the development and utilization of decentralized applications. Whereas the Bitcoin blockchain was designed primarily as a payment system, Ethereum allows for more diverse capabilities, including its associated cryptofuel (similar to a currency), Ether, as well as smart contracts (see below). “Smart contracts” are not actually smart, nor are they necessarily contracts in a legal sense. They are just executable program objects on certain blockchains that support them, like Ethereum. A blockchain is a distributed ledger that enables tamper-proof, secure recording of transactions, collected BLOCKCHAIN FOR GLOBAL DEVELOPMENT","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"136 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122429215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ply chain, but in reality it isn’t a chain at all. The food system today—that is, the way we get our food from farm to table— has evolved into a complex network that is interdependent on many entities. And while there is no question that today’s food system provides consumers with a more diverse, convenient, and economical source of food, it also presents new challenges. For example, in today’s food system, the output from one ingredient producer could end up in thousands of products on a grocery store shelf. We saw evidence of this during the peanut butter Salmonella outbreak in 2008 and the E. coli illnesses caused by contaminated flour in 2016. Today there is no widely adopted industry standard for how each segment of the food system (farmer, processor, distributor, retailer, etc.) tracks and records data for food traceability purposes. Many simply record their data on paper, and while some are using digital methods, these methods do not enable communication with other parties in the food system. Thus, the system is limited to A NEW ERA OF FOOD TRANSPARENCY POWERED BY BLOCKCHAIN
{"title":"A New Era of Food Transparency Powered by Blockchain","authors":"Frank Yiannas","doi":"10.1162/inov_a_00266","DOIUrl":"https://doi.org/10.1162/inov_a_00266","url":null,"abstract":"ply chain, but in reality it isn’t a chain at all. The food system today—that is, the way we get our food from farm to table— has evolved into a complex network that is interdependent on many entities. And while there is no question that today’s food system provides consumers with a more diverse, convenient, and economical source of food, it also presents new challenges. For example, in today’s food system, the output from one ingredient producer could end up in thousands of products on a grocery store shelf. We saw evidence of this during the peanut butter Salmonella outbreak in 2008 and the E. coli illnesses caused by contaminated flour in 2016. Today there is no widely adopted industry standard for how each segment of the food system (farmer, processor, distributor, retailer, etc.) tracks and records data for food traceability purposes. Many simply record their data on paper, and while some are using digital methods, these methods do not enable communication with other parties in the food system. Thus, the system is limited to A NEW ERA OF FOOD TRANSPARENCY POWERED BY BLOCKCHAIN","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130998464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Un-chained: Experiments and Learnings in Crypto at UNICEF","authors":"Christopher Fabian","doi":"10.1162/INOV_A_00265","DOIUrl":"https://doi.org/10.1162/INOV_A_00265","url":null,"abstract":"","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125683370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Yusuf Karacaoglu, Stela Mocan, Rachel Alexandra Halsema
blockchain lab was launched in June 2017, largely as a result of the actions of a small but dedicated group of volunteers who were interested in how blockchain technology could be used to solve the world’s most difficult and intractable development challenges. This article describes the evolution of the blockchain lab from an informal working group to a fully staffed technology and innovation unit comprising two labs: one for blockchain and a second for artificial intelligence (AI). It also highlights, THE WORLD BANK GROUP’S TECHNOLOGY AND INNOVATION LAB, FROM CONCEPT TO DEVELOPMENT
{"title":"The World Bank Group's Technology and Innovation Lab, from Concept to Development: A Case Study in Leveraging an IT Department to Support Digital Transformation","authors":"Yusuf Karacaoglu, Stela Mocan, Rachel Alexandra Halsema","doi":"10.1162/inov_a_00264","DOIUrl":"https://doi.org/10.1162/inov_a_00264","url":null,"abstract":"blockchain lab was launched in June 2017, largely as a result of the actions of a small but dedicated group of volunteers who were interested in how blockchain technology could be used to solve the world’s most difficult and intractable development challenges. This article describes the evolution of the blockchain lab from an informal working group to a fully staffed technology and innovation unit comprising two labs: one for blockchain and a second for artificial intelligence (AI). It also highlights, THE WORLD BANK GROUP’S TECHNOLOGY AND INNOVATION LAB, FROM CONCEPT TO DEVELOPMENT","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116494527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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