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Guest editorial

Guest editorial APJIE 11,3 A multidisciplinary disruptor, blockchain Whilst preparing the editorial for this edition of the Asia Pacific Journal of Innovation and Entrepreneurship (APJIE), the guest editor Dr Youngwhan “Nick” Lee noted a recent news article that quoted the CEO of JP Morgan Mr Jamie Dimon, “Bitcoin is a fraud and will blow up” (The Guardian, 2017). Dr Lee understands where this argument originates from, but disagrees with the statement. Bitcoin with blockchain has many similarities to automobiles with steam locomotive invented in the nineteenth century. Pundits and market gurus describe blockchain in much the same as the steam locomotive was described that it would take people to the moon. They say Bitcoin is digital gold that will replace fiat currencies. The truth was, it would never take people to the moon. Likewise, Bitcoin will never replace fiat currencies because many issues need to be resolved. In a nutshell, depending on how you look at it, claiming “Bitcoin is fraud” has some validity. Bitcoin may seem like fraud; however, blockchain (or distributed ledger technology, also known as DLT) is not. In fact, we believe blockchain is arguably the most foundational technology in the 4th Industrial Revolution. Don Tapscott wrote in http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Asia Pacific Journal of Innovation and Entrepreneurship Emerald Publishing

Guest editorial

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References (6)

Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
2071-1395
DOI
10.1108/APJIE-12-2017-033
Publisher site
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Abstract

APJIE 11,3 A multidisciplinary disruptor, blockchain Whilst preparing the editorial for this edition of the Asia Pacific Journal of Innovation and Entrepreneurship (APJIE), the guest editor Dr Youngwhan “Nick” Lee noted a recent news article that quoted the CEO of JP Morgan Mr Jamie Dimon, “Bitcoin is a fraud and will blow up” (The Guardian, 2017). Dr Lee understands where this argument originates from, but disagrees with the statement. Bitcoin with blockchain has many similarities to automobiles with steam locomotive invented in the nineteenth century. Pundits and market gurus describe blockchain in much the same as the steam locomotive was described that it would take people to the moon. They say Bitcoin is digital gold that will replace fiat currencies. The truth was, it would never take people to the moon. Likewise, Bitcoin will never replace fiat currencies because many issues need to be resolved. In a nutshell, depending on how you look at it, claiming “Bitcoin is fraud” has some validity. Bitcoin may seem like fraud; however, blockchain (or distributed ledger technology, also known as DLT) is not. In fact, we believe blockchain is arguably the most foundational technology in the 4th Industrial Revolution. Don Tapscott wrote in

Journal

Asia Pacific Journal of Innovation and Entrepreneurship – Emerald Publishing

Published: Dec 4, 2017

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