CREDIT: Cryptocurrency Effects in Digital Transformations

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This research will consider the research issues emerging from crypto currencies eg Bitcoin and their associated underlying technology, the block chain.The Bank of England in its recent report on Digital Currencies suggest that although there are many innovations that are either an innovation in the payment system (M-Pesa) or the currency (Bristol £), digital currencies represent an innovation in both payment and currency. Digital currencies that are based on cryptographic protocols are termed crypto-currencies. These allow end-users to operate a financial system "without trust in third-parties" (Weber, 2014) through the use of a distributed public ledger. These systems are are technologically innovative and potentially extremely disruptive not only of money and payment systems, but also of centralised structures of control, recording and validation. This research aims to investigate the phenomena of crypto-currencies grouped around 4 main themes, digital transformations, privacy, community and institutions; themes which are closely inter-related through the issue of "currency" and present wide ranging research opportunities. The outcomes of the research will bePolicy documents for various stakeholders including central and local government, industry bodies such as techUK, research agencies etc.A methodology for those companies engaged in incorporating crypto-currencies and blockchain technologies within their products and services. The methodology will be a step-step guide of the issues to be considered at each phase and will address both start-ups and incumbents.A number of small pilot studies examining the potential impacts of crypto-currencies A community of academic researchers and professionals able to develop the research areaSupport for the DE theme in developing future calls in crypto currencies. A compilation and dissemination of evidence of impact from the projects, identifying risks and opportunities for the UK.