What If Blockchain Cannot Be Blocked? Cryptocurrency and International Security

Costigan, Sean S.; Gleason, Greg

doi:10.11610/isij.4301

Cited by 2 publications

(1 citation statement)

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“…Compared to the old cryptocurrencies, it can be said that the new cryptocurrencies have more advantages in terms of credit subject, organizational structure, currency stability and ecological structure. According to Costigan and Gleason, thanks to these modern cryptocurrencies, people all over the world will receive equal financial services, payment costs will be significantly reduced in international business activities, and due to such advantages, it will become the most widely used currency (Costigan and Gleason, 2019).…”

Section: The Effect Of Blockchain On International Payment Systemmentioning

confidence: 99%

The Importance and Use of Blockchain Technology in International Payment Methods

Erdoğdu

Ünüsan²

2023

IJONEST

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Blockchain technology, which has entered our lives in recent years, constitutes one of the most remarkable issues of the 21st century. According to Merriam Webster, blockchain is defined as; “It is a database with information shared in a digital network that is decentralized and accessible to all stakeholders and can be used at any time”. Looking at this definition, we can clearly understand that blockchain technology is actually a way to store certain information. Today, it can be seen that rapid technological developments in cryptocurrency techniques are an effective measure against security vulnerabilities such as hacking and theft encountered in the realization of fund transfers. The reason behind this is that the underlying blockchain technology of cryptocurrencies filters out duplicate and incorrect transactions. The emergence of cryptocurrencies as a payment system along with these conveniences has brought debates in traditional financial transaction markets. This means that conventional financial institutions face risks and threats from the popularity and effectiveness of cryptocurrencies. Today, when we look at it, we see the state or state structures – such as Central Banks – that guarantee the reliability of currencies in traditional currencies. The most important feature of the digital currency is that it does not have this central structure and does not have any authority to affect the currency.

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Section: The Effect Of Blockchain On International Payment Systemmentioning

confidence: 99%