Security, Sustainability, and Legal Issues of Blockchain Technology Implementation: A Short Literature Review

Abstract

Blockchain, discreetly introduced by Satoshi Nakamoto in 2008, has become one of the top emerging technologies in 2016 and was first used in financial sector as the basis for Bitcoin, a crypto-currency which allows peer to peer money transaction with smart contracts without any third party in between which is different from other payment method such as Paypal or other methods to send money. Many bank institutions have adopted blockchain technology to mainstream day to day operation. Based on the review of related articles, there are three major concerns behind blockchain technology; security, sustainability, and legal. These issues have become a step-back for some companies and banks to adopt blockchain into their daily operations. Hence, this paper posits that more research is required in this area.