Social Impacts of Blockchain Innovations in the Malaysian Socio-Economic Transformation 2030

Abstract

This chapter highlights the challenges, opportunities, and social impacts of blockchain technology in the creation of a vibrant STIE ecosystem for Malaysia. As a systemic approach, the 10-10 Malaysian Science, Technology, Innovation, and Economy (10-10 MySTIE) Framework outlines the applications of blockchain vis-à-vis nine other technologies in 10 socio-economic sectors or Malaysian Grand Challenges (MGC). As Malaysia embarks on socio-economic transformation into a knowledge-intensive economy by 2030, five challenges must be addressed before leveraging on the opportunities presented by blockchain innovations in the MGCs. The economic and social impacts of blockchain as a catch-up or leap-frogging technology can be further explored to raise the return on value and competitiveness in the corresponding 30 national niche areas. In conclusion, readers may benefit from experiential learning using the process flow for ecosystem development and templates for 8i ecosystem and collaborative platform for carbon footprint using blockchain innovations.