The blockchain innovation system has an even more global reach than in the case of other emerging technologies such as artificial intelligence. Innovation in blockchain technology comes from the contributions of programmers from developed and developing countries, cryptocurrency exchanges in several markets, “cryptomining” (distributed worldwide) – in places with low-cost energy – and the user base of retail traders and financial institutions around the world.17 The fact that innovations in blockchain technology have focused primarily on financial and payment solutions further contributes to the globalization of the innovation blockchain technology.
A key feature of this system is that many blockchain technology initiatives are based on free and easily accessible open-source software. Many are funded or supported by non-profit foundations (e.g., Bitcoin Foundation, Ethereum Foundation, Libra Foundation, and Blockchain Charity Foundation).
Multinational companies operating in traditional sectors have also have entered this sector with various initiatives
Given their international reach, these companies are also contributing to global innovation and adoption of blockchain-based applications.
New nongovernmental organizations and research institutes specializing in blockchain technology are being created; an example is the Blockchain Research Institute, a think tank funded by international corporations and government agencies. This could be the dominant trend in integrating technology into the work of nongovernmental organizations and improving efficiency in the nonprofit sector.
A growing number of universities are offering specific courses for
blockchain studies. Several blockchain technology companies are collaborating with academic institutions on R&D and product design. This is expected to lead to a new ecosystem, bringing together academics, consultants, programmers, financial analysts, and cryptoeconomists.
