Discover social innovation.

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Since Bitcoin is a decentralized currency, information of all transactions is public. This has effectively discouraged the usage of Bitcoin for money laundering and as a result, Bitcoin is currently considered to be having the least risk of being used for money laundering.

2. Security aspect: Anonymity offered by Bitcoin has always attracted criminal activities. E.g. Silk Road was an online black market on which majority of the transactions were done using Bitcoin. When it was shut down in 2013 there was a

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short term fall in the value of the Bitcoin. Even to this day, Bitcoin is still widely used

as a currency for trading illegal and anti-social products and services.

3. Environmental impact: Timestamping schemes used in crypto-currencies like

Bitcoin help to avoid the need for multiple transactions (by avoiding 3rd party involvement). This has an indirect positive effect on the environment since a lesser amount of resources is consumed for making every transaction.

4. Vulnerability: As compared to traditional currency systems, the value of Bitcoin is more vulnerable to speculations and market sentiments. As a result, there is an inherent instability associated with the Bitcoin in the short term. It therefore might not be a good medium for the government to use for the purpose of public welfare.

5. Retail consumption: In the case of Bitcoin, the purchaser not the vendor, unlike credit cards, incurs transaction fees. Theoretically, this should stimulate consumption in the retail sector. But Bitcoin transactions are not protected by refund rights that are normally covered under general consumer rights. As a result of this, Bitcoin as a currency is not yet widely accepted by the retail sector.

Bitcoins is also used for drugs traffics because of the anonymous side of the currency. It’s used and exchange on the darknet which is not secure at all. So there is several bad aspects sometimes to social innovation.

Next for a social innovation I think we need to connect people, idea and ressources. Let me explain this sentence: Most of the social innovation are coming from individual people. So the biggest point is to link this people with structure and ressources. If someone have an innovative idea, he should be in connection with bigger organization that can allow him by more power and more money to realize the project in question. Alone they can’t achieve the goal.

However on the otherside bigger organization needs to adapt strategy and go on with social innovation and creative idea.

Now I will talk about way of supporting social innovation.

In the public sector supporting social innovation is really important in order to let them adapt to social changes and new technology.

They can support social innovation by several concept like giving more budget for the innovation. The generation and adoption of innovation within the public sector depends on how money and accountability are organised: how public budgets are developed and agreed, and which structures of taxation and financial accountability promote rather than hinder innovation.

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Research and development support, improve a new form of taxation to help social innovation, make public investment in social or innovating company or give incentive for innovation.

Whether or not innovation becomes embedded within an organisation or department depends also on whether there is a culture which is supportive of new ideas. This requires clear signals from leadership that they want to see experimentation, backed up by incentives and structures of support that enable this to take place, as well as organisational cultures that support interaction across organizational boundaries protected time for reflection.

One other way is the cross sector collaboration.

An important area of public sector innovation has been to encourage collaboration between public service workers and civil society, and make the boundaries between them more fluid.

Then on the third sector support giving grant or package of support can make social innovation. Indeed a network of support services for grand based organization has grown up. From specialist private firms to charities or social enterprise. They help to raise funds and provide business advice.

An ideal funding for social innovation could be philanthropic grant because they can carry big risk and they don’t need the certainty of returns that we can find in the private