Blockchain Technology and its Impact on the Global Economy

Abstract

The world’s most valuable resource is no longer oil, but data. Smartphones and the internet have made data abundant, ubiquitous and far more valuable. Modern algorithms can predict when a customer tends to buy, a car needs servicing or a person is at risk of a disease. Meanwhile, artificial intelligence techniques extract more value from data. As individuals accumulate information which transforms into knowledge, entrepreneurs will want to use and/or share that knowledge. It is the sharing of knowledge that needs a decentralized, autonomous mechanism so that knowledge can be shared fairly amongst all peoples of the world, not just within corporations. Blockchain technology gives us that mechanism. Blockchain is one of a kind decentralized technology and it is distributed as well as decentralized ledger. Blockchain is the answer to a lot of obstacles the world has to go through today. Before today, nobody could think of transferring money from one account to another safely without any financial institution in the middle, like a bank. Blockchain technology presents a radical and disruptive new way of conducting all manner of transactions over the Internet. The advent of Bitcoin and the blockchain has brought a lot of change to the world of finance even the world economy was formerly run using fiat currencies. Introducing the blockchain environment will actually enhance the economics because in blockchain, all transactions are recorded right from the manufacturer to the buyer. This paper explores the emerging landscape for blockchain technology focusing on the economics.

Evaluation of the drivers to the implementation of blockchain technology in the construction supply chain management in Nigeria

“…Similar to the findings of Kowalski et al (2021), who found that BT has been proposed as a potential solution to long-standing trust issues between trading partners in trade finance, this study identified "enhanced trust" as a driver for the implementation of BT. The findings of this study confirm those of Sakız and Gencer (2019), who found that blockchain as an economic innovation provides solutions where a reliable record of transactions is required in a decentralized environment where not all parties can be trusted, highlighting the importance of the global economy as a driver of blockchain implementation. A robust connection between technological advances and international economic growth was also found by Menon and Fink (2019).…”

Legal Regulation of the Mechanism of Applying Blockchain Technology in the Modern Conditions of Digitalization of the Economy of Ukraine

“…A similar opinion is held by B. Sakiz and A. Gencer [5], who consider blockchain technologies as a radically innovative way of carrying out transactions using a virtual environment, and the emergence of bitcoin and blockchain is associated with global changes in the world financial system. Z. Mukhammedova [6] and E. Muminova, G. Honkeldiyeva, K. Kyrpayanidi, S. Akhunova and S. Hamdamova [7] fully agree with the position of the scientists, thoroughly researching the basic principles of the blockchain and identifying certain problems of its application in the conditions of digitalization of the economy.…”

Economic Insecurity Threatens Public Safety and Social Order in South Africa

“…This paper argues that blockchain can increase economic security by automating repetitive and time-consuming tasks, allowing citizens to focus on more complex and strategic activities. Blockchain is among the hottest topics worldwide (Sakız & Gencer, 2019). It is a digital technology that emerged and developed within the computer science technology discipline.…”