A decentralized token economy: How blockchain and cryptocurrency can revolutionize business

Jei Young Lee

Business Horizons, 2019, vol. 62, issue 6, 773-784

Abstract: As the underlying technology of bitcoin, blockchain is expected to create a new economic system by revolutionizing the way we communicate over the internet. Blockchain seeks to improve information security and transparency by sharing encrypted data among peer-to-peer (P2P) networks. Due to its emphasis on security and trust, there is increased demand for blockchain’s application in a variety of business sectors. The decentralized nature of blockchain creates the new concept of a token economy in which the community’s revenue can be allocated to the actual content producers and service users who create value. This article looks at how blockchain technology and cryptocurrencies are evolving and interconnected, creating a token economy through different business models. Blockchain is expected to be a key technology that enables new protocols for the establishment of a token economy in the future, leading to a new economic paradigm.

Keywords: Blockchain; Cryptocurrency; Token economy; Decentralization; ICO (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (37)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:bushor:v:62:y:2019:i:6:p:773-784

DOI: 10.1016/j.bushor.2019.08.003

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