HOW BLOCKCHAIN AND CRYPTOCURRENCIES RECONSTRUCT THE BUSINESS

Svetoslav Borisov ()
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Svetoslav Borisov: University of Economics – Varna, Bulgaria

Economic Science, education and the real economy: Development and interactions in the digital age, 2020, issue 1, 257-269

Abstract: Blockchain, as a core technology of bitcoin, is expected to create a new economic system by reconstructing how we communicate on the Internet. This technology reduces transaction costs, generates trust in distribution, and enables decentralized platforms that potentially become the new basis for decentralized business models. Blockchain improves information security and transparency by sharing encrypted data between peer-to-peer networks. Because its emphasis on security and trust there is an increased demand for blockchain applications in more and more business sectors. This report examines how the joint development of blockchain technology and cryptocurrencies create a token economy through various business models. Blockchain is expected to be a key technology that enables new protocols to create a token economy in the future. This leads to a new economic paradigm.

Keywords: Blockchain; Cryptocurrency; Decentralization (search for similar items in EconPapers)
JEL-codes: D86 L14 O31 (search for similar items in EconPapers)
Date: 2020
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