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Blockchain Technology - An Instrument of Economic Evolution?

Kartik Hegadekatti

MPRA Paper from University Library of Munich, Germany

Abstract: Man has not only evolved biologically and culturally but also economically. Human economy has grown over many centuries through continuous addition of value. This value addition has been an evolutionary factor as it has influenced the formation of the main economic sectors-namely Primary, Secondary and Tertiary. Recently after the advent of Blockchain technology, Bitcoin achieved Gold parity. This paper analyses whether such an event will have any impact on the evolution of our economies. First, I discuss the various sectors of the economy. Then I evaluate how Bitcoin (BTC) achieving Gold Parity (GP) may influence the outcome of future economic scenarios. The paper concludes by summarizing the importance of technology in our economic systems and how technology affects its evolution.

Keywords: blockchain; economic evolution; bitcoin; K-Y protocol (search for similar items in EconPapers)
JEL-codes: B52 O32 O33 Q55 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-evo, nep-hme, nep-hpe and nep-pay
Date: 2017-03-31
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:82852

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