EconPapers    
Economics at your fingertips  
 

Automation Processes and Blockchain Systems

Kartik Hegadekatti

MPRA Paper from University Library of Munich, Germany

Abstract: Blockchain Systems and Ubiquitous computing are changing the way we do business and lead our lives. One of the most important applications of Blockchain technology is in automation processes and Internet-of-Things (IoT). Machines have so far been limited in ability primarily because they have restricted capacity to exchange value. Any monetary exchange of value has to be supervised by humans or human-based centralised ledgers. Blockchain technology changes all that. It allows machines to have unique identities and hence a virtual presence. Blockchain technology even allows for automated verification by the network of machines itself. It permits machines to exchange value and introduce the element of discretion in the hands of Machines. This can form the basis for ultimately developing IoT going on to Artificial Intelligence. This paper deals with the various interplays of Blockchain with Automation processes. Firstly, the concept of cryptocurrencies (also referred to as cryptocoins in this paper) is explained. Then the concept of Regulated and Sovereign Backed Cryptocurrencies (RSBCs) is discussed. Later on, I explain how Blockchain systems are related to IoT. Then we discuss the concept of Smart Mining that will lead to advanced Blockchain activity and Machine intelligence. Finally, the paper concludes as to how Blockchain technology will impact automation processes.

Keywords: blockchain; bitcoin; cryptocurrency; rsbc; nationcoins; K-Y Protocol; automation; singularity (search for similar items in EconPapers)
JEL-codes: F66 L60 O14 O32 O33 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-big, nep-ict and nep-pay
Date: 2017-02-06
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/82869/1/MPRA_paper_82869.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:82869

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Series data maintained by Joachim Winter ().

 
Page updated 2018-02-14
Handle: RePEc:pra:mprapa:82869