Automation Processes and Blockchain Systems
MPRA Paper from University Library of Munich, Germany
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
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