Blockchain Technology - An Instrument of Economic Evolution?

Hegadekatti, Kartik (2017): Blockchain Technology - An Instrument of Economic Evolution? Published in: Information Systems & Economics eJournal , Vol. 09, No. 40 (3 May 2017)

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: blockchain, economic evolution, bitcoin, K-Y protocol
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B52 - Institutional ; Evolutionary; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O32 - Management of Technological Innovation and R&D; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O33 - Technological Change: Choices and Consequences ; Diffusion Processes; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q55 - Technological Innovation

References

[1] Hegadekatti, Kartik and S G, Yatish, Roadmap for a Controlled Block Chain Architecture (August 13, 2016).

[2] Hegadekatti, Kartik and S G, Yatish, The K-Y Protocol: The First Protocol for the Regulation of Crypto Currencies (E.G.-Bitcoin)(February 13, 2016).

[3] http://www.zerohedge.com/news/2017-03-02/bitcoin-reaches-paritygold

[4]https://tradeblock.com/blog/bitcoin-correlations-to-macroenvironment-gold-and-yuan-standouts

[5]http://markets.ft.com/Research/Markets/DataArchiveFetchReport?Category=&Type=GMKT&Date=03/31/2016

[6] Singularity hypotheses: A Scientific and Philosophical Assessment.Dordrecht: Springer. 2012. pp. 1–2. ISBN 9783642325601