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Blockchain Technology - An Instrument of Economic Evolution?

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  • Hegadekatti, Kartik

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.

Suggested Citation

  • Hegadekatti, Kartik, 2017. "Blockchain Technology - An Instrument of Economic Evolution?," MPRA Paper 82852, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:82852
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    File URL: https://mpra.ub.uni-muenchen.de/82852/1/MPRA_paper_82852.pdf
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    References listed on IDEAS

    as
    1. Hegadekatti, Kartik & S G, Yatish, 2016. "The K-Y Protocol: The First Protocol for the Regulation of Crypto Currencies (E.g.-Bitcoin)," MPRA Paper 82067, University Library of Munich, Germany.
    2. Hegadekatti, Kartik & S G, Yatish, 2016. "Roadmap for a Controlled Block Chain architecture," MPRA Paper 82070, University Library of Munich, Germany, revised 16 Aug 2016.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    blockchain; economic evolution; bitcoin; K-Y protocol;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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