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How Blockchain And Cryptocurrencies Reconstruct The Business

Author

Listed:
  • Svetoslav Borisov

    (University of Economics – Varna, Bulgaria)

Abstract

Blockchain, as a core technology of bitcoin, is expected to create a new economic system by reconstructing how we communicate on the Internet. This technology reduces transaction costs, generates trust in distribution, and enables decentralized platforms that potentially become the new basis for decentralized business models. Blockchain improves information security and transparency by sharing encrypted data between peer-to-peer networks. Because its emphasis on security and trust there is an increased demand for blockchain applications in more and more business sectors. This report examines how the joint development of blockchain technology and cryptocurrencies create a token economy through various business models. Blockchain is expected to be a key technology that enables new protocols to create a token economy in the future. This leads to a new economic paradigm.

Suggested Citation

  • Svetoslav Borisov, 2020. "How Blockchain And Cryptocurrencies Reconstruct The Business," Economic Science, education and the real economy: Development and interactions in the digital age, Publishing house Science and Economics Varna, issue 1, pages 257-269.
    • Handle: RePEc:vrn:cfdide:y:2020:i:1:p:257-269
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    More about this item

    Keywords

    Blockchain; Cryptocurrency; Decentralization;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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