Blockchain Technology - An Instrument of Economic Evolution?

7 Pages Posted: 22 Apr 2017

Date Written: March 31, 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.

Keywords: blockchain, economic evolution, bitcoin, k-y protocol

JEL Classification: B52, O32, O33, Q55

Suggested Citation

Hegadekatti, Kartik, Blockchain Technology - An Instrument of Economic Evolution? (March 31, 2017). Available at SSRN: https://ssrn.com/abstract=2943960 or http://dx.doi.org/10.2139/ssrn.2943960

Kartik Hegadekatti (Contact Author)

DoPT,Government of India ( email )

DoPT,North Block
New Delhi, Delhi 110001
India
+91-9483715544 (Phone)

HOME PAGE: http://hegadekatti.blogspot.in/

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