For this week’s discussion, we will illustrate our feelings about blockchain and whether it will change the global economy. My feelings on this subject are an absolute yes! Blockchain is here to stay and will only keep enhancing and becoming part of our day-to-day lives. While many people, when they hear blockchain, they think of crypto, it is essential to understand that is considerably more outside of that. While blockchain database technology is at the heart of most cryptocurrencies, it can serve various purposes.
So what is blockchain? According to Forbes, it is a unique decentralized digital tender that is distributed and stores data of any kind, including records of crypto transactions, NFT ownership, and DeFi smart contracts (Rodeck & Curry, 2022). So with that said, how will blockchain affect the global economy? The main category that pops into my mind is money. From a global or international standpoint, blockchain will be the superior technology involving finances. This is because it delivers an alternative to currencies like fiat, enabling state-of-the-art security, transactions, slashed costs, optimized processes, and reduced risk for fraud (Hooper & Holtbrügge, 2020). The future of how we handle finances, local & international transactions, and data storage will get revolutionized by blockchain technology. What are your thoughts?
I wish you all the best of luck this week and happy reading!
Hooper, A., & Holtbrügge, D. (2020). Blockchain technology in international business: changing the agenda for global governance. Review of International Business and Strategy, 30(2), 183-200. Retrieved July 4, 2022, from https://www.proquest.com/docview/2499042589?accountid=10378&pq-origsite=primo&forcedol=true
Rodeck, D., & Curry, B. (2022, April 28). What Is Blockchain? Retrieved July 4, 2022, from Forbes [Advisor]: https://www.forbes.com/advisor/investing/cryptocurrency/what-is-blockchain/
Impacts Of Blockchain on the Global Economy
According to my research, I found out that in the following decades, the blockchain can boost globally by more than $1.5 trillion. Through blockchain technology, users from the entire globe would be in a position to access the banking facilities where they then would not have the chance. Mainly those persons in developing economies where there are no ordinary banks gladly reachable could use blockchain technology to reach these facilities (Hooper & Holtbrügge, 2020). The report assesses the potential for blockchain technologies to produce value all over businesses, from health care, government, and public facilities, to agriculture, backing, logistics, and marketing, with the assessment of the usage of the innovation, ordered by their capacity to produce monetary worth. Bitcoin and other cryptocurrencies have always been associated with blockchain technology, but it has more to offer, especially in terms of how formal and informal businesses secure their data.
However, the merits of each nation differ. While the US is advantageous most from its usage in financing and expenditures as well as identities and authorizations, manufacturing-focused economies like China would gain more from the attribution and traceability of blockchain technology. “Leaving the implementation of emerging technologies to the team’s tech enthusiasts is among the most significant blunders enterprises can make (Sandner et al., 2020). It demands C-Suite support to operate, see prospects and value, and enable the appropriate amount of industry engagement. Given the scope of the financial interruption organizations are dealing with, attempting to establish prototype system uses which can be increased and expanded if successful will allow the company to realize the value while nurturing transparency and trust in the solution to recognize the benefits of blockchain.
Hooper, A., & Holtbrügge, D. (2020). Blockchain technology in international business: changing the plan for global governance. Review of International Business and Strategy, 30(2), 183-200.
Sandner, P., Lange, A., & Schulden, P. (2020). The role of the CFO of an industrial company: an analysis of the impact of blockchain technology. Future Internet, 12(8), 128.
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