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Article
Affiliation(s)

Missouri Western State University, Downs Drive, USA
Tehran, Iran

ABSTRACT

The blockchain technology has been parenting Bitcoins and many other cryptocurrencies that have strived to be traded on the global markets. It has been only within the last two decades that eventually the concept of blockchain technology was flourished through evolution of IoT, or Internet of Things, and the first well defined cryptocurrency, namely Bitcoin, as a main biproduct of it was evolved to what we know as blockchain technology. Unlike what most people recognize cryptocurrency, as a main concept of its parenting blockchain technology, the cryptos are not just the main or everything about blockchain. Blockchain technology, is rather much more powerfully designed to interconnect and facilitate trade among many businesses in commerce, including insurance, banking, healthcare industry, etc., through an amazing cryptocurrency, a non-fiat currency and medium of exchange. Bitcoin’s extension into the 21st century’s monetary system was and will continue to be registered as a historical turning point of the medium of exchange, store of value, and unit of account, among other desirable properties of money. We dare to have concluded that the blockchain technology is another revolution inside the capitalistic ecosystem for enforcing its powerful potential in the conversion of centralized businesses into somewhat more decentralized, where competition and efficiency would be more practically fostered than ever before. There will be more reliable and verifiable information, permanently stored on electronic ledgers, connected to enormous other nodes merged with those already accessible through the blockchain platform, operated by entrepreneurs, such as “Your First Venture Companion,” just as a tentative example.

KEYWORDS

blockchain, cryptocurrency, centralization, decentralization

Cite this paper

Economics World, Apr.-June 2023, Vol.10, No.2, 87-96 doi: 10.17265/2328-7144/2023.02.004

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