Blockchain Economy

Definition - What does Blockchain Economy mean?

Blockchain economy is a term for a move toward cryptocurrencies and digital ledger systems, and away from traditional national hard currencies and legacy ledger systems. In the blockchain economy, technologies like bitcoin and blockchain are the typical tools for financial management, rather than traditional software programs managing national currencies.

Techopedia explains Blockchain Economy

The blockchain economy is one logical result of the bitcoin revolution. As bitcoin cryptocurrency became more popular and evolved, the blockchain immutable ledger also became more popular and evolved into a cutting-edge way to manage finances. Blockchain provides a transparent, readable path for bitcoin and other financial assets. It is something that is being adopted by national governments and private sector companies alike. Along with the use of cryptocurrencies as virtual money, the blockchain economy represents a move toward new digital tracking for financial assets that takes a lot of the guesswork and ambiguity away from auditing and observing financial activity. In the blockchain economy, it will always be clear how money moves between different hands, and other efficiencies will also promote a more agile financial sector.

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