Blockchain Economy

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.

Advertisements

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.

Advertisements

Related Terms

Margaret Rouse
Technology Expert

Margaret is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical business audience. Over the past twenty years, her IT definitions have been published by Que in an encyclopedia of technology terms and cited in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine, and Discovery Magazine. She joined Techopedia in 2011. Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages.