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blockchain technology is expected to have potential impacts on the global economy

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blockchain technology is expected to have potential impacts on the global economy

As compared to past technologies such as the internet of things as well as cloud computing, blockchain technology is expected to have potential impacts on the global economy. Moreover, the technology is expected to transform the political and social lives of the global south. There have been several claims about blockchain technology, as some people have considered it a disruptor. In contrast, others think it as the most significant innovation since the introduction of the internet. Nonetheless, according to the world economic forum, blockchain is one of the considerable megatrends in the field of computing, which are expected to be the enormous transformer of the world in the next decade.

Blockchain technology can be defined as a data structure that ensures that organizations can have a tamper-proof digital ledger that is freely shared. Through the use of cryptography, organizations can securely access, add, and share data in accounting. The best thing about blockchain technology is that there is no intervention between the data storage and the transaction. Once data have been recorded in a block in the blockchain technology, it is permanently recorded, and it is tough to erase any data. As a result, blockchain technology can be considered the best technology in avoiding data disruption and reducing integrity issues such as corruption and fraud as well as reducing the transaction costs.

Among the significant triggers towards the diffusion of this technology includes the increased rate in investments that organizations are making in technology. As a result, the investments made by the great south countries in blockchain technology have rapidly increased. Chinese firms have an increased rate in the investment towards the blockchain industry. For example, the Chinese popular search engine Baidu has invested in Circle one of the United States blockchain company.

A blockchain consortium has also been formed by thirty-one financial and technology firms to improve the banking and insurance, securities exchange, and capital markets technology. Additionally, the general south countries are increasing their blockchain strategic agreements, such as global consortia. Furthermore, in other general southern states, there is a strong bond and a horizontal linkage that supports this technology. An example is a fact that China remains the most prominent bitcoin market that makes the Chinese banks do better than the western countries’ banks.

Blockchain technology is one of the newest trends in computing in the 21st century. This technology must be given priority and viewed as the backdrop of both the institutional and economic realities facing the general south economies. According to research and theories, blockchain technology can be used by the general south economies to achieve more significant transformations. Nonetheless, every new invention is accompanied by several challenges, and blockchain is not an exemption of problems. Some challenges include the fact that the technology is expensive and is far from being inclusive to SMEs in general south economies. Blockchain technology is one of the best solutions that the economics have received, and if it is properly utilized, it can be in a position to unlock entrepreneurship opportunities.


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