Impact of Blockchain on the Global Economy

Abstract

This article researches the effects of the subject on the economic development of the global economy and its role in financial markets and operations. Blockchain updates the ways of completing transactions and unites various participants in a network, saving time and money and being transparent. It looks at leaders such as Bitcoin and Ethereum and the enormous technical progress of asset digitisation and Smart Contracts, and the discussion outlines the opportunities and threats currently prevailing in practice. Thirdly, it considers the industry perspective concerning the future of blockchain and corresponding sectors and domains. Last of all, the article will endeavour to provide a review of the fact that the technology of blockchain is indeed transforming the economic world.