Impact of Blockchain in Digital economy

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Now, It’s been a decade since the existence of Blockchain technology. When we talk about Blockchain the first thing that comes in our mind is cryptocurrency. But the cryptocurrency is one of the applications of the Blockchain. Well, like Bitcoin there are many more applications of the Blockchain and today we will talk about how Blockchain technology can be implemented in the Digital economy. 

Today, the digital revolution is impacting among the economies worldwide and for exchanging the digital information cryptocurrencies can be utilized. This can be used to reduce the network costing, generous architectural change, and automated.

For any market, the data is particularly important, so every information of goods, firms, etc. Should be verified, audited, and should be confirmed by the regulating body of the respective market. Many times, this process is very exhausting, and time taken and often requires third parties to verify the same. Therefore, the Blockchain technology can safeguard this process by its cheap network costing and digital ledger technology. 

Blockchain in Digital economy

Using the architectural change in the digital economy can eliminate the intermediaries and network operator’s permission. Additionally, leveraging AI and Blockchain will help us to build and develop the digital ecosystem that simplifies the transaction and extend the numerous functions. 

Conclusion

However, the Blockchain technology in the digital economy is still intact and yet to utilize in full phase. Although currently we can see the minimum impact in the digital economy but look at blockchain technology as the most innovative, unique to carry out traditional organization functions.

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