Blockchain Technology and Economy

The appearance of cryptocurrency is caused by the predictable transformation of the money form. This situation occurred due to the fact that the previous form of money is putting back the production and exchange processes. Also, there was a relevant background of searching the ways of cost savings of money turnover in order to reach the effectiveness of economic operations. Cryptocurrency doesn’t have the real value and doesn’t reflect the general economic situation of the particular country. It doesn’t depend on the banking system, the regulators of financial markets don’t control it. So is the cryptocurrency danger or opportunity to the global market? Despite lack of government control, cryptocurrency is rather reliable as decentralized program algorithm guarantees its stability. There are various opportunities that cryptocurrency brings to the global economy. Let’s take a look at some of them. The high level of privacy which enables to operates without any restrictions. The hi...

Smart Contracts brought a revolutionary approach to the implementation of the agreements. They enable to performance agreement and preset parameters without a centralized intermediary. That means the avoidance of multiple representations that can take place in the traditional contracts. If the definite parameter is set in the Smart Contract the result will always be unamended apart from any interpretations. This fact differs the Smart Contracts from the traditional contracts where there are often the possibilities of various readings. When such a  situation occurs, the parties need to apply to the court and the solving of discord takes a huge amount of time, money and efforts. So what Smart Contract is? Let’s take a look at the most official definitions. According to Nick Szabo, who coined this term, “A Smart Contract is a set of promises, specified in digital form, including protocols within which the parties perform on these promises”. He described the idea of a Smart Contract ...