Scenarios of blockchain technology development based on the economic sociodynamics

Abstract

© 2019, Institute of Advanced Scientific Research, Inc.. All rights reserved. The paper analyses block chain as a good, using the economic socio dynamics methods. It is shown that block chain can be attributed to the type of communal good which is characterized by an individual utility, as well as nonexcludability and nonrivalness in the process of its consumption. Currently, block chain is evolving into a mixed communal good acquiring the features of social utility. It is possible to ensure the transition of block chain to the type of mixed communal good by regulatory regulation of its application in finance and economics. However, despite the positive aspects of the widespread introduction of block chain in the economy, governments are afraid of the possible risks that this technology carries. The positive features of block chain are associated with lower transaction costs and increased levels of trust in finance and the economic sphere. Studies show that reducing transaction costs at the micro-level increases the efficiency of economic agents. In turn, an increase in confidence has a positive effect on the macroeconomic parameters of the national economy. In this regard, the optimal scenario is to endow block chain with the features of a social good, which is achieved by legalizing its use in the financial and economic spheres.