THE ECONOMICS OF INNOVATION: BLOCKCHAIN TECHNOLOGY

Abstract

Blockchain technology has evolved beyond its initial association with cryptocurrencies to become a foundational technology poised to revolutionize various industries. Its decentralized, transparent, and immutable structure offers unique opportunities to improve operational efficiency, enhance security, and drive innovation across financesector. This paper explores the transformative impact of blockchain, focusing on how it changes economic structures, reduces costs, and generates new business models. It also examines the cost-benefit implications of adopting blockchain, addressing both short-term challenges and long-term advantages.

Keywords

• blockchain technology
• finance
• insurance
• cost-benefit