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Scenarios of Blockchain Technology Development Based on the Economic Sociodynamics


Marat Rashitovich Safiullin, Mikhail Valerievich Savelichev, Leonid Alekseevich Elshin
Abstract

The paperanalysesblockchain as a good, using the economic sociodynamics methods. It is shown that blockchain 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, blockchain is evolving into a mixed communal good acquiring the features of social utility.It is possible to ensure the transition of blockchain 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 blockchain in the economy, governments are afraid of the possible risks that this technology carries.The positive features of blockchain 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 blockchain with the features of a social good, which is achieved by legalizing its use in the financial and economic spheres.

Volume 11 | 08-Special Issue

Pages: 1869-1873