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Blockchain Technology Is Changing the Innovation Aspect in the Digital Economy

Blockchain Technology Is Changing the Innovation Aspect in the Digital Economy
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Author(s): Dmitry Davydov (Independent Researcher, Russia)and Inna Pitaikina (Penza State University, Russia)
Copyright: 2020
Pages: 10
Source title: Avatar-Based Models, Tools, and Innovation in the Digital Economy
Source Author(s)/Editor(s): Vardan Mkrttchian (HHH University, Australia), Leyla Gamidullaeva (Penza State University, Russia)and Ekaterina Aleshina (Penza State University, Russia)
DOI: 10.4018/978-1-7998-1104-6.ch006

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Abstract

In the digital era, banks are moving from their traditional methods of innovation to high-tech technologies. They have been working hard to provide a secure platform to their customers. With their continuous efforts and hard work, the concept of Blockchain technology came into notice. Blockchain technology is popularly known for Bitcoins. Nearly every third person or organization either knows about blockchain technology or uses it. Blockchain technology can address most of the issues related to Digital Transactions, Double Spending, and Currency Reproduction. The chapter will discuss the basic concept of Blockchain, its history, how its networks and technology work, and how its primary technologies evolved. By the end of the chapter, the technical design and expected outcomes will be clearly understood. The chapter also tries to review other research done in this domain.

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