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<p>Blockchain technology originally finding applications in Fintech and supply chain management is rapidly expanding applications to other industries as well as the public sector. “Blockchain has been compared to the invention of the internet and its comprehensive impact on almost every industry.” R. Beck and B. Markey-Towler (2017) A recent study by PWC (2020) found that, “Blockchain technology has the potential to boost global gross domestic product by $1.76 trillion USD over this decade.” It has been argued that the digital revolution has favored more developed nations and that has helped create a “digital divide” with less developed nations. Business and governmental infrastructure in developing nations have lagged that of more developed nations. Some of these challenges faced by developing nations include the registration of property ownership, financial systems, modern efficient supply chains often accompanied by a lack of trust and the ability to verify and audit organizational processes rapidly and economically. Blockchain technology has the promise to address many of the critical needs of developing countries internally and in external trade relationships to help enable them to be more competitive. This paper will review the literature and examine the impact of Blockchain technology on how its adoption may ameliorate many of these critical challenges for developing nations helping to improve governance and economic benefits that are shared more equitably. Potential for both positive and negative impacts with be discussed along with policy implications for public policy makers and private enterprises.</p>
</abstract>

Blockchain technology originally finding applications in Fintech and supply chain management is rapidly expanding applications to other industries as well as the public sector. “Blockchain has been compared to the invention of the internet and its comprehensive impact on almost every industry.” R. Beck and B. Markey-Towler (2017) A recent study by PWC (2020) found that, “Blockchain technology has the potential to boost global gross domestic product by $1.76 trillion USD over this decade.” It has been argued that the digital revolution has favored more developed nations and that has helped create a “digital divide” with less developed nations. Business and governmental infrastructure in developing nations have lagged that of more developed nations. Some of these challenges faced by developing nations include the registration of property ownership, financial systems, modern efficient supply chains often accompanied by a lack of trust and the ability to verify and audit organizational processes rapidly and economically. Blockchain technology has the promise to address many of the critical needs of developing countries internally and in external trade relationships to help enable them to be more competitive. This paper will review the literature and examine the impact of Blockchain technology on how its adoption may ameliorate many of these critical challenges for developing nations helping to improve governance and economic benefits that are shared more equitably. Potential for both positive and negative impacts with be discussed along with policy implications for public policy makers and private enterprises.

How Can Blockchain Contribute to Developing Country Economies? A Literature Review on Application Areas

ECONOMICS

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Blockchain technology originally finding applications in Fintech and supply chain management is rapidly expanding applications to other industries as well as...

How Can Blockchain Contribute to Developing Country Economies? A Literature Review on Application Areas

Publié en ligne: 29 juin 2022

Pages: 105 - 128

Reçu: 01 mars 2022

Accepté: 03 mai 2022

DOI: https://doi.org/10.2478/eoik-2022-0009

Mots clés
Blockchain, Macro Economics, Competitiveness, Innovation, Developing Countries, Corruption, Financial Inclusion, Property Rights, Supply Chain, NFT

© 2022 Tom Gillpatrick et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How Can Blockchain Contribute to Developing Country Economies? A Literature Review on Application Areas

Publié en ligne: 29 juin 2022

Pages: 105 - 128

Reçu: 01 mars 2022

Accepté: 03 mai 2022

DOI: https://doi.org/10.2478/eoik-2022-0009

Mots clésBlockchain, Macro Economics, Competitiveness, Innovation, Developing Countries, Corruption, Financial Inclusion, Property Rights, Supply Chain, NFT

© 2022 Tom Gillpatrick et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Mots clés
Blockchain, Macro Economics, Competitiveness, Innovation, Developing Countries, Corruption, Financial Inclusion, Property Rights, Supply Chain, NFT