Blockchain And New Economic Paradigms

Seminar paper from the year 2018 in the subject Computer Science - Commercial Information Technology, grade: 1.3, University of Frankfurt (Main), course: P2P Finance, language: English, abstract: During the past years arising technologies and globalization have forced institutions and companies dealing within different challenges of digitalization. Systems and applications have become more complex and interconnected, setting a difficult problem for the current legacy systems and applications. With the invention of Bitcoin in 2008 by a person or group of people known by pseudonym "Satoshi Nakamoto", a solution to the challenges of globalization and digitalization was introduced to the world. Not Bitcoin as a cryptocurrency by itself, but the system Bitcoin is based on: blockchain technique. This new technology promises to radically alter the existing paradigms of nearly all industries including IT, finance, government, media, medical, energy and law as the most important ones. The topic of this seminar paper is to elaborate the revolutionary implications of blockchain on different sectors and to glance at possible future aspects of blockchain's potentials setting a new paradigm.