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What Changes Will Come from Blockchain and the Token Economy?

21st March 2020

The token economy created by blockchain will encompass a larger domain than a sharing economy, and make the exchange of public goods such as money more flexible. In particular, the value of social capital and natural capital, hidden in the shadow of the monetary economy, has been reconsidered, and sharing (commons) via blockchain is progressing. The token economy supplements the weakening of the state and pushes the progression of small communities.)

Along with the cryptocurrency bubble, represented by the sudden Bitcoin rush and collapse in 2017, the blockchain technology that supports cryptocurrency operations is gradually becoming known. Many people have a bad impression regarding cryptocurrency, such as it being used for speculative ventures and money laundering. However, blockchain is said to be used not only for money, but also in various other areas, and it is said that it holds the potential to change society much like the internet.

What is Blockchain?

Blockchain is also called a “distributed ledger.” It is a technology in which ledgers are shared with a large number of participants, even if there is no intermediary to secure credit, and various commitments including money transactions are safely recorded at low cost. This means that books and databases are managed by a specific entity and arrangements are established by securing credit by a certain entity such as a country, a company, or an individual.

Based on the credibility established by a large number of participants, everyone can exchange various values easily and inexpensively. The economic change, also called the “token economy,” puts a big influence on public goods and services such as money. For example, blockchain currently has the following applications and demonstrative experiments are actively being carried out worldwide.