Blockchain Economy : The New Era of Digital Economy

Abstract

In this research paper the researcher given the analysis report of blockchain technology and its significant usage in new era of digital economy. The researcher stated that block chain technology is a network software protocols that enables the secure transfer of money, assets, and information via the internet, without need a third party intermediary. The researcher focused on some of the significant research issues and new dimension of centralized data centers, distributed ledger technology, specific times tamped with a unique cryptographic signature, tamper-proof auditable history of all transactions. In current scenario the block chain technology provides highly secure data in all aspects using cryptography, fingerprint that verifies the authenticity of the data. Alteration of the original data causes the hash of the altered data to no longer match the original fingerprint. Transactions on the blockchain are grouped and stored in blocks. The combined hash of these transactions is also stored, and each subsequent block saves the combined hash of the previous block. The resulting digital applications are digital asset registries, blockchains as leapfrog technology for global financial inclusion, long-tail personalized economic services, and net settlement payment secure channels which provides a new era of digital economy. In this research article the researcher focused on some of the significant research issues and challenges, statistical report of current blockchain technology usage and future direction for highly secure technology of new era of digital economy.