Category Archives: Economic Impact of Cryptocurrency

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UK Think Tank to Study Crypto Impact on Economic Institutions

According to a recent report by crypto media outlet CoinTelegraph, the Institute of Decentralized Economics (IDE) has opened in the United Kingdom for the study of the economic impact of cryptocurrencies and its underlying blockchain technology.

The source says the initiative is being backed by fintech company Sweetbridge and that the think tank will explore the possible potentials of decentralized and autonomous systems and find real applications within the current economic system.

According to the source, the press release state that IDE will help organizations better understand the economics that underlies the blockchain technology, adding that stablecoins and the interactions between government policies and crypto economics will be included in the study areas. The research scheme will coordinate efforts from experts in entrepreneurial, corporate and political systems.

Hard to ignore, the economic revolution introduced by the blockchain technology continues to gain prominence in mainstream economics on so many levels. Different initiatives designed towards researching the overall impact of the industry continue to prevail.

Blockchain, though considered a nascent technology is about a decade old and as with other emerging technologies, remains an intriguing subject deep enough for its economic impact to draw interest for many years to come.

According to CoinMarketCap data, the cryptocurrency market currently has over 2000 assets with a composite of 16,071 markets; the market had over USD 800 billion in capitalization as at January 2018 and dropped dramatically through the year, and is currently about USD 121 billion as at press time. Moreover, converging market instruments from the traditional financial market such as futures contract, exchange-traded funds continue to surface within the industry.

In the past year, Bitcoin News picked up on a few research niches that involved blockchain technology and its economic impact. The Imperial College London reported its research on how Bitcoin could become a viable alternative to fiat. Relevant to high volatility caused by pump and dump schemes, researchers from the college also developed an algorithm to predict such schemes.

Other relevant blockchain-related researches within the UK included the Law Commission’s exploration into smart contracts with the aim of conforming current laws to reflect their viability. Later on, the government began researching into digital evidence preservation through distributed ledger technology.

In New Zealand, a report by one of its state research agency Callaghan Innovation detailed how the opportunities the emerging technology could benefit the economy, suggesting based on its findings that it could be the second biggest contributor to gross domestic product by 2025.

Earlier this year, Bloomberg reported the opening of a blockchain center in Manhattan by the New York City Economic Development Corporation in partnership with Global Blockchain Business Council. The center aims at being in the front row seat of the emerging changes in the industry and wants to be instrumental in shaping those changes.

 

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