Most importantly, the blockchain starts with the history of money. But money is the first use case of the blockchain. And this is most important to see that this is a ledger and it is a practical document associated with accounting. It is mainly described as a revolutionary technology and the ledgers are everywhere. Ledgers record the accounting transactions. A ledger consists of data structured by rules. Ledgers record the facts underpinning the modern economy.
- Ledger with Ownership
- Ledger with Identity
- It confirms Status
- It confirms Authority
Ledger with Ownership:
Property title registers map owns what and whether their land is subject to any admonition. where the own property that has not been in a ledger. This is the firm of the ledger, and it has a network of ownership, where the employment and production relationships have a single purpose.
Ledger with Identity:
Businesses have identities recorded on government ledgers that track their existence. The registration of Births, Deaths, and Marriages records the existence of individuals at key moments, and by using the information to confirm their identities where the individuals are interacting with the world.
It confirms Status:
Citizenship is a ledger, which records the rights and is subject to national membership. The electoral roll is a ledger, it allows those who are on that roll to vote. Employment is a ledger, and it allows those employed to claim on payment which returns for work.
It confirms Authority:
Ledgers identify the validity of sitting in the parliament and they can access the bank account, and work with the children, who can enter restricted areas.
Evolution Of Ledger:
Ledgers at the dawn of written communication. The major change of ledgers appeared in the 14th century with the invention of double-entry bookkeeping. Recording both the debits and credits, double-entry bookkeeping conserved data across multiple (distributed) ledgers, and it allowed the information between those ledgers.
The 19th century saw the advance in ledger technology and it raised the large corporate firms. These centralized ledgers enabled dramatic increases in organizational size and it relied entirely on trust in the centralized institutions.
In the 20th century ledgers were moved from analog to digital ledger. For example, In the 1970s where the Australian passport ledger was digitized and this was centralized. Here the database allows its complex distribution, calculation, and tracks. Here the database is computable and also it is searchable.
The factors which underpin that production and distribution. The classical and neoclassical economists understand the purpose of studying the production and distribution of economic resources.
“Where institutional economics understands the rules.”
What is crypto-economics? Where did it come from?:
The basic principle of economics and the theory are unpinned; the blockchain is an alternative. It looks into the game theory where the incentive is designed in the blockchain mechanism. The economy is a system that coordinates the exchange. Most of the economics is focused on the ledger.
Where the blockchain is an experimental technology and it has been used in the entrepreneurial question. Here the blockchain is implemented in the real-world economic system.