Date of Award

Spring 2019

Document Type

Poster Session

Department

Business

Advisor

Amarpreet Kohli PhD

Second Advisor

Zhenning Xu PhD

Keywords

blockchain, circular economy, Bitcoin, efficiency

Abstract

When blockchain was first invented by Satoshi Nakamoto in 2008 it was thought to only be used for Bitcoin; a digital currency. It had been used to record transactions made without needing a third party authenticator. Blockchain showed the ability to reduce costs, speed up transactions, and reinvent the processes of how things are done. Once people fully understood what blockchain does, entrepreneurs and investors realized it could be used for much more than just a cryptocurrency. It could be applied to transportation, products sold, food, the medical industry, and much more.
With the help of blockchain, industries can operate in a decentralized way. without needing a verification system. With this, they can still achieve the same functionality with the same amount of reliability. Another major benefit of this is that industries can now work quicker and remove steps to processes they must do, making them more efficient. This results in quicker results and quicker solutions that can be applied. It also creates a higher security level because of how every transaction is reported. By using blockchain, it changes economies to become more circular, rather than linear. A linear economy follows; take, make, and dispose. With a circular economy, one makes, uses, recycles, then repeats. By using a circular economy it allows an economy to become self-sufficient as it can start to rely on itself.

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