Blockchain as a technology for the transition to a new digital economy

The modern economy is gradually developing and shifting into a virtual economic system. The new digital economy serves as the new model of economic development and redesigns businesses based on utilizing information in b2b relationships. New information and network technologies are becoming significant factors of a globalizing economy and contribute to the rapid transition of the economy from a real economy bound by boundaries to a network one connected by the internet, ensuring digital economy development and innovative business process formation. With the blockchain technology coming into play, the digital economy is set to take a step forward in globalizing the economy. This research explores how the blockchain technology has transformed the digital economy and how this technology can be exploited to make the digital economy an extra mile.