| dc.description.abstract | Bitcoins original idea proposed a trustless monetary system, without the need of
intermediaries. In recent years, these very intermediaries it originally tried to circumvent, have
gained an increased interest in Bitcoin’s underlying technology, the Blockchain. It presents a
decentralized database technology, suitable for exchanging value in an untrusted environment.
Consequently, it introduces an innovation in both economics and information technology.
In this explorative study, we aim to investigate how Bitcoin and Blockchain technology may
impact the monetary and financial system. By conducting 20 in-depth interviews from a broad
range of stakeholders and a literature review in this new topic of interest, we have identified
two main themes introduced with this new technology. First, we seek to understand how the
future of money could unfold with Cryptocurrencies and Central Bank issued Digital Currency
(CBDC). The former is recognized to have a series of specialized architectures, spanning from
simple monetary transactions to complex platforms enabling a decentralized economy to
evolve. CBDC is not necessarily reliant on blockchain technology, but the of digitally issued
currencies and blockchains introduces new fiscal and monetary policy toolkits. There are
however a series of intricate questions that needs to be addressed before CBDC could act as a
complement or replacement for physical currency. Lastly, we explore how the future of
finance will be affected by blockchain technology and the cryptoeconomy. Banks may be
facing increased competition from new entrants, where blockchain technology may facilitate
reduced costs in terms of regulatory compliance, efficiency in transactions and settlement, and
reconciliation. Moreover, new financial services are introduced by financial technology
innovation. This might change the business model of banks and other financial institutions
drastically. Furthermore, cryptocurrencies introduce new funding possibilities and enables
organizations to evolve with no governing body. This might facilitate a new economic system,
called the cryptoeconomy.
Development in blockchain technology is mentioned to be at the same maturity stage as the
Internet by the early 1990s. There are several uncertainties regarding its future applications.
However, smart contracts seems to be an interesting application, facilitating automation in a
range of applications. | nb_NO |
