Shifting the Dial on Economic Growth


Criteria: Innovations within DLTs require inherent qualities that drive economic growth for sustainability. The degree to which the innovation shifts the dial on economic growth will inform the level of success and the speed at which adoption takes place.

The natural economic benefits created by the factors that drive economic growth, inherently available in new technologies and advancements like DLTs, attracts significant flow of resources and innovations. These factors are quantified by the increase in productivity and are largely comprised of human capital, physical capital, social capital and innovation. Recombination of DLTs with these factors result in increased productivity growth as explored in the diagram above.

Human capital as a current growth factor for example can be recombined with the factors of the decentralised paradigm shift to increase the output yield of automation. The result of which is the transformation of workforce through shifting skill requirements, as efficiency offsets time spent on manual or basic cognitive functions. The economic benefit from this is greater productivity output per capita.

However, progressing towards decentralisation,DLTs need to address challenges that reduce the extent to which economic growth is achieved. Largely these challenges can be viewed as maturity hurdles as well as the degree of integration (adoption) of DLTs into all levels of economy – people, systems and process.

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