Prosperity in BRICS economies through blockchain technology as online institution

Abstract

Corruption creates relevant institutional voids in BRICS economies (Brazil, Russia, India, China and South Africa) and their economic growth. In this study, a theoretical and operative analysis is undertaken to solve this problem. Throughout deep study, the analysis explores possible solutions for the main voids that jointly affect these five emerging economies. In particular, it is shown how the disruptive blockchain technology can be considered within the theoretical framework of the New Institutional Economics as online institution. This opens many opportunities for the BRICS, the five largest emerging economies. Indeed, it is revealed how common principal institutional voids can be actually filled by this decentralized technology due to its intrinsic properties. These voids are precisely individualized by the parallel application of the five contexts framework on all the BRICS countries. The results confirm that blockchain technology can offer a stable structure that decreases systemic corruption, stimulating prosperity and economic growth within these economies.