Evolution of Money from Stones to Digital Blocks: Transformation of Value

Abstract

This study examines the evolutionary route of money and discusses its transformation with increasing digitalization. Although economic thought has focused on different topics and employed different analyses throughout history, concepts such as value and justice have always been part of the discussion. Approaches regarding the functions of money have also changed with digitalization and new possibilities have emerged regarding its impact on social structure. As central banks are also joining this journey, which started with bitcoin using blockchain technology, it is of great importance that the practices to be implemented eliminate concerns raised in the past and are functional in terms of equality and justice. This paper discusses the current framework, along with important themes in economic history and the development of decentralized technologies that aim to alter functions of money. The opportunities and potential risks are identified and possible scenarios for the future are discussed in conclusion.