The Future of Cryptocurrencies and Blockchain Technology

It was 2009 when cryptocurrency was introduced in the form of bitcoins.

But what is cryptocurrency? A cryptocurrency is a digital form of money that stays online and does not physically exist.

Blockchain was the platform where bitcoins are stored, it is a medium of transaction of all the cryptocurrencies. Blockchain is popularly known as the global digital ledger of transactions. The copies of records in the blockchain are distributed across the network of computers linked in the chain.

The association between cryptocurrency and blockchain took some time to evolve and is now ready to take over the world shortly. As of today, there are over 16000 cryptocurrencies available with big names like Bitcoin, Ethereum, Litecoin, etc. The valuation of all cryptocurrencies stands at around 2 trillion today, and according to analysts and experts, this value can grow up to 10 trillion by the year 2030.

Blockchain was created after the global financial crash in 2008. To date, the intent of blockchain is the same i.e. to provide safe peer-to-peer cash transfers with the help of smart contracts. The entire blockchain is decentralized, with no interference from the government. In response to that, there is no need to worry about the bank hours and formality documentation as everything can be done through the computer.

With cryptocurrencies being online, the probability of a scam is negligible. Transactions are quick due to blockchain, health records can be maintained online, cyber security to all the data is available, all the documents can be stored in a non-physical entity and the need to store and transfer money in a trustworthy bank is no longer required. Even the voting process could be done through blockchain where votes can be cast without any fear of fraud.

The evolution of blockchain and cryptocurrency is at its all-time high post the covid-19 pandemic. Going ahead with the safety of one’s fortune and the ability to control it through their computer screen will be huge factors to look out for. Many aspects in the area are still unclear as it is still in process, but the form of money and the medium of its exchange have an interesting future.