Cryptocurrency and Technology: Could It Revolutionize the Economic Prosperity?

Abstract

Cryptocurrency has been one of the most revolutionizing financial innovation of the 21st century. Cryptocurrency, led by bitcoin and Ethereum has shown promising potential to solve the global financial and economic problems and barriers. The journey of the cryptocurrency, from $0.000 to $27334 (Bitcoin) has also been no less than a charm. The cryptocurrency has seen equally dramatic and polarizing responses as well, from being called the latest gold to being dismissed as another hawala technique, the cryptocurrencies remained hugely debated and controversial financial technology of the second decade of the 21st century. Cryptocurrency evoked emotional responses and hysteria from the governments across the globe and received extreme reactions from being declared as the legal tender in some countries to being completely outlawed in another. A set of financial pundits are lauding the promises the latest innovation hold while another is busy calling it a bubble and have written obituaries, in advance. Whatever may be the ultimate fate of the cryptocurrency such as bitcoin or Ethereum but it is a sure thig that the technology would stay and would be used by various countries for tailor made financial schemes as all nations and financial institutions such as IMF and World Bank have expressed keen interest in appreciating and evaluating the potentials of technology underpinning the cryptocurrencies.
 But does the cryptocurrency hold any real potential or is it a mere farce? This research article sprang up from the curiosity set up by this question and in this article the researcher shall make an honest attempt to answer many of the potentials of the cryptocurrency and its underlying technologies, more particularly, blockchain. Researchers would also ultimately delve into the million dollar question, How could cryptocurrency revolutionise the economic prosperity.