2.7 Future of Cryptocurrency

Blockchain technology has been widely accepted for business transactions and many other sectors of the economy in different parts of the world. It is now applied in the Agricultural sector, Electronics and Communications, Automotive, Consumer Goods, Healthcare, Logistics, and Supply chains to streamline and make seamless the process of doing business. The value of some cryptocurrencies such as Bitcoin, Ethereum, and Litecoin has surpassed the value of fiat currency as more people are turning to them to avoid devaluation. The evolution of cryptocurrency may require ‘smart contracts’- a feature that will ensure the digitization of some processes done manually. Smart Contracts will shorten the transaction process as well as streamline the process of doing business.

Cryptocurrency is the currency of the future as it is likely to replace fiat currency as governments embrace blockchain technology. Blockchain protocols are increasingly becoming immersive and will enable cryptocurrencies to be the next logical step in the evolution of money.