Impact of cryptocurrency on economy: How Crypto Is Disrupting the Financial Sector
A lot of has been written about cryptocurrencies. Still, less than than 1% of the world population has ever used a cryptocurrency, according to a 2017 study conducted 97 by Cambridge University. With the slow growth rate, digital currencies continue to make inroads into the society and transform the way we conduct business. The world of money and the financial ecosystem is undergoing major transformation before our eyes.
While cryptocurrency is slowly gaining mainstream adoption, Blockchain, the underlying technology behind cyrptocurrency, may offer more potential and unlock billions of dollars in new markets. According to a report from a research analyst at the Royal Bank of Canada (RBC), crypto and blockchain technology could unlock $10 trillion market. A lot has been written about blockchain technology. In a simple term, blockchain is a special type of a distributed ledger database. A distributed ledger is simply a database that exists across several locations or among multiple participants. A distributed ledger system allows organization of any chain of records or transactions without the need of intermediaries.
Blockchain technology is changing the world of finance and giving us a tool that could potentially transform global law, commerce, and politics. And the danger it presents? Well, that lies mostly in the fact that cryptocurrencies aren’t well-regulated, which is bound to change as governments implement new measures to protect their financial systems.
The convergence of these two technologies is already impacting in our sociaty and the financial ecosystem. The folks at fortunly.com has put together a detailed infographic on how crypto is disrupting the financial ecosystem. The infographic includes a brief introduction, overview, covers the trends, has a quick history and answers who’s who.