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Cryptocurrency and Blockchain: The Future of a Global Banking System

Cryptocurrency and Blockchain: The Future of a Global Banking System
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Author(s): Namrata Dhanda (Amity University, Lucknow, India)
Copyright: 2022
Pages: 24
Source title: Regulatory Aspects of Artificial Intelligence on Blockchain
Source Author(s)/Editor(s): Pardis Moslemzadeh Tehrani (University of Malaya, Malaysia)
DOI: 10.4018/978-1-7998-7927-5.ch009

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Abstract

As the technologies are evolving day by day, they are able to rejuvenate any sector either individually or by incorporating other technologies. There are many prominent sectors in the market such as healthcare, education, entertainment, business, information technology, retail, etc. Every sector has its own set of profits and consequences, but apart from all, the banking or finance sector is the only sector that provides dynamicity to all other sectors and helps them to generate maximum revenue from their principal investment. In this chapter, the authors are focusing on the traditional and modern ways of banking, currencies such as cryptocurrency like Bitcoin, Ethereum, Litecoin, and how the modern currency will change the transaction procedure in the global banking system, creating an amalgamation of such currency with a current transaction system with the role of technology such as Blockchain in the betterment of the global banking system making the system fully decentralized, distributed, transparent, fast, immutable, and efficient.

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