Cryptocurrency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining. Cryptocurrencies, predominantly spearheaded by the Bitcoin, have taken the financial world by storm. Today, the demand of Cryptocurrencies, namely Bitcoin and Smart Contracts namely Ethereum, as well as the application of the Blockchain Technology have been growing remarkably following the popularity on the global stage. With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies.

Blockchain is the most fiercely used technology today and is slated to disrupt various industries in the coming future. The use of Blockchain is building up in India as well. The progression of Blockchain technology in the finance space has been interesting & the potential of Blockchain and cryptocurrencies is phenomenal. The decentralised ledger system that Blockchain offers can be a faster, cheaper and safer way to transact.

Distributed ledger technology (DLT), or Blockchain as it is more commonly called, seems to have taken the world by storm, capturing the imaginations and the wallets of financial institutions all over the globe. Over the last three years alone, more than 2,500 distributed ledger technology patents have been filed, $1.4 billion in venture capital investments have been made, and the leading Blockchain consortium boasts 45 of the world’s largest financial institutions.