Cryptocurrency and Blockchain: A New Perspective in Finance Industry

Abstract

Cryptocurrency and Block chain are the future of finance industry. The financial industry is inevitably transforming towards digital eco-system. From investment to money transfer everything is going paperless. The newest and promising addition to the digital payment sector is Cryptocurrency and Block chain. A Cryptocurrency is a medium of exchange like normal currency but it is designed for the purpose of exchanging digital information. Cryptocurrencies are digital money without coins and notes with artificial limitations. With the help of Cryptography and a collective booking system is Block chain. Block chain is a decentralized ledger of all transactions across a peer to peer network. Using this technology participants can confirm their transactions without a need for a central clearing authority. Potential applications like fund transfer, settling trades, voting and many other issues. This gives benefits like increased transparency, accurate tracking, permanent ledger and cost reduction.