Cryptocurrency disruption

Abstract

The evolving landscape of cryptocurrency, blockchain, and artificial intelligence (AI) is poised to reshape the financial terrain. Cryptocurrency, utilizing encryption techniques and decentralized blockchain technology, facilitates direct peer-to-peer transactions, disrupting traditional banking intermediaries. Prominent cryptocurrencies like Bitcoin and Ethereum, coupled with swift transaction capabilities, underscore the global impact of this digital currency. This disruption extends beyond transactional efficiency, encompassing broader concepts like cryptoization, decentralized finance (DeFi), digital currencies, smart contracts, and financial asset tokenization, with repercussions reverberating through the global economy. Simultaneously, AI technology has infiltrated diverse domains, from finance and risk management to healthcare and governance, enhancing the very fabric of operational efficiency. This chapter delves into the potential convergence of blockchain, AI, and financial systems, illuminating how their integration augments data security, operational efficiency, and financial decision-making. Examples and frameworks elucidate instances where cryptocurrency, as a primary component, navigates the convergence of these technologies across remittances, gaming, e-commerce, social media, and healthcare. Fundamental concepts such as data provenance, quality, economy, smart contract automation, AI governance, and scalability are interwoven, showcasing the transformative power of this convergence and its multifaceted implications for the future of finance.