A Perspective on Blockchain-based Cryptocurrency to Boost A Futuristic Digital Economy

Abstract

The advent of blockchain has transformed the recent technological landscape with more and more applications emerging from every walk of life. In this work, we discuss the adoption of blockchain globally by various countries. We discuss the active application areas of blockchain with special focus on business use cases using cryptocurrency. In particular, we provide a case study on India describing the current scenario of India in terms of the digital economy and the boom it has received in the use of cryptocurrencies. We also discuss how adoption of cryptocurrency can manifest in future in the light of recent annual budget of India. We propose that blockchain can transform the Indian digital economy into one of the world’s strongest digital economies. We also discuss the challenges faced by countries while adopting blockchain followed by the conclusion of the work.