Are Cryptocurrencies The Future Of Economies?

There is a universal rule that applies to every industry. The better technology always drives out inferior technology. We have seen this happen to printing press, mass production houses and computers. In the case of money and finance so far cryptocurrency appears to be the future.

What we need?

Indians by blood are known to thrive in uncertainty. With the start-up wave finally hitting India and picking up its pace in the past couple of years, it is indeed a good time to be an entrepreneur in Asia’s third largest economy. Present day presents an ocean full of opportunities to aspiring entrepreneurs, all the way from the growing per capita demand to increase in venture capital funding for start-ups. With a growing shift towards technology.

Cryptocurrency is a decentralised digital cash system; it works like a peer to peer network for file sharing. Cryptocurrencies are limited entries in a database no one can change without fulfilling specific conditions. It looks normal, but that is exactly how any other currency is defined.

Whenever someone initiates a transaction the request is then passed on to every other peer on the network who verifies it and the transaction proceeds. In layman terms, each and every device in the network has information about every transaction. Whenever a new transaction is completed a new block is created to existing transaction history making a non-alterable blockchain.

The role of miners in this process is to validate the transaction, to stamp them as legit. Once validated the block is added to every node in the network. Miners are paid with tokens of cryptocurrency for this job.

Career in Blockchain

Blockchain has started a revolution the size that the world has never seen before. But everything about blockchain is available to almost anyone on the internet. A lot of these cryptocurrency companies have a terrible user experience. It is really difficult to find someone with even 3 years of experience in this field.

The future of currency will be majorly based on your phones and huge data centres. There is a possibility of plastic card which can handle all your accounts in one. This card could be made universal and would be easy to carry rather than carrying your wallet with cash, pennies and your ID proofs.

Currently, there are huge research projects going on cryptocurrency, security, distributed computing. Blockchain has the fastest growing full time job openings in various fields like quality engineer, blockchain designer, attorneys etc.