Digital Currency

• Digital currency exists in a digital format and has no physical form. It relies on central banking (centralisation) and lacks confidentiality and security
• Cryptocurrency uses cryptography to track transactions. It has no state of control and all the rules are set by the cryptocurrency community.
• All cryptocurrency transactions are publicly available on the blockchain, meaning that anyone can see them.
• The blockchain is a decentralised database with a list of data blocks
• Whenever a new transaction takes place, a new block is formed containing data of the sender and receiver, the amount of money, and the hash
• In blockchain technology, every device stores a list of every transaction made globally. Anytime a new transaction is made, everyone gets a copy of it. It cannot be changed without the consent of all its members
• Future of Blockchain:

  • Governments and cryptocurrency
  • More transparency between businesses and industries
  • Digital Identities
  • World economy