The world is witnessing great advancement in science and technology. The science and technology has touched every nook and corner of the world - and uplifted the life of people - in one form or another. In this regards, digitalization has completely revolutionized the life of people - and offered a new way to deal with the situation.
The impact of information technology is so huge that in no time the communication can be made and data can be sent from one part of the globe to another in no time. The present article also throws light on this subject, and more particularly, the ease of electronic transaction - and the people inclination towards the cryptocurrency. The article covers every aspect of cryptocurrency (decentralized cryptocurrency) and explores the aspect of 'Blockchain Cryptocurrency and Smart Contract'.
The economy of any country or state in particular is a strong pillar for the development and overall advancement of the nation. It basically determines the quality of life that people live and the kind of steps these common people will take in future course of their action. The government in general and financial institution in particular are constantly looking after newer methods to develop more efficiency to make the common people to do money transaction in an easy, efficient, and secure manner. Here, the introduction of 'Blockchain Cryptocurrency and Smart Contract' is in general a milestone to completely shift the mode of finance management being practiced so for. Blockchain Cryptocurrency has brought one of the best applications that can bring dramatic change in the overall scenario.
The government, financial institution, and people at large are working at their level best to bring Blockchain Cryptocurrency - in the use of everyday life. The major advantages and the attractive features that attracted people at large - towards the Blockchain Cryptocurrency (which was once famous for account methods) are briefly illustrated underneath.
• It totally eliminates the dependency of paper. There is no need to print currency either on the paper or the coins made of metal.
• The transaction of money is incredibly easy with no charges, which generally occurs while making the transaction of money from one account to another account.
• Blockchain Cryptocurrency is fully secure (i.e., it is a digital ledger that is incorruptible), as there is no scope for the fraudulent transaction of money in 'Blockchain Cryptocurrency'.
• There is no need of central administration, unlike other organizations, where central administration is required.
• This Cryptocurrency wallet needs graphic card and stores all the keys including public and private - that is used to receive and send the cryptocurrency at the requisite location - that exists in one form or another.
Open Source Software
The Blockchain Cryptocurrency was singularly designed for Cryptocurrency Bitcoin - but the facets cover every aspect of the electronic needs that exists in one form or another. Its technology is based on open source software that allows modifying and updating the existing application - to meet the user needs and requirement in a very subtle way. Further, it makes the use of timestamping schemes, where there is no need of the trusted third party. Now, from the above illustration, we can make the generalization that Blockchain Cryptocurrency is future - that holds many features to bring efficiency, quality, security, adaptability, and profitability in the financial transactions.