Barter to Cryptocurrency – Issues and Challenges for The World Economy

Abstract

Global residents are undergoing a cutting-edge and inventive technological revolution that is putting our current systems to the test and altering the way individuals do a range of jobs. Global residents have experienced various developments that have had a significant impact on their everyday lives, ranging from the barter system to the invention of information, communication, and technology (ICT). In today’s environment, people employ smart phones, cloud computing, artificial intelligence, machine learning, big data, the internet of things (IoT), and other technologies. These innovations are not just replacing previous technologies, but also transforming our economy into one that is more computerised and centric on innovation. Governments create fiat currencies and regulate their value, but they have no authority over their worth. Cryptocurrencies, on the other hand, are essentially decentralised. Members of the cryptocurrency community, miners, and the general public who participate in transactions manage cryptocurrency. Cryptocurrency miners process, confirm, and verify transactions, and successful transactions are recorded on the blockchain, a public and distributed ledger. Bitcoin is one of the highly known examples of the same.