Cryptocurrency: Emergence and Enablement of Transparency in Financial Transactions

With the emergence of blockchain technology, digital currency came into existence. Cryptocurrency is one of the types of digital currency. They have brought a transformative change in the financial landscape. The money (fiat currency), though widely used and integral to the global economy, has many concerns. Since it has centralised control (providing stabilised economy), it is vulnerable and can be influenced by multiple factors like the stability of the government of a country, possibilities of counterfeiting, lack of traceability, inefficient and slow movement across the border for trade settlement, the escalating cost of money transfers and restricting financial inclusion of many unbanked population. Beyond this money is subjected to loss of value due to multiple reasons and can impact an individual or a business widely.Cryptocurrencies can help in addressing the shortfalls associated with fiat currency. The technology-enabled digital currency is essential for navigating the complexities of the global financial system. Although it requires a robust framework for adopting cryptocurrency in any system through the collaboration of government, regulatory bodies and technology providers.Many companies are engaged in socially responsible causes through blockchain. Cryptocurrencies provide financial services to unbanked and underbanked population. They help build socially responsible business models that address global challenges and promote sustainable development.