What if we wake up one day and find that all the paper money that we are familiar with has disappeared? We might shake our empty wallets but it would do us no good. Yet all is not lost, we still have access to cryptocurrencies.
Blockchain-based technology has already ushered in a myriad of cryptocurrencies that will soon fill the void left by paper money. One of the first victims of the death of cryptocurrency would be the bulky physical wallet, which would no longer be required. We would be able to carry out all our transactions through our smartphones. However, the real change would begin to happen soon after paper money disappears.
Cryptocurrency and its underlying blockchain technology would herald a new era. Now that transactions can be done on a global scale without barriers of paper currency, new systems would be built that allow for novel uses of digital cash.
A student in Nicaragua would now be able get his scholarship directly in his cryptocurrency wallet. An author would be able to donate half of their royalties automatically to a charity of their liking in Canada. As cryptocurrencies gain universal usage and get paired up with technology like Internet of Things (IoT), a smart energy efficient air-conditioner would be able to transfer the savings it made directly to a mutual fund or a bank account.
At BlockShow Americas 2018, experts like Alex Mashinsky, Founder of Celsius Network lent his ideas about the usefulness of cryptocurrencies and how they can, among other, help the underprivileged. Alex’s Celsius Network is already working on a wallet that will help provide financial services to the underbanked.
BlockShow Asia 2018 brings industry thought leaders, customers, startups, developers and executives all in one place at Singapore’s Marina Bay Sands Hotel between November 27 - December 1, 2018 as a part of the Asia Blockchain Week. Tickets are now available.