CRYPTOCURRENCY, What's next?

Cryptocurrency! the buzz of the town.

Cryptocurrency has opened many new doors in the world of finance and the overall technology sector. But the real revolution it ignited was that we can have a complete intangible experience of currency!

Recently I came across a new type of digital currency which is being implemented in China.

"Programmable Currency"

Sounds interesting right?

let's take an example, Governments of the world offer support fund or subsidy for different people in their society.So to facilitate the process and to make it transparent, this new concept is used.

When a farmer is given a subsidy for Fertilizers, the funds received would be programmed in such a manner that they could be just spent on fertilizers and nothing else.

And how would the currency know this? It's simple, the barcode/QR code on the package contains all the information required for the same.

When initiating the payment, the barcode/ QR codes should be scanned and in the meanwhile, the entire info would be extracted and payment would be made!

The real interesting fact of the entire process is, we don't need any internet connection at all, Even a camera for scanning isn't a compulsory requirement. A thumb impression would be sufficient!

If we go even further, this currency could be used to control all the economical problems faced by the nation

As an example, if the government wants to increase the liquidity in the market, the government would provide funds with a certain expiry date, if not used before time, the funds would vanish from your account.

Of course, it has its shortcomings, but as an inspiration, it's worth considering.

As the government of India along with RBI planning to launch a digital form of Rupee, Do you feel, should GOI consider such ideas for the new format?

Kindly share your opinion....