CRYPTO CURRENCY REVOLUTION

The cryptocurrency revolution refers to the profound changes and innovations brought about by digital currencies like Bitcoin and blockchain technology. Here are some key aspects of this revolution:

Decentralization:

Decentralisation is referred to as a form of an organisational structure where there is the delegation of authority by the top management to the middle and lower levels of management in an organisation.

In this type of organisation structure, the duty of daily operations and minor decision-making capabilities are transferred to the middle and lower levels which allow top-level management to focus more on major decisions like business expansion, diversification etc.

Delegation refers to the assigning a portion of work and the associated responsibility by a superior to a subordinate. In simple words, when delegation is expanded on an organisational level, it is called decentralisation.

Financial Inclusion: Cryptocurrencies can promote financial inclusion through low entry barriers, a decentralized nature, cross-border transactions, access to credit, empowering the unbanked, and as a store of value. They offer an alternative for people who lack access to traditional banking services due to financial or geographical constraints and can reduce the cost of financial transactions, making them more affordable for low-income individuals and small businesses.

Security and Transparency: The top benefit of blockchain is its strong security infrastructure. Unlike traditional systems, blockchain's advanced security measures make intrusion extremely difficult, if not impossible, for hackers.

By using end-to-end encryption, blockchain creates an immutable ledger of transactions, effectively preventing fraud and unauthorized access. In conventional systems where data is centralized on servers, blockchain is different, distributing data across computer networks, significantly reducing the risk of hacking.

The consensus mechanism used by blockchain allows transparent recording of all transactions, providing a comprehensive overview of the system's operations. Each transaction is encrypted and linked through a hash function, further enhancing the security of the system.

Disruptive Potential: Blockchain is the latest ‘disruptive innovation’ that has caught scholars’ attention. It is the underlying technology for Bitcoin and other digital currencies. Stakeholders like developers, entrepreneurs, and technology enthusiasts claim blockchain has the potential to reconfigure the contemporary economic, legal, political and cultural landscape. Skeptics claim the concept and its applications remain ambiguous and uncertain. Business scholars began publishing studies on the emergence and impact of blockchain, bitcoin, and related projects in 2014. In this study, we conduct a PRISMA guided systematic review of blockchain research in the business literature from 2014 to 2018. Our results show a rapid increase of studies over the five year period. The findings also convey key insights about the current state of scholarly investigation on blockchain, including its top benefits and challenges for business and society. We found that blockchain remains an early-stage domain of research in terms of theoretical grounding, methodological diversity, and empirically grounded work. We suggest research directions to improve our understanding of the state of blockchain and advance future research of this increasingly important and expansive area.

Growth: The rise of Bitcoin from INR 2,080,001 to INR 6,114,877, Bitcoin broke its previous records set in 2021, showcasing its resilience and potential for growth. Despite facing significant downturns in 2022 and 2023, Bitcoin experienced a resurgence in 2024. Following substantial jumps on March 8 and March 14, Bitcoin surged to all-new highs. This surge reflects renewed confidence and interest in the cryptocurrency market, attracting attention from investors worldwide. The rapid ascent of Bitcoin underscores the volatile nature of the crypto market and highlights the potential for both substantial gains and losses. As Bitcoin continues to break barriers and reach new milestones, it emphasizes the evolving landscape of digital assets and the opportunities they present for investors.

Ethereum’s stability and positive developments in the crypto landscape have also contributed to traders’ anticipation of further price appreciation, driving market optimism. The latest data as per March 18, 2024, shows that Bitcoin (BTC) experienced a slight decrease of 4.90%, while Ethereum (ETH) decreased by 10.95% in the last seven days. Conversely, Tether (USDT) witnessed a marginal increase of 0.05% in the last 24 hours. These fluctuations, coupled with the overall bullish sentiment, underscore the current rise in the crypto market.

Conclusion :

Overall, the cryptocurrency revolution represents a shift towards digital, decentralized, and potentially more inclusive financial systems, with profound implications for the future of finance, technology, and society as a whole.