Some technologies do wonders while some technologies are just a fad. In this era of modernization and globalization where people have all the latest developments in terms of technological up-gradation, some technologies are left unanswered or don’t create the value that it should create. Smartphones, when they were launched, first in 1992 by IBM by the name of hu Personal Communicator and later when it was redefined and launched by Apple in 2007, people did not predict that smartphones will become one of the common resource in their day-to-day lives.
Similarly, in recent phase of data driven society, people do transactions in a mere friction of seconds. According to a research conducted by consultancy giants Capgemini and BNP Paribas, digital payments are expected to hit 726 billion by 2020, also both the giants have come up with the word of “open banking” quite often in their respective research papers. Fintech companies have recently received the maximum number of funding and also are developing various softwares in order to provide their customers with efficient and effective data security.
In 2009 when an unidentified man named Satoshi Nakamoto published his first research paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”, it gave rise to many unidentified technologies which were not discussed or were active in a mere niche market. Although the widely popular cryptocurrency “Bitcoin” has its own add-ons and limitations, “Blockchain” and “Smart Contracts” has started getting a positive momentum and is identified as one of the upcoming technologies which will be a positive setback for the modern technology driven society. There are ‘n’ numbers of debates, research papers, white papers, journals and public testimony which have given big thumbs up and also have showcased Blockchain and Smart Contracts as the technology for public’s welfare. The only question which triggers in common people as well as in professionals mind is that why is the government across the world giving a blind eye to these technologies? And how much more time will it take for the governments and also institutions around the world to identify and make a road map for these technologies?
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