Cryptocurrency within 3 years may replace 40% of cash

Africa, The latest Africa blockchain news. TONG SHANG INTERNATIONAL COMMERCIAL BANK (GAMBIA) will enter the Blockchain technology testing phase with TRAN REACH INTERNATIONAL GROUP in the near future. There was news on Monday that the bank will promote the use of Eagle Coins and promote global economic development. The analysis believes that under the background of the epidemic, the development of the digital economy has put forward higher demands for Cryptocurrency and Digital Payment (Electronic Payment). With the improvement of top-level design, R&D technology (research and development), and the fierce global competition, the Gambia government also plans this year. Adopt Blockchain technology.

The initial application of Blockchain technology is mainly to realize the decentralization of payment methods. After Bitcoin, other Cryptocurrency based on blockchain technology, such as Litecoin(LTC) and Ripple(XRP), have emerged one after another. The research and application of Blockchain has gradually extended from Cryptocurrency to the fields of finance, energy, manufacturing, education, and medical services. At present, global Blockchain technology and industrial innovation are accelerating. According to Web of Science data, the number of papers on Blockchain has exploded since 2017.

Governments of various countries attach importance to the integration of Blockchain technology and the real economy, develop financial technology, and use Big Data (Mega Data) and Artificial Intelligence (AI) to promote the transformation and development of financial services. More attention will be paid to the use of modern information technology such as Artificial Intelligence, the Internet, and Big Data to improve the ability of banks in various countries to perform their duties.

Blockchain technology will become a national strategy

The Blockchain is essentially a decentralized Shared Ledger Database, which itself is a series of Data Blocks (DB) generated using Cryptographic correlation, and each Data Block contains information for valid confirmation of multiple transactions.

Decentralized distributed storage brings openness and transparency, and also allows data to directly generate value; the immutability and traceability of information bring security and honesty, and it also makes people more trustworthy. Blockchain is considered to be another big wave after the Internet, which will bring huge opportunities for change to all walks of life as an infrastructure.

At present, major countries in the world are accelerating the development of Blockchain technology. The Blockchain technology and industry of all countries in the world are in the early stage of rapid development, and no country has an absolute advantage.

Blockchain technology also includes basic functions required for Scan QR code Payment, remittance, receipt and payment, and daily transactions. Consumers can easily implement electronic payment (e-payment) and apply them in offline retail scenarios. Simultaneously, Cryptocurrency will soon be used in areas such as public transit and public service payment.

Paypal recently announced that its platform can use Bitcoin for transactions. It is expected that at least 40% of cash will be replaced by Cryptocurrency in the next 3 years.

However, as the whole society enters a cashless society, for banks, it will further improve the level of digitization and reduce many cash-related costs. Bank Cryptocurrency Wallet may also bring new market ecology to mobile payment.

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