Evolution of Money Systems or Cashless Economy?

Mitrofanova, Inna; Larina, O. I.; Dubovik, Mayya Valerianovna; Moryzhenkova, N. V.

doi:10.1007/978-3-030-59126-7_113

Cited by 3 publications

(2 citation statements)

References 3 publications

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“…The use of blockchain technology, which was first used in cryptocurrency applications [17], has played a critical role in improving computer security. This technology has not only strengthened security measures, but it has also catalyzed the reform of monetary systems in several nations, guiding them towards a cashless economy [18]. We shall go deeper into the complexities of blockchain computing and its progress in relation to the setting of cryptocurrency uses in the next subsections, explaining its influence on computer security and the larger economic environment.…”

Section: Introductionmentioning

confidence: 99%

Enactment of Blockchain in NFT

Varshney,

Suman,

Varshney

2024

CJACSIT

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Non-Fungible Tokens (NFTs) have arisen as a major term in the twenty-first century, signifying unique digital assets such as photographs, music, and movies. These tokens receive their value and legitimacy from blockchain technology, which is mostly used on the Ethereum platform. NFTs, which use smart contracts, enable the production, ownership, and trading of one-of-a-kind digital assets, revolutionizing sectors including as art, music, and gaming. While blockchain's uses are broad, there are worries about the environmental effect of blockchain, notably Ethereum's energy-intensive proof-of-work consensus. Despite their revolutionary potential, NFTs pose dangers connected to market instability, legal concerns, and technological weaknesses. NFT trading is enabled by a variety of third-party programmers and markets, with notable participants being OpenSea and MetaMask. Looking ahead, the future of NFTs in India is dependent on legislative changes, as the country sees an increase in interest in these digital assets among artists and producers, necessitating a balanced approach to encourage innovation while resolving possible difficulties. NFTs are a game changer in the digital economy, opening up new opportunities for producers and investors. However, environmental problems and regulatory uncertainties must be resolved in order for the NFT ecosystem to expand sustainably. Technological improvements, legislative reforms, and the continuous growth of blockchain technology will most likely influence the future of NFTs in India and throughout the world.

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Section: Introductionmentioning

confidence: 99%

Enactment of Blockchain in NFT

Varshney,

Suman,

Varshney

2024

CJACSIT

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“…However, digitization is not simple, especially when issues regarding trust in computer security are at play. Computer security has been increased with the introduction of blockchain technology into cryptocurrency applications [17], allowing the evolution of money systems in some countries towards a cashless economy [18]. We will describe this technology in more detail in the following subsection.…”

Section: Introductionmentioning

confidence: 99%

NFT-Vehicle: A Blockchain-Based Tokenization Architecture to Register Transactions over a Vehicle’s Life Cycle

et al. 2023

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The sale of second-hand vehicles is a popular trade worldwide, and vehicle fraud is currently a common issue, mainly because buyers can lack a complete view of the historical transactions related to their new acquisition. This work presents a distributed architecture for stakeholders to register transactions over a vehicle’s life cycle in a blockchain network. The architecture involves a non-fungible token (NFT) linked to a physical motorized vehicle after a tokenization process, which denote as the NFT-Vehicle. The NFT-Vehicle is a hierarchical smart contract designed using an object-oriented paradigm and a modified version of the ERC721 standard. Every stakeholder engages with the NFT-Vehicle through distinct methods embedded within a smart contract. These methods represent internal protocols meticulously formulated and validated based on a finite-state machine (FSM) model. We implemented our design as a proof of concept using a platform based on Ethereum and a smart contract in the Solidity programming language. We carried out two types of proof: (a) validations, following the FSM model to ensure that the smart contract remained in a consistent state, and (b) proofs, to achieve certainty regarding the amount of ETH that could be spent in the life cycle of a vehicle. The results of the tests showed that the total transaction cost for each car throughout its life cycle did not represent an excessive cost considering the advantages that the system could offer to prevent fraud.

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Prospects for digital transformation of the monetary systems

Larina

Moryzhenkova

2023

Vestnik universiteta

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The active digitalization of financial markets generates new types of digital financial assets, and also raises questions about prospects of the national monetary systems development, taking into account the emerging digital financial instruments. The authors present the results of a study conducted via interviewing respondents about their attitude to cryptocurrencies, about the likelihood of cashless economies, and about the impact of economy digitalization on changing people’s lives. Current scientific studies show that a significant part of authors is inclined to believe that current digitalization trends will lead to the complete disappearance of cash, including cryptocurrencies will play an important role in this process. Low financial literacy, possible failures in electronic payment systems, the difficulty of adaptation for certain groups of the population are the reasons that delay the transition to cashless economies. However, a significant number of advantages that digital assets provide for the development of the economy, and the positive attitude of society to the changes taking place in the process of digital transformation, contribute to a further change in the monetary system.

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Evolution of Money Systems or Cashless Economy?

Cited by 3 publications

References 3 publications

Enactment of Blockchain in NFT

Enactment of Blockchain in NFT

NFT-Vehicle: A Blockchain-Based Tokenization Architecture to Register Transactions over a Vehicle’s Life Cycle

Prospects for digital transformation of the monetary systems

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