However, the protocols used to validate transactions differ for various blockchains. The term “blockchain” is associated with a variety of cryptocurrencies. Prasad provides a detailed but accessible explanation of how the blockchain works, from its historical origins to the technology underlying the system. Most investment professionals will be aware of the blockchain and the concept of a decentralized ledger across a peer-to-peer network, but many may not understand the technology thoroughly. Blockchain technology has been touted as the future of finance and of numerous other areas of business, including securing of medical records, non-fungible token (NFT) marketplaces, and supply chain and logistics monitoring. However, a discussion of cryptocurrencies cannot begin without understanding the blockchain and how this technology is transforming business and finance. Today, fintech is most closely associated with cryptocurrencies, such as bitcoin and Ethereum. Many of these new services will pose challenges to traditional financial services companies. The history includes an interesting look at newer innovations, such as M-PESA, which allowed individuals in Kenya to conduct banking through a mobile phone, as well as peer-to-peer lending, crowdfunding, and on-demand insurance. However, some innovations, such the ATM, have become so ubiquitous that we forget these were once novel technologies. It was first coined in 1993 with Citicorp’s creation of the Financial Services Technology Consortium. The “Innovations” section of the book begins with a chapter titled “Will Fintech Make the World a Better Place?” Here, the author takes us through the history of fintech, which he points out is a catchall term for novel financial technologies. Part IV, “Ramifications,” considers the potential consequences for the international monetary system. Part III, “Central Bank Money” makes a case for central bank digital currencies (CBDCs). Part II, “Innovations,” focuses on the history of fintech and the crypto revolution. Part I, “Laying the Bedrock,” looks at the future and promise of digital currencies and provides an introduction to finance for those with little background. In the United States, President Biden, recognizing the importance of new digital assets, signed an executive order to ensure digital assets’ responsible development in March 2022. China is another country that has been moving away from paper currency. Prasad begins his discussion of the future of money with a quote from Cecilia Skingsley, the deputy governor of Sweden’s central bank: “If you extrapolate current trends, the last note will have been handed back to the Riksbank by 2030.” Skingsley is not the only government official who sees a grand future for digital currencies. Prasad, the Tolani Senior Professor of Trade Policy at Cornell University and the author of several books on currencies, provides an interesting and insightful exposition on the shifting landscape from traditional paper notes to digital currencies. Prasad attempts to address these questions in The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance. Are cryptocurrencies the next big investment, a fad, or a currency that will transform the economic and financial landscape? What are some of the advantages and shortcomings of digital currencies? Who will benefit from these new currencies?Įswar S.
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Numerous celebrities are touting crypto trading platforms, including professional athletes LeBron James and Tom Brady and actors Matt Damon and Larry David. Today, you can’t turn on the television or the radio without hearing an ad for cryptocurrencies or crypto exchanges. The Belknap Press of H arvard University Press. The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance. Posted In: Book Reviews, Economics, Future States
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