How Blockchain Technology Gives Birth to Digital Currency: A Comprehensive Review

Abstract

Blockchain technology has revolutionised old financial institutions and changed the way that digital currencies are used today. This paper examines how the invention of digital currency was made possible by blockchain technology, emphasising the underlying ideas and workings of the new phenomenon. This paper offers a comprehensive review of the several ways that blockchain technology has facilitated the invention, advancement, and wide-scale adoption of digital currencies. It looks at the essential characteristics of blockchain technology, such as decentralisation, immutability, and transparency, and discusses how these characteristics help digital currencies succeed and develop. The review also explores how blockchain technology affects conventional financial institutions, as well as the difficulties it presents and the possibilities it holds for a time when digital currencies completely transform the world economy. This review aims to shed light on the revolutionary potential of this technology and its implications for the future of finance through an extensive analysis of blockchain technology's involvement in the creation of digital currencies.