Blockchain’s Impact on the Global Economy and the Role of Custody

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The advent of Bitcoin and the blockchain has brought a lot of change to the world of finance. Previously, the traditional system of financial transactions involved the active participation of third-party financial institutions i.e. Banks. The blockchain has however now availed transactions to be completed between individuals, companies across international borders without the involvement of intermediaries. The world economy was formerly run using fiat currencies/government-backed currencies i.e. dollar, euro, pound etc. With mass adoption on the rise, a few cryptocurrencies are being used to buy goods and complete transactions, with Bitcoin leading the pack.