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Decrypting cryptocurrencies technology applications and challenges
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While the recent launch of futures trading on the CBOE and CME would seem to help the fund industry with both improved Bitcoin price transparency and trading liquidity concerns highlighted by the SEC, we have yet to see product approvals and a growing number of funds are withdrawing applications. Security concerns have mounted in Bitcoin exchanges as hackers have infiltrated a number of cryptocurrency exchanges, generating large losses.
Thus, while there has been a lot of talk about cryptocurrency funds, at this point in time there is little assets under management invested globally in such products Worthington. The surge in CCs has attracted the attention of central banks and regulators. The Fed, the ECB, and other macroprudential regulators view CC markets to be in only nascent stages, with minimal implications for systemic risk, and thus have not yet taken a stance on the regulation of the asset class. Meanwhile, global securities regulators have begun to lay down ground rules, in many cases subjecting CC-related businesses and initial coin offerings ICOs to existing securities laws, requiring registration or authorization, and promoting investor protection.
To date, these have been piecemeal efforts, with various nations staking independent regulatory positions, and there has been little global coordination on cryptocurrency regulation. Morgan Perspectives 09 February cryptocurrencies presents a challenge for regulators attempting to limit money laundering and terroristfinancing activities.
We review the actions that regulators in various jurisdictions have taken to limit the risks associated with cryptocurrencies Roever. We expect various Blockchain-based ecosystems to coexist and compete with each other similar to Payments networks in the current environment , with success predicating on technology capabilities such as API features , number of participants on the network and ease of adoption. Given the hurdles, CCs are more likely to be used as ancillary payment methods rather than gaining traction as a primary source of exchange.
What does the future bring? In the early stages of innovation, usually set off by new technology — in this case Blockchain Kambo — the market experiments with many different approaches to see what shape and form will stick and end up offering the most economic value-added. We would note that it is not pre-ordained that cryptocurrencies will succeed as there are valid concerns about what economic value they really contribute.
But in a time of rapid innovation, many new products will are often-and-errored. We believe the potential disruption from Blockchain cannot be ignored. The excitement of innovation typically also leads to price booms and then crashes among the early movers, before more realistic prices emerge among the eventual survivors. Much of this is what we see today with exponential price gains and losses, growth and diversity among cryptocurrencies. Given the amount of speculation in these markets, technical signals can be very useful in gauging market direction and they have been sending the right signals in recent months O'Connor.
Fundamentals are a lot less informative here, although it can be useful to look at the cost of mining CCs, even as one must also account for the elasticity of supply Kaneva. Cryptocurrencies are both a new technology — Blockchain — and a new currency many new ones. The new shape and form of the CC market in the future will likely ultimately depend on what economic value they are perceived to add.
We would expect the marketplace and regulators to ultimately weed out what are perceived the negative, less useful characteristics of CCs and retain the positive elements that add economic value. As discussed more in detail below in Kambo, Huang, Allen, and Sinha, the Blockchain technology driving CCs offers transparency to transactions and allows them to be virtual and peer-to-peer.
Distributed ledger technology has the potential to offer regulators greater degrees of transparency, higher levels of resiliency and shorter settlement times, reducing counterparty and market risk. While seeing a potential for the deployment of the underlying Blockchain technology in payments, we do not see cryptocurrencies competing with central bank-issued money for lawful transactions. We note that CCs have not attained the relative stability of value to make them useful as money for everyday transactions.
As discussed in Feroli and Aziz, the current set of government-issued fiat currencies — such as the dollar and the euro — provide efficient media of exchange, stores of value and units of account. Some of the early buyers of CC were clearly dismayed by ballooning balance sheets of the major central banks in the aftermath of the global financial crisis GFC , but the lack of any meaningful inflation since, in both developed markets DM and emerging markets EM , has surely reduced concerns about fiat legal tender issued by a central bank money.
In addition, we find that local legal tender money tends to be a natural monopoly with only extreme hyperinflation leading people to seek out a monetary alternative. To add, Feroli and Aziz do not find that CCs are currently meeting the standards of what constitutes money as the huge volatility of CC has made use of it as a unit of account impractical.
Finally, given the huge returns from running a central bank seigniorage , governments will be quite possessive of their legal tender role and will likely put up a fight if CCs were to gain broader traction domestically see Roever and Lei on how regulations on CCs are steadily tightening. Aziz is quite dubious about whether any of this will work as CCs face regulatory headwinds and are neither better than fiat money in establishing policy credibility nor in providing liquidity during crises.
Morgan Perspectives 09 February currency, but are very far from actually doing so, as any increased efficiency in payments technology does not appear to be that obvious. In addition, the issuance of crypto dollars, for example, would give non-banks access to the Fed balance sheet, and thus could endanger the economically and socially important financial intermediation function of commercial banks.
In market economies, commercial banks manage the largest part of what we call money through their deposit base that they in turn lend out to the economy, after holding back a fraction as reserves at the central bank. If cryptocurrencies were seen as superior to bank deposits, prompting a wholesale shift into cryptocurrencies, then a much larger share of savings would go to the central bank's assets government debt and less to commercial banks loans, thus potentially dramatically increasing private credit risk premia and reducing the flow of credit to the private sector.
Fractional reserve banking was a tremendous innovation that surely contributed greatly to global growth over the last two centuries, and we would expect that central banks would think twice before disturbing this source of capital to the private sector. Normand examines the potential role of CCs in terms of offering diversification in a global portfolio, given both their high returns over the past several years and their low correlation with the major asset classes, offsetting some of the cost of high volatility.
But in our view, that is a big if given the astronomic returns and volatilities of the past few years. If CCs survive the next few years and remain part of the global market, then they will likely have exited their current speculative phase and would then have more normal returns, volatilities both much lower and correlations more like that of other zero-return assets such as gold and JPY.
Based on its historical performance, CCs can be 10 times more volatile than core assets like stocks, or than portfolio hedges, like commodities. Liquidity is also well below most other potential hedges. Extraordinary returns can be generated in the price discovery phase, only to be followed by several years of mean-reversion toward the eventual, long-term average level.
Note that even though CCs have improved risk-adjusted returns over the past several years, they have not prevented portfolio drawdown during periods of acute market stress, like the equity flash crashes of August and February The distributed nature of the Blockchain means the master record is shared or mutualized.
In our view, the biggest appeal of Blockchain will be in the ability to deliver efficiency gains across the value chain. There are already a number of consortiums that have emerged and endorsement from regulators would also be important. There are a number of proof-of-concepts being tested, and whilst the full impact may not be seen for several years, we believe the potential disruption from Blockchain cannot be ignored.
In this section, we provide a background on Blockchain, the technology forming the underlying infrastructure behind cryptocurrencies such as Bitcoin. Blockchain is still an emerging technology, but momentum has been gathering pace over the past few years as the use of the technology extends across several industries with potentially disruptive implications.
Summary of Blockchain Blockchain often referred to as distributed ledger technology is a secure transaction ledger database shared by all parties in a distributed network, which records and stores every transaction that occurs in the network, creating an irrevocable and auditable transaction history.
Blockchain can be considered a superior database where the data and access to the data are encrypted. The distributed nature of the Blockchain means it has a built-in redundancy and can survive the loss of one node because the master record is shared or mutualized.
Innovative Way of Using Existing Technology The cleverness of Blockchain is not that it is a totally new technology, but rather it is an innovative use of three long-standing existing technologies. Basically, Blockchain is a combination of a peer-to-peer P2P network plus public key infrastructure PKI encryption technologies plus the use of a cryptographic hash encryption.
The P2P network was popularized by Napster in June ; PKI, which gives the ability to secure transactions between two untrusted parties and provides other key elements like time stamping, has been in use since the s. Scott Stornetta described the process for digital time-stamping and a secured chain of blocks, while in Bayer, Haber and Stornetta incorporated Merkle or hash trees as a necessary means to compress the size of a historical Blockchain. Finally, the cryptographic hash used for the consensus algorithm that solves conflicts in a Blockchain is typically based on ECC elliptic curve cryptography , which was created in , but became popular for security use in areas like mobile devices around the turn of the century.
What is Blockchain and how does it work? Blockchain: A secure transaction ledger database that is shared by all parties in a distributed network. Every transaction is recorded and stored to create an unchangeable and auditable transaction log. The terms Blockchain, distributed ledger or share ledger are interchangeable.
Simply put, Blockchain is widely recognized as a superior database. The simplest way to define Blockchain is as a superior database where: 1. In the diagram below, we summarize the main components of the Blockchain or distributed ledger as it is often referred to. Ultimately, we see Blockchain improving efficiency, which, through the mutualization of processes, should lower costs. Figure 1: The key components of Blockchain Source: J. It consists of data structure blocks — which hold exclusively data in initial Blockchain implementations, and both data and programs in some for example, Ethereum of the more recent implementations — with each block holding batches of individual transactions and the results of any Blockchain executables.
Each block contains a timestamp and information linking it to a previous block. Decentralized — Eliminates the need for a central authority to process, validate or authorize transactions. Centralized — Control under a single entity, which leaves the system exposed to a single point of failure. Benefits of distributed ledgers Secure and consistent — The database is an irrevocable and irreversible record of all transactions.
Data stored cannot be tampered with or revised. This creates an auditable transaction history. Trusted — Computer servers within the network must reach a consensus, which in turn allows for transactions to take place between otherwise unknown parties. Real-time data store — All nodes within the system store an identical copy of the ledger, which is updated almost automatically. The Blockchain, as previously mentioned, is a digital, distributed ledger.
Each block within the system is generated once multiple nodes reach a consensus and validate the transactions. This is where the distributed nature of the Blockchain stems from, a concept that we illustrate below based on a study into the benefits of adopting a digital data communications system integrated with a distributed network framework. As a distributed database, multiple copies of data exist across multiple computers, which together create a peerto-peer network.
Hence, rather than a single centralized server or database, the Blockchain captures an entire decentralized network of machines, with each one acting as a node within that specific network. This ultimately serves to reduce the need for central authorities to clear transactions and certify ownership. Figure 3: Centralized ledger approach Source: J.
For illustrative purposes only. Shortcomings of the centralized ledger driving interest in the distributed ledger Existing practices of data management, particularly of personal data, encompass vast legacy IT systems typically located within a single institution. An array of networking systems are then layered over to facilitate external communications, resulting in added cost and complexity. Such a centralized system thus presents a high-cost single point of failure, with data that are often outdated and out of sync, which may be exposed to cyber crime.
Given the distributed ledger platform comprises multiple shared copies of the data, the ledger is inherently harder to attack, as an attack would have to simultaneously target all copies in order to be successful. In addition, the technology is resistant to any suspected malicious tampering or unauthorized database changes as network participants will notice any change to an isolated part of the ledger. However, we should note that Blockchain is not completely immune to cyber crime: collusion among users could result in modifications to all copies of the ledger at the same time.
Source: J. In our view, completely moving away from the established centralized model may be viewed as too risky, and therefore, a solution could be for the existing centralized authorities central securities depositories or custodians to support the implementation of distributed ledgers. Morgan Perspectives 09 February Sterling Auty, CFA [email protected] connect with distributed ledger platforms, which is why we are seeing a collaborative approach emerging in the financial services industry.
How does a Blockchain transaction work? Public Blockchain — Provides users with read access and the ability to transact with others. Users are able to transfer value without the consent of the Blockchain operator. Private Blockchain — Provides restricted read access to the predesignated list of Blockchain operators and auditors. Users must rely on interfaces offered by operators in order to submit or read transactions.
Permissioned Blockchain — Building of the Blockchain is limited to a known set of entities, who are able to restrict use by specified end users. Unpermissioned Blockchain — Anyone is allowed to participate in creating the Blockchain. Users are hence freely able to enter or exit.
Public keys — An identifier that may be freely shared with other users. Private keys — Essentially a password that must be retained in confidentiality. Blockchain uses public key cryptography to validate access to private networks, as well as sign validated blocks and individual transactions. This header will in turn detail: 1. If participants in that process are preselected, the ledger is referred to as permissioned, which may consist of one or more owners and can assume a level of trust.
On the other hand, a ledger open to all participants e. Bitcoin is unpermissioned that allows access to anonymous connections and typically assumes zero trust between participants. Cryptography and consensus To digitally sign transactions, Blockchain technology relies on public key cryptography PKI , which uses two keys making it more difficult to crack. The two keys — the public and private — are related mathematically, with the public key used to sign and encrypt data when sent, and the private key then used to decrypt the data when opened by the designated recipient.
Aside from encrypting data, public key cryptography is also used to verify identity, digitally time stamp a transaction and ensure that the specific transaction on the Blockchain has not been tampered with or corrupted. Given the distributed element of the Blockchain, data on all new transactions must be disseminated to every node on the network, thereby enabling the database to remain in sync and ensure globally consistent data. Hence, the simultaneous dissemination of data reduces the need for reconciliations and reduces errors.
Blockchain technology facilitates this via one of its key innovations, the consensus process, whereby the majority of nodes in the network must coincide with one another. The process is computed instantaneously as each new transaction and subsequent block is verified.
Tokenization Tokenization is the process of embedding data related to a real-world asset on a digital token stored on a Blockchain. Such tokens are easily transferable and provide a secure and clear trace of ownership history. Bitcoin is just one example of a tokenized representation of value; it is possible to replace collateral, cash, gold and other securities with a unique token.
The underlying asset, which the token is representing, can continue to be stored with a trusted third party, such as a custodian. Smart contracts — Repeatable and modular scripts run on the Blockchain, to facilitate autonomous transactions between parties once certain criteria have been met. Smart contracts are one example of distributed applications DApps that can be built on a Blockchain.
Terms are implemented and encoded in programming language, which can then execute automatically once particular conditions are satisfied. Morgan Perspectives 09 February Sterling Auty, CFA [email protected] conventional commercial agreements by digitizing transactions within the system and authenticating them through a Blockchain.
Like any passive data, smart contracts become irrevocable once added to the ledger. Examples of smart contract use could include the conditions under which the transfer of a bond might occur or a bilateral CDS settlement. In the figure below, we set out a typical smart contract process. Figure 5: Smart contract process Two parties set the terms of the contract, and agree on conditions to be satisfied Smart contract developed and embedded in the Blockchain.
Transaction initiated once an instance of the contract is created. Once all conditions are satisfied, the contract executes its programmed actions and is added to a block. When a block is authenticated, it is added to the Blockchain. The transaction is irrevocable. Blockchain Security There is a tremendous amount of security built into Blockchain that gives the technology the ability to bring trust to transactions between previously untrusted parties.
But we would note that there are still areas that users need to be aware that are unsecured and present risk. Security lies in the transaction process and the actual Blockchain The use of PKI ensures the identity of the parties entering into a transaction is the one that holds those particular private keys.
The process also ensures that the information stored in a block has not been tampered with over time. These are two very important elements. Gox in February , and Coincheck last month. These are typically found inside the digital wallet, but the actual keys can be both visible and hidden. All digital keys should be secured and backed up. If lost the digital assets like Bitcoins are lost with it.
Many experts recommend securing the digital wallet by backing up or even keeping a copy off-line in what is called cold storage. Lastly, we note crypto currency is like any other asset and should be considered when deciding how to transfer assets to another party upon death. Potential uses cover a spectrum of industries Blockchain technology was originally developed as a way to record transactions in a transparent, secure, immutable and efficient way, which was used for digital currencies such as Bitcoin.
However, we note the technology has the potential to transform how businesses and governments operate in a variety of aspects. To determine where Blockchain might be useful there tends to be four common denominators in the use cases: 1. Morgan Perspectives 09 February Sterling Auty, CFA [email protected] While financial services are often cited as a key industry for potential application of the Blockchain technology, we also see scope in TMT, healthcare, transport, consumer and industrial products, as well as in the public sector.
Though mass adoption of the technology is likely a long way off, companies nonetheless acknowledge the potential of Blockchain and are investing time and effort in understanding its capabilities in order to remain in the debate and avoid missing opportunities or worse, disruptive surprises. Financial institutions are the main investors, given the technology is perceived as likely to have its greatest potential impact on financial services.
However, we have seen Blockchain concepts and prototypes across several sectors. Morgan estimates. Financial services There are many potential applications for Blockchain in the broad financial services sector, and we believe it is important for players to implement pilot initiatives and explore how the technology could impact their business. We detail some of these potential applications above. The transparent nature of Blockchain could help mitigate the potential risk of document fraud and potentially lower the cost of transaction reconciliation between and within financial institutions.
Further, the creation of an auditable transaction log should provide assurance and validate products in the supply chain. The payments process is increasingly moving towards instant payments on a national, regional and global basis. Blockchain potentially allows everybody involved in a transaction to see the entire transaction lifecycle and provide auditability of messages within the process.
The use of a distributed ledger could be adopted for cross currency payments globally, to improve costs and make the process more transparent and continuous. Blockchain could reduce the costs associated with anti-money laundering AML and know your client KYC processes as the regulator could track the source of funds and use data to identify clients on the Blockchain.
However, the regulatory reporting process remains complicated and we could expect issues with permissionless Blockchain for financial institutions. Consequently, Blockchain is unlikely to replace the existing processes, but it could improve efficiency, and we would expect permissioned or private Blockchains to be more widely considered.
We note the constraint will clearly be on developments in the regulatory and legal framework to facilitate a shorter settlement period. Blockchain could also have the potential to be implemented in the collateral management process, given the benefits of Blockchain to assess origin of assets, track transactions and determine ongoing ownership.
It appears that the initial focus will be on collaborating with other financial services players within the post-trade processes, such as settlement and custody. As regulators seek to assess whether clients are getting value for money, any opportunities for costs to be reduced for clients would be welcomed, in our view. This is made possible by the distributed element of the ledger, which can facilitate greater coordination between a vast number of devices.
The security challenge facing IoT applications could also be mitigated by cryptographic security. Potential applications for the media sector could include support for lower priced micropayments, processed without fees enforced by prevailing payment networks, which may be used by a magazine vendor for example to charge their readers per article rather than per month. Some companies are also exploring the use of Blockchain to safeguard intellectual property and digital creative works, namely images or music.
Consumer and industrial products The most likely application of Blockchain in the consumer and industrial products industry, in our view, is as an alternative payment platform for retail transactions. Healthcare The healthcare sector is focusing its attention on Blockchain as a way of securing digital assets. Factom, for example, the Blockchain-based record-keeping system provider, has partnered with US medical records and services solutions provider, HealthNautica, which aims to integrate Blockchain technology to help protect the integrity of highly sensitive documents such as medical bills and records, and surgery schedules.
By securing medical records via a Blockchain, patients would more readily be able to share their medical history with multiple providers, while still being able to retain control over those records. Transportation Proposed uses in the transportation sector focus on selfdriving cars, which could identify drivers using a retina scan and check this against personal details on the Blockchain.
It is also possible for cars to carry out their own self-maintenance by ordering parts and repairs when necessary, or updating annual insurance via the use of smart contracts, which could further be implemented to process automatic payments. Within the shipment and supply segment of the sector, Blockchain may be used to facilitate instantaneous payments as soon as merchandise is delivered. Ridesharing start-up Arcade City has recently launched a mobile application consisting of an open marketplace where riders are able to connect directly with drivers via Blockchain technology.
Their platform was launched in a bid to take market share from the likes of Uber and Lyft. Public sector Blockchain may be used to tackle inefficiencies in current systems and improve the effectiveness of public services. For example, the technology could be used as an official registry for government assets or intellectual property owned by businesses and citizens, such as vehicles, houses and patents.
Factom, for example, has partnered with the Honduras government to trial a Blockchainbased initiative to keep records of land ownership. The main motive for such a system is to mitigate corruption and fraud related to a centralized registry under government control by replacing it with a transparent distributed ledger.
Blockchain could also facilitate voting in elections, ensuring the integrity of results and ultimately speeding up the vote counting process. Benefits and obstacles of Blockchain adoption The figure below summarizes the potential benefits from the use of Blockchain and the obstacles to the implementation of the technology. Overall, we would expect further benefits from Blockchain to evolve as new uses of the technology emerge.
Morgan Benefits of Blockchain adoption From the perspective of the financial services industry, we note Blockchain has the potential to fundamentally transform the business models of banks, exchanges and asset managers. We would highlight the below potential benefits that we foresee for the financial services sector. The customers of the exchanges can benefit from lower capital requirements as counterparty risk is potentially reduced. Ultimately, this should help to reduce the overall teams of employees involved in data management, reconciliations and dealing with errors.
For the exchanges sector, we see the most obvious areas to reduce costs being in the post-trade area and, in particular, settlement processes, as settlement times are reduced and manual processes are streamlined. In addition, there is an automated conflict resolution that ensures conflicting transactions never become part of the confirmed data set or Blockchain.
We believe these savings can be passed on to customers in the form of lower total expense ratios. While Bitcoin was established around a permissionless platform, we expect uses of Blockchain in the financial services sector will be permissioned.
Consequently, access will only be available to those users that have access via the private keys to the encrypted data. Blockchain can also improve the security around asset ownership and transfer of ownership through the use of tokenization, which provides a digital record for the underlying assets. Consequently, we believe that distributed ledger technology has the potential to offer regulators greater degrees of transparency, 16 This document is being provided for the exclusive use of TATEO JAGER.
Morgan Perspectives 09 February Sterling Auty, CFA [email protected] higher levels of resiliency and shorter settlement times, reducing counterparty and market risk. The auditable trail is also a key benefit from a regulatory perspective, in our view. Obstacles to Blockchain adoption The level of interest in Blockchain is clearly generating momentum across the financial services industry, but widespread adoption is still expected to take several years.
We discuss below the obstacles that we see to the progression of Blockchain from concept to reality. Carrying out a cost-benefit analysis is unlikely to be straightforward due to the level of uncertainty. That said, new entrants, with no legacy constraints, could utilize Blockchain to create cheaper, more efficient platforms; hence, ignoring Blockchain may not be an option.
Consequently, sharing the costs of investment across the industry could prove to be a challenge depending on financial ability and willingness to share such costs. This gives rise to the potential free rider problem with certain participants relying on others to contribute to a greater extent. We could see a situation potentially develop where two companies operate their own private Blockchain, but find the need for the two Blockchains to interoperate.
Consequently, the legal implications of errors around the production of smart contracts and how to deal with different jurisdictions globally are issues that we believe will need to be addressed. Given the global nature of financial services, the approval will be required across different jurisdictions. We see greater issues for permissionless open-distributed ledger, while permissioned platforms could gain more support. We divide these four tasks into four subsectors; 1 Miners that create cryptocurrencies; 2 Wallets that store CCs; 3 Exchanges that serve to trade CCs for other CCs or national currencies; and 4 Processors that enable merchants to accept CCs as a payment tender What is cryptocurrency?
Cryptocurrency CC is a virtual currency that is created, stored and governed electronically by an open, decentralized, cryptography system. The foundation for cryptocurrencies, notably Bitcoin, is that there is no centralized monetary authority, relying instead on a Blockchain or a distributed public ledger that is open and shared by a network of connected computers that are incentivized to validate and record transactions and ultimately drive liquidity.
The public ledger is a running list of completed transactions, timestamped and recorded in blocks, making it transparent for anyone on the network to check the validity of past transactions. True to its name, cryptocurrencies leverage cryptographic techniques requiring hefty mathematical and computational processing power to ensure nonrepudiation of a transaction between two parties.
What is Bitcoin? Acceptance of Bitcoin at the enterprise level is still in its infancy, but some notable companies are embracing it including Fidelity mining cryptocurrencies and has partnered with Coinbase to integrate cryptocurrency wallets , Overstock. As regulators around the globe struggle to keep pace with the challenges posed by these rapid advancements in.
Cryptocurrencies may be getting all the airtime but blockchain is the underlying technology and this application of the technology is only a small part of what this technology. Cryptocurrencies could one day help investors diversify their equity and bond portfolios analysts for JPMorgan Chase wrote in a new page research report focused on the tech.
Technology Applications and Challenges Decrypting Cryptocurrencies. Some would say the asset class and the larger industry are still in their infancy. Morgan just issued a new report on cryptocurrencies CC. Technology Applications and Challenges which shows that the bank holds a positive stand on cryptocurrencies going ahead.
CCs Cryptocurrencies are unlikely to disappear and could easily survive in varying forms and shapes among players who desire greater decentralization peer-to-peer networks and anonymity even as the latter is under threat. A cryptocurrency report titled JPMorgan Perspectives. Technology Applications and Challenges page This is obviously praising with ripple. Technology Applications and Challenges makes quite a. Cryptocurrencies are dominating the media.
In a report which is titled Decrypting Cryptocurrencies. Cryptocurrency and digital assets is still a young asset class. Technology Applications and Challenges JP. Technology applications and challenges by JP. The report which is entitled as Decrypting Cryptocurrencies. Their flavour isnt quite as piquant today as it was yesterday thanks to fraud an upsurge in Initial Coin Offerings ICO and the challenges that face its legislation and regulation across country and government.
Bitcoin1 was introduced as a currency that had trust as its very foundation because of how it functions. Furthermore the lengthy write-up discusses the various challenges cryptocurrencies pose to the worlds traditional financial infrastructure.
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