Developing and building ways to strengthen the capabilities of digital currencies and blockchain are becoming embedded into the workflows of numerous businesses with many investing in research programmes to understand and experiment with the technological capabilities. Making money smart, is about creating smart contracts that carve out tax impacts and remit on-chain to the government in real time. These capabilities are what make everyone excited – although it is important to remember that it is only the beginning.

If we make a detailed study about the transformation happened during  the COVID-19 pandemic, it’s quiet obvious that economy and technology are intertwined.  Of course, almost all cloud and remote services are now becoming more in demand and popular. According to statistics, the growth in the number of users of many online sites and payment methods have  grown by at least 50 per cent. And all these services are closely tied to fintech, as all financial interaction with customers takes place in a remote semi-automatic mode.

During the time of economic crisis faced by many nations by the shutdown of enterprises, which led to a drop in the value of all major assets in the traditional market, people were forced to reconsider their attitude to cryptocurrencies. If we compare the losses of investors who held fiat currencies, stocks of companies, or other valuable assets with cryptocurrency investors the result is major .Since the beginning of the year, BTC ‘s value has grown from  35,000/ USD to 45,000/ USD per coin. It is unlikely that even one classic asset, especially in a pandemic, can boast of such results. And in general, many people pay attention to cryptocurrencies, evaluating their advantages as not only speculative but as a convenient financial instrument.

The potential uses for blockchain go beyond the capabilities of what our financial systems can support today. In a futuristic sense, blockchain could revolutionise how tax is calculated with real-time transactions that everyone, including governments, taxpayers and their advisers, could have live access to. The financial industry is not on a long way from this futuristic world. Today, we are building the foundations to support this with industry stakeholders investing in research and growth to bridge the gap between economy and technology .

Blockchain is not a new technology. It is really a combination of a lot of existing technology, like gained theory and crypto-economics, which makes it interesting. When we take blockchain and combine it with big data and artificial intelligence it allows you to reimagine the way in which funds make the economy and how we keep track of that money.

The interaction of the two pioneers of modern high-tech—blockchain and financial technology—is becoming inevitable and is growing every year and will continue to  develop most actively in order to solve a growing range of problems faced by economy and the technological aspects of it. The use of cryptocurrency can be treated as a way to link the technological aspects of the financial sector to the economy of a nation.